New Computer Technology research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 05/05/2014 -- We have a positive outlook for the development of the South Korean IT market during 2014 to 2018. We forecast market value will increase at a CAGR of 7.3% over the forecast period to 2018 to reach a value of KRW31.3trn in 2018. Growth rates will be lower than emerging markets in APAC, but considering the advanced state of the South Korean market, these growth rates are robust. Our positive outlook is based on the continued strength of the hardware market, where demand is supported by short replacement cycles and demand for the latest innovative devices such as tablets and hybrids. Meanwhile, we also expect South Korea to strengthen its position as a leading enterprise IT market through the adoption of cloud computing services and emerging technologies such as machine-to-machine (or smart) infrastructure, and big data analytics.
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Headline Expenditure Predictions
- Computer Hardware Sales: KRW5,703bn in 2014 to KRW6,975bn in 2018; compound annual growth rate (CAGR) of +5.2% in local currency terms. South Korea was one of the first markets where demand for hybrid form factors gained momentum in 2013, and will make a positive contribution to value growth over the medium term. - - Software Sales: KRW7,997bn in 2014 to KRW10,301bn in 2018, CAGR of 6.3% in local currency terms. The security software market is poised for strong growth due to tensions with North Korea, with local firms expected to benefit. - - IT Services Sales: KRW9,865bn in 2014 to KRW14,057bn in 2018, CAGR of 9.2% in local currency terms. Emerging technologies such as cloud computing, big data analytics and the Internet of Things will add to demand for traditional IT services.
Key Trends And Developments
The South Korean government has maintained focus on supporting the development and adoption of emerging technologies to position the country as a regional, or even global, leader. In March 2014 the South Korean Science, ICT and Future Planning Ministry announced it would inject KRW4.9trn (US$4.6bn) in information infrastructure in 2014. Key areas targeted for investment in 2014 include KRW302bn for cyber security, KRW68bn for mobile technologies and KRW243bn for Internet of Things (machine-to-machine communications). BMI believes government financial assistance, combined with the gravitational effect of major domestic IT firms such as Samsung Electronics, LG and SK Hynix puts South Korea in a strong position to emerge as a regional hub for Internet of Things and cyber security over the medium term.
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