The South Korea cloud computing market witnessed strong double-digit growth during 2015-2020. 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. Looking forward, IMARC Group expects the South Korea cloud computing market to continue its strong growth during the next five years.
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 for growth at the region level from 2021-2026. Our report has categorized the market based on region, service, workload, deployment mode, organization size and vertical.
Breakup by Service:
Breakup by Workload:
Breakup by Deployment Mode:
Breakup by Organization Size:
Breakup by Vertical:
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||2020|
|Segment Coverage||Service, Workload, Deployment Mode, Organization Size, Vertical, Region|
|Region Covered||East, West, Southwest, Southeast|
|Customization Scope||10% Free Customization|
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