From 2013 to 2023, the production of ICT services in South Korea exhibited significant growth, with some fluctuations. In 2023, the industry stood at 14.627 trillion South Korean Wons, demonstrating a 3.58% increase from the previous year. Key variations included 22.23% in 2017 and a slight contraction in 2020 at -0.93%. The five-year CAGR from 2019 to 2023 was 3.63%, reflecting a steady but moderate growth trend.
Looking forward, the forecasted production values suggest a continued upward trajectory. The five-year CAGR from 2024 to 2028 is projected at 2.6%, reaching 17.283 trillion South Korean Wons by 2028, marking a 13.7% growth over this period. The industry is expected to face a slight deceleration in growth rates compared to the previous decade.
Future trends to watch for include:
- The impact of emerging technologies such as AI, IoT, and 5G on ICT services.
- The role of government policies and investments in driving further growth.
- Potential fluctuations due to global economic factors and supply chain dynamics.
- The evolving landscape of digital services and consumer trends towards digital transformation.
- Environmental sustainability and green technologies influencing future ICT developments.
