South Korea Big Data Market Report and Forecast 2024-2032

South Korea Big Data Market Outlook

The South Korea big data market size reached approximately USD 2.00 billion in 2023. The market is estimated to grow at a CAGR of 9.8% in the forecast period of 2024-2032, reaching a value of around USD 4.80 billion by 2032.

Key Trends in the Market

Big data refers to a large set of complex data that can be structured, unstructured, and semi-structured and is mined by organisations to gather valuable insights. These data sets are too large to be processed by traditional software and require the assistance of advanced algorithms and machine learning.

• Growing usage of predictive analytics to make future predictions is one of the key South Korea big data market trends. Predictive analytics involves the analysis of current and historical data using statistics and modelling techniques to discover patterns.

• Data observability has become another crucial trend aiding the market growth as it facilitates the management and monitoring of big data in the system to ensure its quality and reliability.

• Increased integration of DataSecOps tools by several organisations to maintain data privacy, security, and governance of the ever-changing big data in the system also provides impetus to the South Korea big data market growth.

• There is a surge in the deployment of AI and machine learning technologies in big data systems as they consist of self-learning algorithms that can identify more accurate patterns on their own.

• Favourable government initiatives to strengthen technological innovations for economic development also contribute to the market expansion. For instance, in December 2023, the South Korean government announced a partnership with China and Japan in the advanced technology sectors of AI, big data, and blockchain.

Market Analysis

Based on component, the market is divided into solution and services. On the basis of deployment mode, the market is bifurcated into on-premises and cloud. Based on organisation size, the market is classified into small and medium enterprises and large enterprises. The South Korea big data market segmentation, on the basis of application, includes customer analytics, operational analytics, fraud detection, compliance, and data warehouse optimisation, among others.

Based on industry vertical, the market is segmented into BFSI, telecom and IT, healthcare and life sciences, government and defence, retail and consumer goods, and media and entertainment, among others.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the South Korea big data market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Microsoft Corp. 

• SAP SE 

• Samsung Electronics Co., Ltd.

• LG Corp. (LG CNS Co. Ltd.)  

• Amazon Web Services, Inc. 

• KT Corp. 

• NAVER Cloud Corp. 

• Saltlux Inc. 

• 42Maru Inc

• Bespin Global Inc. 

• Others

Market Share by Deployment Mode

Cloud-based deployment mode occupies a significant portion of the South Korea big data market share, owing to the rising storage of large volumes of data on cloud-based platforms. Several platforms such as Azure and Oracle offer tools and technologies required for processing big data. Cloud platforms also offer facilities such as competitive pricing, scalability of data storage, and data accessibility from any location.

Moreover, on-premise mode is expected to gain robust growth in the coming years, owing to its growing utilisation by enterprises which require increased control and security over their data.

Market Share by Industry Vertical

As per the South Korea big data market analysis, the BFSI sector accounts for a substantial share of the market due to the large volume of data generated by different modes of transactions. Growing focus on risk management further fuels the demand for big data mining in banks and other financial institutes.

Additionally, stringent data governance policies in BFSI institutions regarding data accessibility and security have surged the demand for big data platforms that provide efficient data solutions.

Competitive Landscape

Microsoft Corp., established in 1975, is a multinational technology company, with its headquarters in Washington, the United States. Some of its specialities include business software, developer tools, the Windows operating system, applications and tools, and cloud computing, among others. The company operates in 190 countries and boasts over 220,000 employees worldwide.

SAP SE is a multinational software developer, founded in 1972 and based in Walldorf, Germany. The company offers innovative technologies in blockchain, crypto finance, as well as quantum technologies to transform their business solutions. Some of its major business software includes SAP Analytics Cloud, SAP Business Explorer, SAP Business Intelligence, and SAP ERP, among others.

Samsung Electronics Co., Ltd., incorporated in 1969 and headquartered in Suwon, South Korea, is a global provider of high-tech electronics. Its product portfolio includes air conditioners, refrigerators, washing machines, laptops, and monitors, among others. The company is acclaimed as one of the pioneers in technology across the world.

Other South Korea big data market players include LG Corp. (LG CNS Co. Ltd.), Amazon Web Services, Inc., KT Corp., NAVER Cloud Corp., Saltlux Inc., 42Maru Inc, and Bespin Global Inc., among others.

Key Highlights of the Report