As part of a series of Korean market analyses for the UK’s Department of International Trade (DIT), we’ve produced an intelligence report on Korea’s fast-developing data analytics sector.
The DIT has now published this report, which focuses on the opportunities for western businesses and the challenges to be overcome. You can get your free copy from the DIT website below.
Following the recent publication of our report into Korea’s artificial intelligence market, this latest market analysis builds on our track record of helping western companies expand into the data analytics sector in Korea, as well as China and Japan.
Our work in this arena includes projects in Asia’s marketing sector for Datorama, dataxu and marketingQED; in business intelligence for FullContact and Dun & Bradstreet company Avention; in utilities for Bidgely, SpaceTime Insights (now part of Nokia) and Tendril; and in the Internet of Things for Mnubo, Chargifi and Sigfox.
The report outlines the growth of Korea’s data analytics sector and its leading players. It addresses the openings for western businesses – particularly the potential of data analytics technologies in new product development, marketing and data collection, aggregation and resale. It also sets out the challenges companies face — not least the regulatory barriers in a country with some of the toughest privacy laws in the world — and provides tips for western companies to overcome these.
Our report’s introduction says:
South Korea produces an ever-increasing amount of data every year, meaning there is a growing demand for effective data analytics tools. Although restrictions on the collection, analysis and use of data have acted as a brake on Korea’s data industry until now, the newly-elected administration of President Moon Jae-In has signalled its intention to create a more open data ecosystem to allow for more innovation and sharpen Korea’s global competitiveness in the so-called Fourth Industrial Revolution.
The Korean data industry is developing fast. The market was estimated to be worth GBP 311m in 2017 and is expected to reach GBP 700m by 2020. But Korea does not currently have a strong base in terms of data analytics technologies and is likely to continue to import technologies and services from ….
Download the full report from the DIT website.
If we can help you target East Asia’s data analytics market, please get in touch with Michal Waszkiewicz.