South Korea Infrastructure Market Size

South Korea Infrastructure Market Analysis

The size of South Korea's infrastructure market is USD 55.4 billion in the current year and is anticipated to register a CAGR of over 3.5% during the forecast period The huge investments pouring into the country's transportation infrastructure fuelled by manufactured and allied industries drive the market. Furthermore, the market is driven by IT-enabled industries looking forward to advanced infrastructure in the country.

• South Korea is an ideal market for US firms seeking to test cybersecurity solutions before deploying them in other markets due to its leadership in high-speed internet use and advanced ICT infrastructure. While companies that create sophisticated and cutting-edge products for critical infrastructure are more likely to succeed, there are also opportunities for companies that provide cybersecurity consulting and training services. Overall, the Korean market prefers the quality and dependability of American products, and demand for American goods is expected to remain strong. South Korea is developing its AI capabilities and has stated its desire to become a global player in the AI technology markets. ROK officials see AI as a critical component of the country's ICT prowess and are committed to making Korea an AI powerhouse.
• One of the key factors driving the growth of the VDI market in South Korea is the growing need for remote support across various organizations. Remote support software is in high demand due to increasing internet speeds and the need for cost-effective solutions to optimize various business operations. Furthermore, remote support software solutions are more beneficial to businesses that focus on resolving end-user technical issues. Today, a sizable proportion of consumers use solutions for battery optimization, firmware support, and malware detection. Many small businesses are equipping their IT help desks with remote support software to provide technical support to such customers. Essentially, the growing demand for remote support solutions will drive market growth during the forecast period.
• Because of advances in information and communication technology, the mobility sector is undergoing a major transformation. The South Korean government's Ministry of Land, Infrastructure, and Transport has unveiled the "Mobility Innovation Roadmap" to establish its leadership in the mobility sector and promote innovative services. The ministry formed the 'Mobility Innovation Committee,' which is made up of private-sector experts working solely in the fields of transportation, consumer, and information technology. The ministry intends to expand and reorganize the Mobility Innovation Committee into a public-private joint organization to ensure the mobility roadmap's smooth implementation, review the roadmap's implementation status, and discuss the discovery of new tasks and the supplementation of existing ones.
• South Korea's exports reached USD 644.5 billion in 2021, the highest ever, thanks to strong sales of major industries and the growth of new industries. Despite COVID-19, Korean firms were able to minimize production disruptions, and major industries such as semiconductors, shipbuilding, and automobiles led the global market in terms of product competitiveness. Cosmetics, agriculture and marine products, and plastics were among the new export industries that saw significant growth. Last year, the top 15 major export items, which included semiconductors, petrochemicals, and automobiles, increased by double digits. It is the first time that all 15 items have increased at the same time. This has been made possible by the country's infrastructure growth, which the country's manufacturing growth has supplemented.