Generative AI - South Korea

The Generative AI market in South Korea is thriving, with extraordinary growth driven by factors such as the increasing use of artificial intelligence, growing awareness of its benefits, and the convenience of online services. This market is experiencing rapid growth, with no signs of slowing down.

Customer preferences: South Korea has seen a rapid growth in the Generative AI Market within the Artificial Intelligence Market, driven by the country's innovative tech landscape and high adoption of advanced technologies. With a strong focus on personalization and customization, Korean consumers are increasingly drawn towards generative AI solutions that can cater to their specific needs and preferences. Furthermore, the rise of the "smart home" trend and the demand for intelligent virtual assistants have also fueled the popularity of generative AI in South Korea. This trend is expected to continue as the country's tech-savvy population continues to embrace cutting-edge AI technologies in their daily lives.

Trends in the market: In South Korea, there is a growing demand for generative AI solutions in various industries, such as healthcare, finance, and retail. This trend is driven by the country's focus on innovation and technological advancement, as well as the increasing adoption of AI in business operations. Furthermore, the government's support for AI development and investment in research and development has also contributed to the growth of the generative AI market. As this trend continues, we can expect to see increased collaboration between AI companies and industry players, leading to more advanced and tailored AI solutions for specific business needs. This presents significant opportunities for industry stakeholders to leverage the power of generative AI to improve efficiency, decision-making, and customer experience.

Local special circumstances: In South Korea, the Generative AI market is experiencing significant growth due to the country's strong economic and technological landscape. The government's focus on promoting AI innovation and investments in research and development have paved the way for the market's expansion. Additionally, the country's high internet and smartphone penetration rates have created a conducive environment for the adoption of AI-powered solutions. Furthermore, South Korea's unique cultural preference for advanced technology and high-tech products has also contributed to the market's success. The strict regulatory framework and policies in the country also ensure the ethical and responsible use of AI, further driving market growth.

Underlying macroeconomic factors: The Generative AI Market within the Artificial Intelligence Market in South Korea is influenced by macroeconomic factors such as technological advancements, government support, and investment in AI infrastructure. South Korea has a strong focus on developing AI technologies and has invested heavily in AI research and development. This has led to a favorable regulatory environment for AI companies and has attracted significant investments in the market. Furthermore, the increasing demand for AI solutions in various industries, such as healthcare and manufacturing, is driving the growth of the market. Additionally, the country's aging population and high prevalence of chronic diseases are creating a need for AI-powered solutions to improve healthcare access and outcomes, further contributing to 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.