Smart Space Market Insights – Demand & Growth 2024-2034

Analytical Study of Smart Space in Korea from 2024 to 2034

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

• The widespread deployment of 5G networks in Korea allows for faster data transmission and low latency, facilitating real-time communication and enabling more sophisticated smart space applications.
• Initiatives such as autonomous vehicles, intelligent traffic management systems, and integrated public transportation contribute to the development of smart space within cities.

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%

Key Trends Influencing the Demand for Smart Space in Korea

• The growing development of smart cities and smart space by the government, along with initiatives like the K-Smart City Roadmap and the Digital New Deal, aims to create an environment conducive to the growth of smart space.
• The presence of companies like Samsung, LG, and Hyundai, which are at the forefront of technological innovation, is instrumental. Their expertise in areas such as IoT, artificial intelligence, and 5G technology drives the development of smart solutions for spaces in Korea.
• Korea has a strong focus on IoT, enabling the interconnectivity of devices and systems in smart cities, homes, and industries.

Province wise Insights

Increasing Adoption of Smart Technologies Boosts the Smart Space Demand in South Gyeongsang

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.

North Jeolla Shows All Vital Signs of Growth Owing to Increased Demand for Smart Technology

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.

Category-wise insights

Category	Industry Share in 2024
Energy Management & Optimization	24.10%
Commercial Smart Space	47.50%

Commercial Smart Space Segment to Witness Faster Growth Rare

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.

Energy Management & Optimization Reach Higher as Compared to Other Application Types

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.

Competitive Landscape

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.

Some of the key players offering smart space in Korea include the following

• Samsung Electronics
• LG Electronics
• SK Telecom
• Hyundai Motor Group
• KT Corporation
• Navar Corporation

Product Portfolio

• Samsung Electronics is a global technology giant with a strong presence in Korea. The company is involved in various aspects of smart space, including smart home devices, IoT solutions, and integration with their other product lines.
• LG Electronics, another Korean conglomerate, focuses on smart home appliances, smart TVs, and IoT technology. They play a significant role in shaping the smart space ecosystem.
• SK Telecom, a leading telecommunications company in Korea, has been actively involved in the development of smart city and IoT solutions, leveraging their 5G infrastructure.
• Hyundai Motor Group has been investing in smart mobility solutions, including autonomous vehicles and smart transportation systems, contributing to the development of smart space in urban environments.

Scope of the Report

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

Table of Content

• 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