The smart space ecosystem in Korea is likely to exhibit a CAGR of 16.6% through 2034. The demand for smart space in Korea is poised to witness significant opportunities, with an estimated valuation of USD 217.0 million in 2024.
The rise in government investment in smart city projects, increased demand for IoT, and increased environmental concerns are likely to create various opportunities in Korea’s smart space industry during the forecast period. Companies are intending to expand their business footprint across various geographical regions, enlarging their smart space share to a considerable extent. By 2034, the adoption of smart space in Korea is likely to secure USD 1,003.8 million.
Key Insights and Highlights to Understand Emerging and Fast-growing Opportunities
| Attributes | Details |
|---|---|
| Expected Value in 2024 | USD 217.0 million |
| Projected Value in 2034 | USD 1,003.8 million |
| CAGR Estimation from 2024 to 2034 | 16.6% |
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The rate of urbanization and the state of existing infrastructure in South Gyeongsang can influence the adoption of smart space technologies, as urban areas are more likely to implement smart city solutions. The presence of high-speed internet, 5G networks, and other technological infrastructure is driving the demand for smart space solutions in the region.
The growing support and initiatives from local and national government authorities can significantly impact the growth of smart space industry in South Gyeongsang. Increases in government-led smart city or smart space development projects in the region fuel the demand for smart space.
Businesses, governments, and individuals are increasingly adopting smart technologies in North Jeolla. This is due to their benefits, such as improved efficiency, productivity, and sustainability. The North Jeolla government is investing heavily in smart city initiatives. This is expected to boost the region's demand for smart space solutions.
Smart building solutions are becoming increasingly popular in North Jeolla. This is due to their benefits, such as reduced energy consumption, improved comfort, and increased security, boosting the adoption of smart space in North Jeolla.
Principal Consultant
| Category | Industry Share in 2024 |
|---|---|
| Energy Management & Optimization | 24.10% |
| Commercial Smart Space | 47.50% |
The smart space is categorized into residential and commercial by premises type. However, the commercial segment is likely to dominate the smart space industry, with a projected share of 47.50% in 2024.
Over the forecast period, the commercial segment is expected to account for the largest share of the country’s smart space industry. This growth is primarily driven by the fact that commercial property owners and managers are constantly under pressure to reduce energy consumption and expenses while meeting the growing demands for a more modernized living and working environment.
Smart space can help businesses and organizations to reduce their energy consumption by monitoring and controlling energy usage in real time. For example, it can be used to adjust the heating and cooling of buildings, turn off lights when rooms are empty, and manage power consumption of appliances.
In 2024, the energy management and optimization segment is set to account for an industry share of 24.10%. Smart space can also help businesses and organizations improve their energy efficiency by identifying and addressing areas of energy waste. For example, it can be used to identify inefficient equipment, detect leaks, and optimize energy consumption patterns.
With their extensive expertise, resources, and focus on sustainability, smart space industry players in Korea are actively contributing to expansion. Certain service providers are concentrating on securing the prime possible industry share by introducing cutting-edge technology through research and development tactics.
Many leading industry players are also using mergers and acquisitions as a key strategy to expand their geographical presence and increase revenue. Massive investments in research and development, along with strategic partnerships, have allowed these players to establish a firm foothold in the industry, thereby enlarging their share in the smart space sector.
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Product Portfolio
| Attribute | Details |
|---|---|
| Estimated Industry Size in 2024 | USD 217.0 million |
| Projected Industry Size by 2034 | USD 1,003.8 million |
| Anticipated CAGR between 2024 to 2034 | 16.6% CAGR |
| Historical Analysis of Demand for Smart Space in Korea | 2019 to 2023 |
| Demand Forecast for Smart Space in Korea | 2024 to 2034 |
| Report Coverage | Industry Size, Industry Trends, Analysis of key factors influencing the adoption of Smart Space in Korea, Insights on Global Players and their Industry Strategy in Korea, Ecosystem Analysis of Local Providers in Korea |
| Key Provinces Analyzed while Studying Opportunities in Smart Space in Korea | South Gyeongsang, North Jeolla, South Jeolla, Jeju |
| Key Companies Profiled | Samsung Electronics; LG Electronics; SK Telecom; Hyundai Motor Group; KT Corporation; Navar Corporation |
The estimated valuation of the smart space in Korea is USD 217.0 million in 2024.
The anticipated CAGR for the Korea smart space ecosystem through 2034 is 16.6%.
Demand for smart space in Korea is likely to surpass USD 1,003.8 million by 2034.
Energy management and optimization remain the top application for smart space in Korea.
1. Executive Summary 2. Market Overview 3. Market Background 4. Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033 5. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Component 5.1. Hardware 5.1.1. Controllers 5.1.2. IoT Gateways 5.1.3. Occupancy / Motion Sensors 5.1.4. Climate Sensors (Temperature, Humidity, Pressure) 5.1.5. Air Quality Sensors 5.1.6. Others 5.2. Software 5.2.1. Integrated Management Software 5.2.2. IoT Platform 5.2.3. Others 5.3. Services 5.3.1. Managed Services 5.3.2. Integration & Implementation 5.3.3. Consulting 5.3.4. Support & Maintenance 6. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Energy Management & Optimization 6.2. Air Quality Monitoring 6.3. On-demand Cleaning 6.4. Building Security Management 6.5. Building Automation 6.6. Others 7. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Premises Type 7.1. Residential Smart Spaces/Smart Homes 7.2. Commercial Smart Spaces 7.3. Industrial Smart Spaces 8. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. South Gyeongsang 8.2. North Jeolla 8.3. South Jeolla 8.4. Jeju 8.5. Rest of Korea 9. South Gyeongsang Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 10. North Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 11. South Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 12. Jeju Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 13. Rest of Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 14. Market Structure Analysis 15. Competition Analysis 15.1. Cisco 15.2. Siemens 15.3. Huawei Technologies 15.4. IBM 15.5. Schneider Electric 15.6. Smartspace Software 15.7. Hitachi Vantara 15.8. ICONICS 15.9. Coor 15.10. Ubisense 15.11. Spacewell 16. Assumptions & Acronyms Used 17. Research Methodology
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Smart Space Industry Analysis in Korea
