The value added of ICT and Information Services in South Korea, expressed in Trillion South Korean Wons, has shown a consistent upward trend from 2013 to 2023. As of 2023, the sector stood at 37.853 trillion KRW. Year-on-year percentage variations reveal periods of significant growth, particularly in 2015 (19.73%) and 2017 (8.23%), followed by more modest increases in recent years, such as 2022 (1.06%) and 2023 (2.93%). The Compound Annual Growth Rate (CAGR) over the past five years averages at 3.33%.
Future trends to watch for include:
- - Advancements in 5G and beyond, driving demand for ICT services.
- - Growth in AI and big data analytics fueling the industry.
- - Government investments in digital infrastructure impacting sector growth.
From 2024 to 2028, the sector is forecasted to grow at a CAGR of 1.98%, indicating a deceleration in growth rate but maintaining an overall upward trajectory.
