The South Korea cloud computing market size reached US$ 3.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 6.9 Billion by 2028, exhibiting a growth rate (CAGR) of 14.9% during 2023-2028.
Cloud computing refers to the on-demand delivery of computing services primarily over the internet or on a payment basis. It mainly offers three types of cloud services, including Infrastructure-as-a-Service (IaaS), Platform-as-a-Service (PaaS), and Software-as-a-Service (SaaS). Cloud computing is widely adopted by the organizations for application development and testing, resource management, data storage and backup, orchestration services, etc. As a result, it finds numerous applications across diverse sectors, including IT and telecom, healthcare, BFSI, manufacturing, retail, media and entertainment, etc.
In South Korea, the rising upgradations of existing data centers with cloud computing solutions based on low infrastructure setup costs and on-demand availability of computing services, are primarily driving the market growth. Furthermore, the widespread adoption of cloud services in the e-commerce sector for providing significant data access to enhance customer experiences is also propelling the market. Several e-commerce companies in the country are getting inclined towards cloud computing services for optimizing delivery period by anticipating demand spikes, automating warehouse logistics, and calculating the fastest routes. In South Korea, numerous relaxations in the legacy restrictions on the adoption of cloud computing solutions in the financial sector are also augmenting the market growth. The expanding BFSI industry in the country has led to the increasing deployment of cloud-based services for secured payment gateways, efficient storage of customer data, round-the-clock uptime, digitalization of trade and wealth, etc. Apart from this, the increasing penetration of automated manufacturing and logistics systems is also augmenting the demand for cloud services pertaining to supply chain management, planning enterprise resources, real-time monitoring, and storing a large amount of production-related data. Furthermore, the increasing investments by the South Korea government for promoting the development of numerous technologies, such as 5G, AI, IoT, machine learning, Big Data, etc., in the country are further propelling the market growth. Additionally, the emergence of hybrid cloud computing in the IT sector to manage the influx of data-intensive workloads and large-scale execution of workflows is expected to drive the market for cloud computing in South Korea.
The sudden outbreak of the COVID-19 pandemic, in early 2020, has augmented the demand for cloud computing services in South Korea. Several IT-based organizations have adopted the work-from-home model, thereby increasing the demand for Software-as-a-Service (SaaS)-based collaboration solutions. Furthermore, the rising consumer influx on Video-on-Demand (VoD) platforms, such as Netflix, Hulu, YouTube, Amazon Prime Video, etc., during the nationwide lockdown, is also driving the need for IaaS services.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the South Korea cloud computing market report, along with forecasts at the country and regional level from 2023-2028. Our report has categorized the market based on service, workload, deployment mode, organization size and vertical.
Breakup by Service:
- Infrastructure as a Service (IaaS)
- Platform as a Service (PaaS)
- Software as a Service (SaaS)
Breakup by Workload:
- Application Development and Testing
- Analytics and Reporting
- Data Storage and Backup
- Integration and Orchestration
- Resource Management
Breakup by Deployment Mode:
Breakup by Organization Size:
- Large Enterprise
- Small and Medium Enterprise
Breakup by Vertical:
- IT and Telecom
- Retail and Consumer Goods
- Energy and Utilities
- Media and Entertainment
- Government and Public Sector
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
|Base Year of the Analysis
||Service, Workload, Deployment Mode, Organization Size, Vertical, Region
|| East, West, Southwest, Southeast
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Key Questions Answered in This Report:
- How has the South Korea cloud computing market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the South Korea cloud computing market?
- What are the key regional markets?
- What is the breakup of the market based on the service?
- What is the breakup of the market based on the workload?
- What is the breakup of the market based on the deployment mode?
- What is the breakup of the market based on the organization size?
- What is the breakup of the market based on the vertical?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the South Korea cloud computing market and who are the key players?
- What is the degree of competition in the industry?