Future Growth Engines
Korea anticipates that it will become the world’s largest 5G handset market and one of the three major countries that dominate the global intelligent car market by 2020.
The Korean government announced specific plans and goals for 13 future growth engines that it will foster by 2020 in a ministerial meeting for economic issues in the Gwacheon government complex on June 17.
Under those plans, the government will be actively involved in the creation of an ecosystem that connects cars, roads, and ICT infrastructure to support the intelligent auto industry. In addition, it plans to sharpen its competitiveness by securing the nation’s own technologies for core mechanical components.
Seoul also made plans for the mobile telecommunication sector: It aims to provide the world’s first 5G services, have a competitive advantage in 5G standard-essential patents, and become the world’s largest 5G phone market by 2020. To accomplish those goals, the government will provide full support to projects related to five core services like social networking services, stereoscopic imaging and display for mobile devices, intelligent services, and high-speed telecommunication services.
The government aims to increase the size of the intelligent robot market to reach 9.7 trillion won (US$9.4 billion) by 2020. Specifically, it is planning to nurture robot makers and open a new market through research and development efforts in disaster, healthcare, and other areas that can be combined with other industries such as the education and defense industries.
The government also has great expectations for wearable devices and wearable smart devices. Industry analysts are saying that it is possible to produce more than 100 winning products and thus lead the global technology race. Seoul plans to focus on the development of technologies for core components such as smart sensors equipped with intelligent semiconductors and embedded software. After developing related technologies, it will provide technical support for the manufacture of prototypes so that products can be introduced to the market in a timely manner.