Over the past decade, the production of Scientific Research & Development (R&D) in South Korea has experienced significant growth, reaching 100.21 trillion South Korean Wons in 2023. Notable increases from 2013 to 2019 were followed by a downturn in 2020. However, the sector rebounded significantly in 2021 with a 24.58% increase year-on-year, maintaining steady growth through 2023.
Key trends include:
• 2014 saw the highest surge with a 47.01% increase.
• The only notable dip occurred in 2020, with a decrease of 14.02%.
• The five-year CAGR from 2016 to 2021 was 5.27%, while from 2018 to 2023 it was 3.01%. A forecasted five-year CAGR from 2024 to 2028 is expected to be 2.27%, indicating a deceleration in growth.
Future trends to watch include the impact of technological advancements and government policies supporting innovation. Additionally, global economic conditions and South Korea's investments in emerging tech sectors such as AI and biotechnology will likely influence future R&D production. Keeping an eye on these factors will be crucial for understanding the market dynamics ahead.
