The production of ICT and Information Services in South Korea has exhibited a fluctuating but generally upward trend since 2013. After a dip in 2015, the sector rebounded with consistent growth, reaching a value of 56.392 Trillion South Korean Wons in 2023. The YoY growth varied, with notable increases in 2014 (8.43%) and 2021 (9.9%). The last five years' CAGR stood at 2.44%. Forecast for 2024 and beyond shows a continued growth trajectory, with a 5-year forecasted CAGR of 1.65% and an overall growth rate of 8.5% by 2028.
Future trends to watch for:
- Integration of AI and Machine Learning in ICT services
- Expansion of 5G and upcoming 6G technologies
- Growth in cybersecurity services
- Increase in exports of ICT services
