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TECH SUPPLIER May 2019 - Market Presentation - Doc # AP44704819

2H18 Country Report on IT Services — Korea

By: Min KimSenior Research Manager, Korea IT Services

On-line Presentation

Abstract

This IDC Presentation provides a detailed analysis of the market and competitive landscape in IT services in Korea from July to December 2018 (2H18). It covers the market size movements and growth trends in each of the macromarkets (i.e., project-oriented services, managed services, and support services) as well as the key industries such as finance, manufacturing and resources, public sector, distribution and services, and infrastructure. The report also provides a market and vendor analysis of 3rd Platform technologies as the key market drivers. The competitive analysis section includes key strategies and activities of global and local IT services providers in the market.

The data and insights within this presentation are part of the Asia/Pacific Semiannual Services Tracker research, which covers 14 foundation markets across 14 Asia/Pacific countries.

Korea's IT services market has experienced a sound growth trend in this cycle because of the continuous growth of managed services market and the constant emergence of large-scale systems integration (SI) projects from major industries.

The finance industry remains as a key growth engine of the IT services market of Korea, supported by large-scale next-generation system construction projects, especially from banks. These projects are a significant driver of revenue growth, caused by the increasing demand for digital banking initiatives applying advanced technologies such as artificial intelligence (AI), cloud, big data, and blockchain, which reflects the market shift of key demands in relation to the introduction of advanced technologies.

The growth of the project-oriented services market did not have heavy fluctuations despite being supported by new large SI projects. On the other hand, managed services market is experiencing a relatively high growth, fueled by existing IT outsourcing contracts across the industry. In addition, the adoption of cloud services will be a catalyst for increasing spending on managed services.

The market demand growth across industries such as finance, public, manufacturing and retail has continued its upward trend, fueled by the increasing demand for cloud, and the application of AI and big data with the aim of business process innovation, new business model development, improvement of business agility, and cost saving.


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