South Korea Internet of Things Market – Opportunities & Forecast, 2019-2026
Internet of Things is referred to as the system comprising of digital and mechanical machines, interconnected computing devices, objects and others, each of which is having unique identifiers (UIDs) and has the ability to transfer the data over a network 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 along with 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 for making the customers enable for remotely monitoring and controlling the objects by the tablet or mobiles.
The factors driving the growth of South Korea internet of things market include the rising integration of internet of things in smart cities, smart homes, smart cars, among others, 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 the environment-related technology are also some key factors fuelling the growth of the market. In addition, the increasing sales of wearable devices and smart terminals, which include 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 growing demand for non-licensed low power, long-distance band to interconnect objects of the remote areas coupled with the development of several infrastructures that includes Giga-internet, 5G, and IPv6 to enable internet of things are some of the key factors bolstering the growth of South Korea internet of things market during the forecast period. The high penetration of internet and the increasing adoption of smartphones across the country is propelling the growth of the market for internet of things. The rising incidences of security breaches on the internet of things services and data privacy issues are some factors hindering the growth of South Korea internet of things market.
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Based on component, the platform is expected to grow at a higher rate during the forecast period as result of increase in the adoption rate of 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 and is a virtual solution that resides on the cloud; through the cloud connectivity, the internet of things application platform converts the device’s data into useful information.
On the basis of node component, sensor is anticipated to increase at a higher rate during the forecast period owing to the increase in the adoption of sensor in the smart devices due to the miniaturization of the component that has led to an increase in the capacity past the measurement and data analytics is a factor propelling the growth of market of this component. Sensor is the key component of internet of things and helps to gather live data from the surrounding environment.
Based on application, connected healthcare is projected to grow at a higher rate over the forecast period owing to the high adoption of internet of things in this application as internet of things technology enables to capture the data streaming in real-time from the internet of medical things (IoMT) which includes the wearables and other connected devices which helps in monitoring the sleep, exercise and other health habits. This data from internet of things enables precise treatment plans and diagnosis along with improving the patient outcomes & safety and streamlines the care delivery which drives the market growth of this segment.
On the basis of connectivity technology, Bluetooth is anticipated to grow at a higher rate during the forecast period as it is popular for wide range of consumers and internet of things applications and is a personal area network for short-range communication. Bluetooth low energy is designed for low-power devices that utilize less data such as sensor readings and control signals.
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.
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 various application areas of the South Korea Internet of Things market, and how they are poised to grow?
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