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 US$ 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 US$ 1,003.8 million.
Key Insights and Highlights to Understand Emerging and Fast-growing Opportunities
| Attributes | Details |
|---|---|
| Expected Value in 2024 | US$ 217.0 million |
| Projected Value in 2034 | US$ 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 | US$ 217.0 million |
| Projected Industry Size by 2034 | US$ 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 US$ 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 US$ 1,003.8 million by 2034.
Energy management and optimization remain the top application for smart space in Korea.
1. Executive Summary 1.1. Korea Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Investment Feasibility Matrix 3.5. PESTLE and Porter’s Analysis 3.6. Regulatory Landscape 3.6.1. By Key Regions 3.7. Regional Parent Market Outlook 4. Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033 4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022 4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Component 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) Analysis By Component, 2018 to 2022 5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Component, 2023 to 2033 5.3.1. Hardware 5.3.1.1. Controllers 5.3.1.2. IoT Gateways 5.3.1.3. Occupancy / Motion Sensors 5.3.1.4. Climate Sensors (Temperature, Humidity, Pressure) 5.3.1.5. Air Quality Sensors 5.3.1.6. Others 5.3.2. Software 5.3.2.1. Integrated Management Software 5.3.2.2. IoT Platform 5.3.2.3. Others 5.3.3. Services 5.3.3.1. Managed Services 5.3.3.2. Integration & Implementation 5.3.3.3. Consulting 5.3.3.4. Support & Maintenance 5.4. Y-o-Y Growth Trend Analysis By Component, 2018 to 2022 5.5. Absolute $ Opportunity Analysis By Component, 2023 to 2033 6. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) Analysis By Application, 2018 to 2022 6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Application, 2023 to 2033 6.3.1. Energy Management & Optimization 6.3.2. Air Quality Monitoring 6.3.3. On-demand Cleaning 6.3.4. Building Security Management 6.3.5. Building Automation 6.3.6. Others 6.4. Y-o-Y Growth Trend Analysis By Application, 2018 to 2022 6.5. Absolute $ Opportunity Analysis By Application, 2023 to 2033 7. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Premises Type 7.1. Introduction / Key Findings 7.2. Historical Market Size Value (US$ Million) Analysis By Premises Type, 2018 to 2022 7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Premises Type, 2023 to 2033 7.3.1. Residential Smart Spaces/Smart Homes 7.3.2. Commercial Smart Spaces 7.3.3. Industrial Smart Spaces 7.4. Y-o-Y Growth Trend Analysis By Premises Type, 2018 to 2022 7.5. Absolute $ Opportunity Analysis By Premises Type, 2023 to 2033 8. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. Introduction 8.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022 8.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033 8.3.1. South Gyeongsang 8.3.2. North Jeolla 8.3.3. South Jeolla 8.3.4. Jeju 8.3.5. Rest of Korea 8.4. Market Attractiveness Analysis By Region 9. South Gyeongsang Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 9.2.1. By Component 9.2.2. By Application 9.2.3. By Premises Type 9.3. Market Attractiveness Analysis 9.3.1. By Component 9.3.2. By Application 9.3.3. By Premises Type 9.4. Key Takeaways 10. North Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 10.2.1. By Component 10.2.2. By Application 10.2.3. By Premises Type 10.3. Market Attractiveness Analysis 10.3.1. By Component 10.3.2. By Application 10.3.3. By Premises Type 10.4. Key Takeaways 11. South Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 11.2.1. By Component 11.2.2. By Application 11.2.3. By Premises Type 11.3. Market Attractiveness Analysis 11.3.1. By Component 11.3.2. By Application 11.3.3. By Premises Type 11.4. Key Takeaways 12. Jeju Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 12.2.1. By Component 12.2.2. By Application 12.2.3. By Premises Type 12.3. Market Attractiveness Analysis 12.3.1. By Component 12.3.2. By Application 12.3.3. By Premises Type 12.4. Key Takeaways 13. Rest of Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 13.2.1. By Component 13.2.2. By Application 13.2.3. By Premises Type 13.3. Market Attractiveness Analysis 13.3.1. By Component 13.3.2. By Application 13.3.3. By Premises Type 13.4. Key Takeaways 14. Market Structure Analysis 14.1. Competition Dashboard 14.2. Competition Benchmarking 14.3. Market Share Analysis of Top Players 14.3.1. By Regional 14.3.2. By Component 14.3.3. By Application 14.3.4. By Premises Type 15. Competition Analysis 15.1. Competition Deep Dive 15.1.1. Cisco 15.1.1.1. Overview 15.1.1.2. Product Portfolio 15.1.1.3. Profitability by Market Segments 15.1.1.4. Sales Footprint 15.1.1.5. Strategy Overview 15.1.1.5.1. Marketing Strategy 15.1.2. Siemens 15.1.2.1. Overview 15.1.2.2. Product Portfolio 15.1.2.3. Profitability by Market Segments 15.1.2.4. Sales Footprint 15.1.2.5. Strategy Overview 15.1.2.5.1. Marketing Strategy 15.1.3. Huawei Technologies 15.1.3.1. Overview 15.1.3.2. Product Portfolio 15.1.3.3. Profitability by Market Segments 15.1.3.4. Sales Footprint 15.1.3.5. Strategy Overview 15.1.3.5.1. Marketing Strategy 15.1.4. IBM 15.1.4.1. Overview 15.1.4.2. Product Portfolio 15.1.4.3. Profitability by Market Segments 15.1.4.4. Sales Footprint 15.1.4.5. Strategy Overview 15.1.4.5.1. Marketing Strategy 15.1.5. Schneider Electric 15.1.5.1. Overview 15.1.5.2. Product Portfolio 15.1.5.3. Profitability by Market Segments 15.1.5.4. Sales Footprint 15.1.5.5. Strategy Overview 15.1.5.5.1. Marketing Strategy 15.1.6. Smartspace Software 15.1.6.1. Overview 15.1.6.2. Product Portfolio 15.1.6.3. Profitability by Market Segments 15.1.6.4. Sales Footprint 15.1.6.5. Strategy Overview 15.1.6.5.1. Marketing Strategy 15.1.7. Hitachi Vantara 15.1.7.1. Overview 15.1.7.2. Product Portfolio 15.1.7.3. Profitability by Market Segments 15.1.7.4. Sales Footprint 15.1.7.5. Strategy Overview 15.1.7.5.1. Marketing Strategy 15.1.8. ICONICS 15.1.8.1. Overview 15.1.8.2. Product Portfolio 15.1.8.3. Profitability by Market Segments 15.1.8.4. Sales Footprint 15.1.8.5. Strategy Overview 15.1.8.5.1. Marketing Strategy 15.1.9. Coor 15.1.9.1. Overview 15.1.9.2. Product Portfolio 15.1.9.3. Profitability by Market Segments 15.1.9.4. Sales Footprint 15.1.9.5. Strategy Overview 15.1.9.5.1. Marketing Strategy 15.1.10. Ubisense 15.1.10.1. Overview 15.1.10.2. Product Portfolio 15.1.10.3. Profitability by Market Segments 15.1.10.4. Sales Footprint 15.1.10.5. Strategy Overview 15.1.10.5.1. Marketing Strategy 15.1.11. Spacewell 15.1.11.1. Overview 15.1.11.2. Product Portfolio 15.1.11.3. Profitability by Market Segments 15.1.11.4. Sales Footprint 15.1.11.5. Strategy Overview 15.1.11.5.1. Marketing Strategy 16. Assumptions & Acronyms Used 17. Research Methodology
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Smart Space Industry Analysis in Korea
