South Korea Cloud Computing Market to Reach US$ 10.6 Billion by 2032, Impelled by Growing Connectivity Through 5G Network

July 27, 2022 | Technology & Media

The latest report by IMARC Group, titled “South Korea Cloud Computing Market Report by Service (Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a Service (SaaS)), Workload (Application Development and Testing, Analytics and Reporting, Data Storage and Backup, Integration and Orchestration, Resource Management, and Others), Deployment Mode (Public, Private, Hybrid), Organization Size (Large Enterprise, Small and Medium Enterprise), Vertical (BFSI, IT and Telecom, Retail and Consumer Goods, Energy and Utilities, Healthcare, Media and Entertainment, Government and Public Sector, and Others), and Region 2024-2032,” finds that the South Korea cloud computing market size reached US$ 3.4 Billion in 2023. 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.

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$ 10.6 Billion by 2032, exhibiting a CAGR of 13% during the forecast period (2024-2032).

Market Summary:

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.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Service, Workload, Deployment Mode, Organization Size, Vertical, Region
Region Covered	East, West, Southwest, Southeast
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 3699 Five User License: US$ 4699 Corporate License: US$ 5699
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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South Korea Cloud Computing Market to Reach US$ 10.6 Billion by 2032, Impelled by Growing Connectivity Through 5G Network

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