South Korea’s ICT service exports have shown significant growth over the last decade, surging from 2.16 billion USD in 2013 to 14.67 billion USD in 2023. The compound annual growth rate (CAGR) from 2013 to 2023 stands at 17.28%. After an impressive 79.79% year-on-year increase in 2021, there was a marked decline of 19.59% in 2022, rebounding with a 24.34% rise in 2023. The forecast for the next five years suggests a steady growth trajectory, with a CAGR of 7.06%, reaching 23.03 billion USD by 2028.
Future trends to watch for include:
- Continued emphasis on digital transformation and technology advancements.
- Increasing global demand for ICT services and outsourcing.
- Potential shifts due to geopolitical factors and trade policies.
- Evolution of new technologies like 5G, AI, and blockchain, influencing export volumes.
