South Korea Artificial Intelligence Market Value - By Product and Service (Hardware, Software, Service) By Technology (Machine Learning, Natural Language Processing, Others), By End Use (Security, Media and Advertising, Retail, Automotive, Healthcare, Manufacturing, Others), and By Industry Analysis, Market Size, Share & Forecast, 2023 – 2032

MVI Statistics and Viewpoints:

• South Korea Artificial Intelligence Market size exceeded USD 2.07 Billion in 2022. 
• The market is expected to showcase a CAGR of over 25.44% from 2023 to 2032. 
• By the end of the forecast period, the market is anticipated to reach a valuation of around USD 19.97 Billion.

Manufacturers and businesses are expected to continue investing in AI-driven solutions to stay competitive and address emerging market needs. Collaboration between industry players, academia, and the government will likely drive AI advancements further.

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Market Overview:

The South Korean Artificial Intelligence (AI) market was well-established and experiencing rapid growth as of 2021, which is expected to continue into 2023. South Korea has emerged as one of the world's leading AI hubs, owing to a combination of strong government support, cutting-edge technological infrastructure, a highly skilled workforce, and a thriving startup ecosystem.

South Korea has emerged as a global hub for AI research, development, and commercialization, driven by government support, a highly skilled workforce, and a vibrant tech ecosystem. Key players in this market include industry giants like Samsung Electronics and LG Electronics, as well as innovative startups and research institutions.

AI adoption is prevalent across diverse sectors, including healthcare, finance, manufacturing, telecommunications, and transportation. In healthcare, AI aids in diagnostics and drug discovery, while in manufacturing, it optimizes production processes. The automotive industry is advancing towards autonomous vehicles with AI-driven capabilities, and AI-powered chatbots and virtual assistants enhance customer experiences.

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Drivers:

• Infrastructure of Information Technology: South Korea has a strong technological infrastructure, which includes advanced telecommunications networks and widespread internet access. This solid foundation has made it easier to implement and scale AI solutions across industries.
   
• AI Development and Research: The country's strong emphasis on artificial intelligence research and development has resulted in significant breakthroughs in areas such as natural language processing, computer vision, and machine learning. These advancements drive innovation and propel the AI market forward.
   
• Government Assistance and Investment: The government's strong support is one of the primary drivers of the AI market in South Korea. Through various initiatives, funding, and policies, the South Korean government has actively promoted AI development. The 2019 "AI First" strategy aims to integrate AI into various sectors of the economy, encouraging innovation and adoption of AI technologies.

Restraints:

• AI Implementation is Expensive: AI solution development and implementation can be costly, particularly for small and medium-sized enterprises (SMEs) with limited resources. Some businesses may be put off by the initial investment and ongoing maintenance costs associated with AI, particularly in certain industries.

By Product and Service Synopsys:

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The market is classified by product and service into hardware, software, service. Among these segments, the hardware segment is expected to hold the largest share of the South Korea artificial intelligence industry during the forecast period. South Korean demand for AI-specific hardware is increasing rapidly, owing to the increasing adoption of AI technologies across industries. AI hardware accelerators are widely used in data centers, cloud computing, and edge devices to improve the performance of AI algorithms. To meet the rising demand for AI processing power, both domestic and international companies have made significant investments in the hardware segment.

By Technology Synopsys:    

The market is classified by technology into machine learning, natural language processing, others. Among these segments, the machine learning segment is expected to hold the largest share of the South Korea artificial intelligence industry during the forecast period. The South Korean artificial intelligence market's machine learning segment focuses on algorithms and techniques that allow AI systems to learn and improve from experience without being explicitly programmed. Machine learning is essential in a variety of applications such as data analysis, pattern recognition, predictive modelling, and optimization. It is widely used to extract valuable insights from large datasets and improve decision-making processes in industries such as finance, healthcare, marketing, and manufacturing.

Recent Developments:

• In July 2023, LG AI Research has collaborated with the Korean Intellectual Property Office (KIPO) to create the world's first hyperscale artificial intelligence-powered patent screening system. According to their agreement, the two will collaborate to develop Patent Expert AI for use in administrative services such as patent document search, classification, and summary.

Top Companies Includes the South Korea Artificial Intelligence Landscape:

• Samsung Electronics Co. Ltd
• SK Telecom Co., Ltd.
• KT Corp
• LG Corporation
• Kakao Enterprise
• Microsoft Corporation
• Google LLC
• Amazon Web Services, Inc.
• Riiid, Inc.
• Others

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In-depth analysis of South Korea Artificial Intelligence Market along with industry coverage and forecasting for the following segments:

Market Size, By Product and Service

• Hardware
• Software
• Service

Market Size, By Technology

• Machine Learning
• Natural Language Processing
• Others

Market Size, By End Use

• Security
• Media and Advertising
• Retail
• Automotive
• Healthcare
• Manufacturing
• Others