The latest report by IMARC Group, titled “South Korea Cloud Computing Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the South Korea cloud computing market reached US$ 2.59 Billion in 2021. Cloud computing refers to the pay-as-you-go delivery of information technology (IT) resources through the Internet. It offers computing services, such as servers, storage, databases, networking, software, analytics, and intelligence, for faster innovation and flexible resources. It enhances collaboration by allowing teams to share information quickly and easily in the cloud via shared storage. In addition, it increases the productivity and efficiency of the organization by ensuring that the data is always accessible. As a result, cloud computing finds extensive applications in the manufacturing, telecommunications, mining, construction, and waste and water management industries across South Korea.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
South Korea Cloud Computing Market Trends:
The growing integration of advanced technologies, such as the Internet of Things (IoT) and cloud computing, in smart cities, homes, and cars represent one of the key factors driving the market in South Korea. Besides this, artificial intelligence (AI) is an important element in the information and communications technology (ICT) industry of the country. This, along with rising initiatives by governing authorities of South Korea to increase investments in the artificial intelligence (AI) infrastructure across various sectors, is contributing to the growth of the market. Moreover, there is an increase in the up gradation of existing data centers with cloud computing solutions based on low infrastructure setup costs and on-demand availability of computing services. This, coupled with the growing connectivity through the 5G network in the country, is positively influencing the market. In addition, key market players are extensively investing in research and development (R&D) activities to offer solutions for cloud platforms, analytics cloud, high-performance analytics appliances (HANA), and the business technology platform (BTP), which is bolstering the market growth in South Korea. Looking forward, IMARC Group expects the market to reach US$ 5.97 Billion by 2027, exhibiting a CAGR of 14.93% during the forecast period (2022-2027).
- Based on the service, the market has been classified into infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS). At present, SaaS holds the largest market share.
- On the basis of the workload, the market has been bifurcated into application development and testing, analytics and reporting, data storage and backup, integration and orchestration, resource management, and others. Resource management currently exhibits a clear dominance in the market.
- Based on the deployment mode, the market has been segmented into public, private, and hybrid. Presently, the public deployment mode accounts for the majority of the total market share.
- On the basis of organization size, the market has been categorized into large enterprises and small and medium enterprises. Large enterprises hold the biggest market share.
- Based on the vertical, the market has been divided into BFSI, IT and telecom, retail and consumer goods, energy and utilities, healthcare, media and entertainment, government and public sector, and others. At present, BFSI exhibits a clear dominance in the market.
- Region-wise, the market has been divided into east, west, southwest, and southeast. Amongst these, the west part of South Korea enjoys the leading position in the market.
- The competitive landscape of the market has been studied in the report.
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