South Korea Internet of Things (IoT) Market

Internet of Things is referred to as the system comprising of digital and mechanical machines, interconnected computing devices, and objects, each of which is having unique identifiers (UIDs) and has the ability to transfer the data over a network, thus eliminating the need of any human-to-computer interaction or human-to-human. The internet of things connected devices communicates through cloud-based platforms or networks that are connected to the internet of things. By allowing the data exchange and integration between the computer and the physical devices, this wave of technology focuses on creating human life more comfortable and simplified by the correct mix of productivity and higher efficiency. The internet of things is aiming for extending the connectivity beyond the computer and internet supported physical devices to a wide spectrum of non-internet enabled physical devices and other objects by taking advantage of cutting-edge technologies such as machine-to-machine communication, machine learning, and artificial intelligence.

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The significant factors driving the growth of the South Korea internet of things market include the rising integration of internet of things in smart cities, smart homes, and smart cars, and the increasing willingness of the population for the adoption of the new technologies and to purchase related devices. The enhanced ICT infrastructure, tech-friendly people, innovative and diverse setups, along with the rise in the adoption of internet of things services in safety, facility management, and environment-related technology, are some other key factors fuelling the growth of the market. In addition to this, the increasing sales of wearable devices and smart terminals such as modules and sensors, facility monitoring, remote meter reading, and biometric recognition systems is also leading to the growth in the demand for the internet of things market across the country.

The rising government efforts and support for the internet of things through South Korea Information and Communication Technology (K-ICT) strategy and the growing demand for non-licensed low power, long-distance band to interconnect objects of the remote areas, followed by the development of several infrastructures including Giga-internet, 5G, and IPv6 to enable internet of things, are driving the market’s growth. The high penetration of the internet and the increasing adoption of smartphones across the country is propelling the growth of the market for the internet of things. Furthermore, the rising incidences of security breaches on the internet of things services and data privacy issues are some factors hindering the growth of the South Korea internet of things market.

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Based on component, the platform is expected to grow at a higher CAGR during the forecast period attributed to the increasing adoption rate of the platform in the internet of things as it allows to deploy and run an application and provides a comprehensive set of generics that are application-independent functionalities which can be used for the IoT applications. A platform can be a hardware plus software suite on which the other applications can operate. It is a virtual solution that resides on the cloud through the cloud connectivity.

On the basis of node component, sensor segment is anticipated to dominate the market during the forecast period owing to the increase in the adoption of sensors in the smart devices due to the miniaturization of the component that has led to a rise in the capacity past the measurement and data analytics. This factor is further propelling the growth of the market of this component. Sensor is the key component of the internet of things and helps to gather live data from the surrounding environment.

Based on application, connected healthcare segment is projected to grow at a higher CAGR over the forecast period owing to the high adoption of internet of things in this application as the internet of things technology enables to capture the data streaming in real-time from the internet of medical things (IoMT) such as wearables and other connected devices. These devices help in monitoring the sleep, exercise, and other health habits. This data from the internet of things enables precise treatment plans and diagnosis, along with improvement in patient outcomes & safety and streamlines the care delivery. This factor further drives the market growth of this segment.

On the basis of connectivity technology, Bluetooth segment is anticipated to grow at a higher rate during the forecast period due to the increasing popularity of Bluetooth among consumers and the rising application of the internet of things in this connectivity technology.

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Various notable players operating in the South Korea Internet of Things market include Cisco Systems, General Electric Company, Hewlett Packard Enterprise, Intel Corporation, Qualcomm Technologies, Inc., Samsung Electronics Co., Ltd., IBM Corporation, Microsoft Corporation, PTC Inc. and SAP SE, among others.

Key Market Developments: 

• • In 2019, Samsung Electronics Co. Ltd. launched Exynos i T100, internet of things solution, that improves the security and reliability of devices that are developed for short-range communications.
  • In 2019, Cisco Systems, Samsung, and SK Telecom signed a memorandum of understanding for promoting the 5G-based smart office business. Under this MoU, the companies planned to cooperate and plan for the development of new 5G smart office services.

The South Korea Internet of Things market is categorized on the basis of component, node component, application, network infrastructure, and connectivity technology. The component segment is categorized into software solution, services and platform. The software solutions segment is further categorized into data Management, real time streaming analytics, remote monitoring, security solution and network bandwidth management. Services segment is further categorized into professional service and managed service. The professional service is further segmented into deployment & integration, consulting and support & maintenance. The platform segment market is further categorized into device management, cloud platform, network management and application management. Based on node component, the market is segmented into sensor, processor and connectivity IC. Based on application, the market is segmented into smart manufacturing, building & automation, connected logistics, smart energy & utilities, agriculture, smart mobility & transportation, government & defense, smart retail, connected healthcare and others. Based on network infrastructure, the market is segmented into storage, server, ethernet switch & routing and gateway. Based on connectivity technology, the market is segmented into Bluetooth low energy, wi-fi, near field communication, cellular, satellite and others.

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Key questions answered in this research report:

• • At what pace is the South Korea Internet of Things market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the South Korea Internet of Things market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the South Korea Internet of Things market?
  • What are the various application areas of the South Korea Internet of Things market, and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

South Korea Internet of Things Market by Component

• • Software Solution
    • Data Management
      • Product Data
      • Location Data
      • Customer Data
      • Supplier Data
      • Asset Data
    • Real Time Streaming Analytics
    • Remote Monitoring
    • Security Solution
      • Data Encryption and Tokenization
      • Distributed Denial of Service Protection
      • Identity Access Management
      • Secure Communications
      • Others
    • Network Bandwidth Management
      • Bundled Network Management
      • Standalone Network Management
    • Services
      • Professional Service
        • Support and Maintenance
        • Deployment and Integration
        • Consulting
      • Managed Service
    • Platform
      • Device Management
      • Cloud Platform
      • Network Management
      • Application Management

South Korea Internet of Things Market by Node Component

• • Sensor
    • Inertial Measurement Unit
    • Accelerometer
    • Pressure Sensor
    • Image Sensor
    • Others
  • Processor
    • Microprocessor
    • Microcontroller
    • Application Processor
    • Digital Signal Processor
  • Connectivity IC
    • Wireless
    • Wired
    • Logic Device
    • Memory Device

South Korea Internet of Things Market by Application

• • Smart Manufacturing
  • Building & Automation
  • Connected Logistics
  • Smart Energy & Utilities
  • Agriculture
  • Smart Mobility & Transportation
  • Government & Defense
  • Smart Retail
  • Connected Healthcare
  • Others

South Korea Internet of Things Market by Network Infrastructure

• • Storage
  • Server
  • Ethernet Switch & Routing
  • Gateway

South Korea Internet of Things Market by Connectivity Technology

• • Bluetooth Low Energy (BLE)
  • Wi-fi
  • Near Field Communication
  • Cellular
  • Satellite
  • Others

Leading market players (Option 1: Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Cisco Systems
  • General Electric Company
  • Hewlett Packard Enterprise
  • Intel Corporation
  • Qualcomm Technologies, Inc.
  • Samsung Electronics Co., Ltd.
  • IBM Corporation
  • Microsoft Corporation
  • PTC Inc.
  • SAP SE