According to the Hyundai Research Institute, the size of the South Korean IoT market is expected to grow from 3.3 trillion won to 17.1 trillion won between last year and 2020 with the annual average growth rate at 38.5% during the period to exceed the global average of 28.8%.
The institute picked smart home, smart city and connected car as the three most promising IoT market segments. It said that the domestic smart home market is likely to reach 1.5 trillion won in 2020 while the smart city and connected car markets grow to 2.9 trillion won and 2.6 trillion won, respectively.
It added that South Korean consumers have a relatively high IoT demand. According to consulting firm Accenture, they recorded 55.9 points out of 100 when it comes to device purchase and new technology acceptance. This point is lower than their U.S. counterparts’ 63.9 but is higher than the global average of 47.9 and those of Chinese, Japanese, British and German consumers.
According to Accenture’s data, 54.9%, 49.8% and 50.8% of South Korean consumers are willing to purchase smart crime prevention systems, smart watches and smart healthcare equipment within five years to come, respectively.
In addition, South Korean enterprises recorded 5.5 points out of seven, relatively higher than in other major countries, with regard to the impact of information and communications technology on business activities, services and new products.