Market Overview:
The South Korean Smart Cities Market size was reasonably estimated to be approximately USD 87.3 Million in 2022 and is poised to generate revenue of over USD 144.92 Million by the end of 2030, projecting a CAGR of around 6.54 % from 2023 to 2030.
South Korea has high digital connections and a solid and reliable telecommunications infrastructure. This connectivity forms the backbone of various smart city applications and services. The country has actively invested in smart mobility solutions such as electric car charging infrastructure, bike-sharing programs, and smart transport systems to improve traffic flow and reduce emissions. South Korea has made significant progress in promoting energy efficiency through smart grid technologies, real-time energy monitoring, and energy consumption optimization systems. Smart waste management solutions such as smart bins with sensors and data analytics have been introduced to optimize waste collection routes and reduce waste-related costs. Digitization of public services, including e-government and citizen engagement platforms, has been a priority in South Korea. In this way, citizens can more easily access services and participate in decision-making processes. One example of a smart city site in South Korea is the "Smart Aarhus" initiative. Aarhus, the second largest city in South Korea, implemented this ambitious project to transform the city into a smart and sustainable urban center.
Top Key Players Covered in The South Korean Smart Cities Market:
- Samsung SDS (Seoul)
- SK Telecom (Seoul)
- LG CNS (Seoul)
- KT Corporation (Seongnam)
- Hyundai E&C (Seoul)
- POSCO ICT (Seoul)
- CJ OliveNetworks (Seoul)
- GS Engineering & Construction (Seoul), and Other Major Players
Market Dynamics and Factors:
The Smart Cities market is primarily driven by the increasing urbanization trend worldwide, coupled with the growing need for sustainable and efficient urban management solutions. Governments and municipal authorities are investing in smart infrastructure to improve resource utilization, enhance public services, and reduce environmental impact. Additionally, advancements in technology such as IoT, AI, and data analytics are fueling the adoption of smart solutions for transportation, energy management, healthcare, and public safety. Opportunities in the Smart Cities market lie in the integration of various systems and services to create holistic urban ecosystems. This includes the development of interconnected networks for transportation, energy grids, and communication infrastructure, as well as the implementation of smart governance models and citizen engagement platforms. However, the market also faces restraints such as high initial investment costs, interoperability challenges among different systems, and concerns regarding data privacy and security.
The South Korean Smart Cities Market Report Highlight:
- By Service And Solution, the Smart Mobility Management segment stands out as a dominant force reshaping urban landscapes. This segment encapsulates a range of innovative solutions aimed at optimizing transportation networks, reducing congestion, and enhancing overall mobility experiences within cities.
- By Components, Services encompass a wide array of offerings essential for the functioning and optimization of smart city infrastructure. These include consultancy, system integration, maintenance, and managed services, among others. The complexity of integrating various technologies and ensuring their seamless operation necessitates expert guidance and ongoing support, thus driving demand for service providers.
- By Region, Seoul is the economic heart of South Korea. It serves as the financial center of the country and contains the headquarters of major banks, financial institutions, and companies. Many international companies have South Korean offices in Seoul, which greatly increases the economic influence of the city.
Key Industry Development:
In June 2023, Samsung announced its ViewFinity S9 external monitor is available to pre-order in South Korea, and will be launched in the country on July 3. The monitor is priced at 1.7 million won, which is equivalent to approximately USD 1,300.
In March 2023, SK Telecom, one of South Korea’s biggest carriers, planned to fully launch its artificial intelligence chatbot but is looking at a very different product from ChatGPT, an executive working on the project told CNBC.
The South Korean Smart Cities Market Segmentation:
By Solution and Service
- Smart Mobility Management
- Smart Public Safety
- Smart Healthcare
- Smart Building
- Smart Utilities
By Component
- Hardware
- Software
- Service
By Level
- Emerging Smart Cities
- Developing Smart Cities
- Mature Smart Cities
By End-user
- Government & Municipalities
- Transportation & Logistics
- Energy & Utilities
- Healthcare
- Education
- Others
For this report, Pristine Intelligence Research has segmented the South Korean Smart Cities Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
- North America
- The U.S.
- Canada
- Mexico
- Eastern South Korean
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern South Korean
- Western South Korean
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western South Korean
- Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
- Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
- South America
- Brazil
- Argentina
- Rest of SA
