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Strong government assistance, cutting-edge infrastructure, and a significant presence of big businesses define South Korea’s technological market. One of the significant roles played by the government is the development of the market by providing funding, tax incentives, and other forms of support for research and development.

This growth has prompted the development of an innovation culture around cutting-edge technologies such as artificial intelligence, 5G, and the Internet of Things. South Korea has one of the most advanced telecommunications infrastructures in the world, with fast and reliable internet connectivity.

The market is also dominated by large companies such as Samsung, LG Electronics, and Hyundai, which offer a wide range of electronic devices and other technologies.

The technology trends ruling in South Korea are:

• 5G: South Korea is a leader in the development and deployment of 5G technology, with the country launching its first 5G networks and working to expand its coverage and capabilities. It is expected to drive the development of new applications and services such as self-driving cars, smart cities, and IoT.
• Artificial Intelligence: South Korea is heavily investing in the AI ecosystem, with a large number of startups and research institutions working on AI-related projects. South Korea’s government has also set a goal to become a global leader in AI by 2030 and launched various initiatives to support the development of the AI industry.
• Internet of Things (IoT): South Korea is also a leader, with a strong focus on smart cities and smart homes. The country has invested heavily in IoT infrastructure and is working on developing new IoT applications and services.
• Blockchain: South Korea is also actively experimenting with and exploring the use of blockchain technology. It is working on various projects such as blockchain technology, digital identity, digital currency, and supply chain management. The country also has several blockchain startups and is home to the world’s largest cryptocurrency exchanges.
• Robotics: South Korea is known for its strong robotics industry and is a major player in the global robotics market. The country is heavily invested in the development of new robotics technologies such as autonomous robots, drones, and exoskeletons.

The government and other initiatives are supporting the growth of these technologies and providing enough funding and support for the companies working in these fields.

Source: Market research,Deloitte