South Korea’s growing telecoms market

South Korea’s growing telecoms market

With the rapid expansion of LTE and the slowing down of 2G and 3G network services, the South Korean telecoms market is transforming to support their vision of sustaining a thriving digital economy. The country has been quick to adopt and embrace mobile connectivity solutions like IoT and Cloud, which are instrumental in the progress of the telecoms sector, moving forward.

South Korea has a significantly high mobile penetration and fixed broadband penetration in comparison to other Asian countries. According to a recent Statista report 91.8% of South Koreans use the internet. This clearly indicates the high rate of activity in telecoms and IT which has full support from the government.

South Korea continues to lead the way in 5G deployment. According to a recent survey, more than six million South Koreans had subscribed to 5G mobile networks as of April 2020; this increase in number comes a year after the technology was officially launched by local operators. The foundations have been laid in the recent few years, with the country investing heavily in telecommunications infrastructure. Since 5G contracts still use upswitching  – a strong 4G network base has already been established for expansion. According to Statista, In February 2020, South Korea witnessed around 55.5 million 4G subscriptions

As a way of increasing GDP and employment, South Korea is striving to establish itself as a tech start-up business hub. The government is encouraging businesses worldwide to enter the Korean market as a way of cultivating a strong digital ecosystem.

The world has witnessed a shift in market trends amid the Coronavirus. Mobile operators are having to adapt to the changing pattern of consumer behavior. As well as commitment from the government, the South Korean sector is boosted by a technologically astute population and an innovative, ambitious private sector.