From 2013 to 2023, the value added by ICT services in South Korea showed a general upward trajectory, albeit with some fluctuations in growth rates. The value stood at 7.5828 trillion South Korean Won in 2023. Early fluctuations include a decline in 2014 by 7.83%, but a marked rise by 22.26% in 2017, indicating periods of robust growth. Recent years saw steadier growth with values edging higher by 1.72% in 2022 and 3.55% in 2023.
Over the last five years leading up to 2023, the compound annual growth rate (CAGR) was 3.5%. The forecasted CAGR for the next five years is 2.35%, indicating a modest but consistent growth rate, with a forecasted growth rate of 12.32% by 2028.
Future trends to watch for include the continued integration of advanced ICT services, increased investments in 5G and AI technologies, and potential impacts of global economic conditions on the ICT sector's expansion.
