Cloud Computing Market

Cloud Computing Market Overview

Cloud computing is referred to as the on-demand availability of different computer system resources such as computing power, data storage, among others. Instead of purchasing the computing infrastructure or data centers, the organizations now prefer to use applications such as for storage, cloud services, among others. The South Korean cloud computing market covers different types of deployment models such as public cloud, hybrid cloud, and private cloud.

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Major Cloud Computing Market Drivers

One of the major factor contributing to the growth of the South Korea cloud computing market share includes the increasing integration of various advanced technologies such as Artificial Intelligence (AI), Internet of Things (IoT), cloud computing, and other technologies in smart cities, smart homes, and smart cars. The government of South Korea is playing a crucial role in the growth of the market. There has been an increase in the up gradation of existing data centers with cloud computing solutions based on low infrastructure setup costs and on-demand availability of computing services. In addition to this, the country is developing its AI capabilities and has upgraded its position as a global contender in the AI technologies markets. Artificial Intelligence (AI) is considered as an important element in the country’s ICT industry and the government has been focusing on supporting the adoption of advanced technologies.

In 2020, the government initiated the National Strategy for Artificial Intelligence with an aim to increase the investments in the AI infrastructure and greater use of AI technologies across various sectors. Thus, this will support the growth of the market over the coming years. In addition to this, the rising connectivity through innovative technologies such as the 5G network and IoT is further driving the growth of the cloud market size. In 2020, SAMSUNG launched the multi-part series to highlight 5G’s successful evolution in South Korea.  The company has witnessed an increase in the number of 5G subscribers by reaching 14% of the total population in the country within just 14 months of product launch. In 2019, SK Telecom introduced the first commercial 5G mobile networks with an objective to change the lives of people.

The country is among the first nations to develop a national cloud computing strategy in 2015. In 2018, the ICT Strategy Committee initiated the second basic plan for cloud computing known as “Cloud Computing Act Strategies for the 4th Industrial Revolution”. Therefore, the rising number of favorable strategies related to cloud computing is further boosting the growth of the cloud market in South Korea.

Restraints in the South Korea Cloud Computing Market

On the other hand, the lack of skilled workforces along with the increasing risk related to cyber-attacks are the significant factors that are hampering the market growth over the forecast period.

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South Korea is witnessing changes in the restricted laws related to the implementation of cloud solutions in the financial services sector. In 2019, South Korea’s Credit Information Act permitted only non-critical, non-identifying information to be stored on public cloud solutions. Various leading companies, such as Microsoft Corporation and Amazon Web Services (AWS), have supported the growth of the cloud computing market over the past few years. As per the International Trade Association, AWS covers more than 50% of the market share for Infrastructure as a Service solution (IaaS), while Microsoft Corporation is one of the leading players in the Platform as a Service (PaaS) sector. In 2019, Amazon Web Services (AWS) announced to establish a third availability zone in South Korea to capture the increasing demand of the customers.

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Top Market Players

Some of the leading players operating in the market include IBM, Microsoft Corporation, SAP SE, Oracle, Salesforce.com, Inc., Amazon Web Services, Inc., Google LLC, Alibaba Cloud, VMware, Inc., Fujitsu, among others.

Key Developments:

• • In 2020, SAP SE announced its plan to build a data center in South Korea by the second quarter of 2021. The main objective for this expansion is to offer solutions for cloud platforms, analytics cloud, high-performance analytics appliances (HANA), and the business technology platform (BTP).
  • In 2020, Google LLC announced its new Cloud region in South Korea. This region will feature three availability zones and support for virtually all of Google Cloud’s standard services.
  • In 2019, Oracle launched its first Generation 2 cloud region in Seoul, South Korea. This new cloud region offers the ability to run primary and disaster recovery capabilities for their critical production workloads in the country.
  • In 2018, VMware, Inc., entered in a partnership with KT, one of the leading South Korean telecommunication companies. Through this partnership, the companies aim to meet the increasing demand among customers for hybrid cloud solutions in the multi-cloud environment.

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