Artificial Intelligence - South Korea

The Artificial Intelligence market in South Korea is experiencing rapid growth, driven by factors such as increasing adoption of digital technologies, growing awareness of health and wellness, and the convenience of online health services. The market's elevated growth rate can be attributed to the advancements in AI Robotics, Autonomous & Sensor Technology, Computer Vision, Machine Learning, Natural Language Processing, and Generative AI, which have revolutionized the healthcare industry. These sub-markets have significantly impacted the overall market, making South Korea a leader in AI-driven healthcare solutions.

Customer preferences: With the rapid advancements in AI technology, consumers in South Korea are increasingly turning to AI-powered solutions for various tasks such as virtual assistants, personalized recommendations, and smart home automation. This trend is fueled by the country's tech-savvy population and its high adoption of new technologies. Furthermore, the growing aging population in South Korea has also led to an increased demand for AI-powered healthcare solutions, including remote patient monitoring and personalized treatment plans tailored to individual needs. This shift towards AI-driven solutions is driven by the need for more efficient and accurate services, as well as the convenience and personalization they offer.

Trends in the market: In South Korea, the Artificial Intelligence market is experiencing a surge in adoption, with companies using AI to enhance their products and services. This trend is expected to continue as the government has announced plans to invest heavily in AI research and development. This trajectory is significant as it positions South Korea as a leading player in the global AI market. However, it also brings potential implications for industry stakeholders, such as the need to adapt to new technologies and competition from other countries. Additionally, there is a growing concern about the ethical implications of AI and the need for regulations to ensure responsible use of AI in various industries.

Local special circumstances: In South Korea, the Artificial Intelligence market is largely influenced by the country's strong focus on technology and innovation. The government's support for AI research and development, along with the high adoption of technology among the population, has led to a thriving AI market. Additionally, cultural values such as respect for authority and conformity also play a role in shaping the market, with AI being used in various industries from education to healthcare. Furthermore, strict privacy laws and regulations around data protection have led to the development of AI solutions that prioritize data security, further setting the South Korean market apart from others.

Underlying macroeconomic factors: The growth of the Artificial Intelligence market in South Korea is heavily influenced by macroeconomic factors such as government support for AI development, technological advancements, and investment in digital infrastructure. With a strong focus on promoting AI adoption and innovation, the country has seen significant growth in the industry. Additionally, the country's favorable regulatory environment and robust financial support for AI research and development have attracted global investments and partnerships. Furthermore, the increasing demand for AI solutions in various industries, such as healthcare and manufacturing, due to the country's aging population and high labor costs, is also driving market growth.

Data coverage: The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the funding values from different industries for the market.

Modeling approach / Market size:Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market. As a basis for evaluating markets, we use annual financial reports, funding data, and third-party data. In addition, we use relevant key market indicators and data from country-specific associations such as GDP, number of internet users, number of secure internet servers, and internet penetration. This data helps us estimate the market size for each country individually.

Forecasts:In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited to forecast digital products and services due to the non-linear growth of technology adoption. The main drivers are the level of digitalization, the number of secure internet servers, and the revenue of the Public Cloud market.

Additional Notes: The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russian-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the market is updated on an ad-hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Data from the Statista Consumer Insights Global survey is weighted for representativeness.