South Korea Generative AI Market Analysis, Size, and Forecast by Component, Deployment Model, Business Function, Technique, End User: 2019-2032

South Korea Generative AI Market Snapshot

• It's evident that the South Korea generative AI market is on track to reach an impressive US$ 5.04 billion in revenue by 2024.
• This growth trajectory is underpinned by an expected Compound Annual Growth Rate (CAGR) of 28.69 % from 2024 to 2032, as forecasted by DataCube Research.
• When analyzing the dynamics within South Korean, generative AI market landscape, it becomes apparent that the Service segment carry significant potential. Projections suggest that by 2032, this segment will assert its dominance, boasting a market value of US$ 9.11 billion.
• Furthermore, the role of end users cannot be overlooked. It's projected that by IT and Telecom, 41.07% of the total market size in the South Korea generative AI market will be attributed to IT and Telecom end user.
• Looking ahead, industry experts are optimistic about the future of the IT and Telecom sector. Throughout the forecast period, this sector is anticipated to undergo the most rapid expansion in terms of revenue generation, with a 29.22% Compound Annual Growth Rate (CAGR).
• Competitive advantage in the South Korea generative AI market is pursued by leading players through strategies such as partnerships, mergers, acquisitions, and product launches. For instance, in January 2024, IBM recently disclosed that Korea Quantum Computing (KQC) has enlisted IBM's top-tier AI software and infrastructure, along with Quantum computing services. Through this collaboration, KQC's user ecosystem gains access to IBM's comprehensive AI stack, which encompasses watsonx, an AI and data platform geared towards training, refining, and deploying sophisticated AI models and software tailored for enterprises.
• Also, in August 2023, Naver, a prominent South Korean internet company, launched HyperCLOVA X, a collection of generative AI tools. Among these tools is the CLOVA X chatbot app, designed to improve web search, online shopping, and navigation services. Additionally, Naver is partnering with Samsung to create smaller and more efficient chips that will power its AI technology.

South Korea Generative AI Industry Coverage