South Korea Internet of Things Market

ID: MRFR/ICT/54032-HCR

200 Pages

Aarti Dhapte

September 2025

South Korea Internet of Things Market Research Report By Application (Smart Home, Industrial Automation, Healthcare, Transportation, Wearables), By Component (Hardware, Software, Services), By End-use (Consumer Electronics, Manufacturing, Retail, Healthcare, Transportation), and By Network Technology (Wireless, Wired)-Forecast to 2035

South Korea Internet of Things Market Infographic

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Summary Table of Contents Segmentation Infographic

1. Market Overview

2. Market Trends

3. Market Segment Insights

4. Key Players and Competitive Insights

5. Industry Developments

6. Market Segmentation

7. Report Scope

8. Market Highlights

9. FAQs

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South Korea Internet of Things Market Summary

The South Korea Internet of Things market is projected to expand significantly from 13.1 USD Billion in 2024 to 63.9 USD Billion by 2035.

Key Market Trends & Highlights

South Korea Internet of Things Key Trends and Highlights

The South Korea Internet of Things market is valued at 13.1 USD Billion in 2024.
By 2035, the market is expected to reach 63.9 USD Billion, indicating robust growth.
The compound annual growth rate from 2025 to 2035 is estimated at 15.47%.
Growing adoption of smart devices due to increasing consumer demand is a major market driver.

South Korea Internet of Things Market

CAGR

15.47%

Market Size & Forecast

2024 Market Size	13.1 (USD Billion)
2035 Market Size	63.9 (USD Billion)
CAGR (2025-2035)	15.47%

Major Players

Hanwha Corporation, Mando Corporation, Sungrow Power Supply, Daegu Gyeongbuk Institute of Science and Technology, LG Electronics, Hyundai Motor Company, POSCON, Aver Corporation, SK Telecom, Seoul Semiconductor, Lotte Group, Kia Corporation, KT Corporation, Samsung Electronics, Cypress Semiconductor

South Korea Internet of Things Market Trends

The Internet of Things (IoT) industry in South Korea is being shaped by a number of important market factors. By using IoT technologies to improve urban infrastructure, the government has been aggressively supporting smart city programs.

This push, together with the emergence of 5G networks, greatly accelerates the adoption of IoT devices in a number of industries, including manufacturing, transportation, and healthcare. In response to the industry's demand for efficiency and automation, there has been a noticeable increase in investment in smart factories.

There are chances to take advantage of the enormous potential of connected devices in daily life, especially in fields like environmental management, healthcare monitoring, and home automation. Using IoT can improve public services and increase competitiveness in global markets as South Korea continues to concentrate on its digital transformation agenda.

Businesses can explore and gain market share in IoT solutions that are customized to local demands thanks to the nation's high-tech infrastructure and tech-savvy populace. Consumer demand for smart home technology is rising, according to recent trends, which represent a move toward more individualized and effective living spaces.

A trend toward data-driven decision-making is also seen in the growing integration of IoT devices by industries to lower costs and increase operational efficiency.

Additionally, the adoption of IoT systems to track energy usage and lower carbon footprints demonstrates the attention on sustainability. These market dynamics offer both difficulties and great chances for innovation and expansion in the IoT sector as they continue to develop in South Korea.

Market Segment Insights

South Korea Internet of Things Market Segment Insights

Internet of Things Market Application Insights

The South Korea Internet of Things Market is experiencing significant advancements, particularly within the Application segment, which covers a wide array of technologies and services that enhance everyday experiences and operational efficiency.

Smart Home applications are gaining traction, offering consumers increased convenience, energy efficiency, and improved security. As urbanization continues to rise in South Korea, innovative smart home solutions are becoming integral in modern living, addressing the growing demand for connected lifestyle products.

The Industrial Automation sector benefits from IoT by enhancing manufacturing processes, improving productivity, and minimizing downtime through real-time monitoring and analytics, which is vital as South Korea aims to bolster its manufacturing capabilities in the global market.

Furthermore, the Healthcare sector is witnessing a transformation with IoT-enabled devices that promote remote patient monitoring and telemedicine, offering significant implications for enhancing operational efficiencies and ensuring quality patient care. With a rapidly aging population, these health solutions are increasingly significant in maintaining a high standard of care while managing resources effectively.

Internet of Things Market Component Insights

The Component segment of the South Korea Internet of Things Market encompasses crucial elements that contribute to the advancement of connected technologies. This segment is pivotal in enhancing interoperability and functionality across various devices and systems.

Hardware, primarily comprising sensors, processors, and communication modules, plays a significant role as it directly impacts device performance and efficiency. Software solutions provide essential analytics and management capabilities, enabling seamless integration and data utilization, therefore facilitating smarter applications.

Services, which include installation, maintenance, and consulting, help organizations optimize their IoT ecosystems, enhancing overall productivity. The growth of smart cities and the rapid expansion of 5G networks in South Korea drive the demand in this segment, indicating a shifting focus towards automation and advanced connectivity.

Moreover, government initiatives supporting technological development, along with a strong emphasis on Research and Development, further bolster the significance of the Component segment in achieving higher operational efficiencies.

Internet of Things Market

Internet of Things Market End-use Insights

The South Korea Internet of Things Market exhibits significant growth potential across various End-use segments. In the realm of Consumer Electronics, the integration of IoT technologies is reshaping user experiences and enhancing connectivity.

Moreover, the Manufacturing sector is increasingly adopting IoT solutions to streamline processes, improve operational efficiency, and reduce costs, thus playing a crucial role in the nation's industrial advancement. In Retail, IoT applications facilitate enhanced customer engagement and supply chain management, driving innovation in how products are marketed and sold.

The Healthcare sector demonstrates a strong need for IoT-driven solutions, such as remote patient monitoring and smart medical devices, highlighting the technology’s importance in improving patient care and outcomes. Additionally, Transportation is evolving with IoT applications that enhance logistics management and smart traffic systems, aiming to improve safety and efficiency in urban environments.

Internet of Things Market Network Technology Insights

The South Korea Internet of Things Market is witnessing substantial growth, primarily driven by advancements in Network Technology, which is pivotal for seamless communication between devices. The segment encompasses various technologies, including Wireless and Wired solutions, each playing a critical role in enhancing connectivity and data transmission.

Wireless technologies hold significant importance due to their flexibility and ease of deployment, facilitating the rapid expansion of connected devices across urban and rural landscapes. Meanwhile, Wired technologies continue to serve essential functions in environments requiring stable and high-speed connections, such as industrial applications and smart infrastructures.

Government initiatives in South Korea, aimed at bolstering digital transformation through investments in infrastructure, strongly support these technologies. The emergence of 5G networks is further propelling growth, offering enhanced speed and lower latency, which are crucial for the effective functioning of Internet of Things applications.

Overall, the Network Technology segment represents a vital component of the broader South Korea Internet of Things Market, contributing to improved efficiency and innovation across various industries.

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Key Players and Competitive Insights

The South Korea Internet of Things market is characterized by rapid growth and significant competitive dynamics, driven by technological advancements and increasing adoption of IoT applications across various sectors. As industries continue to integrate IoT solutions for enhanced efficiency and connectivity, a diverse range of companies are vying for market share.

Key players leverage advanced technologies, strategic partnerships, and a focus on customer-centric solutions to establish themselves in this competitive landscape. The government’s initiatives to promote smart cities, healthcare advancements, and industrial automation further intensify the competition, fostering an environment ripe for innovation and growth.

Hanwha Corporation stands out in the South Korea Internet of Things market with its robust presence and a focus on developing IoT solutions that cater to various industries such as energy, construction, and defense.

The corporation leverages its strong research and development capabilities to enhance its IoT offerings, giving it a competitive edge in the market. Its commitment to sustainability and smart technology further strengthens its market position as companies and clients increasingly prioritize green solutions.

Hanwha Corporation's strategic investments and partnerships within the IoT ecosystem allow it to stay ahead of emerging trends, thereby enhancing its appeal to a wider customer base and solidifying its reputation in the South Korean market.

Mando Corporation also plays a significant role in the South Korea Internet of Things market, primarily focusing on automotive technologies and smart mobility solutions. The company specializes in advanced driver assistance systems (ADAS), connected vehicle systems, and integrates IoT technologies into automotive applications.

Mando Corporation is known for its innovations in smart braking systems and steering technologies, which incorporate IoT for real-time data analysis and vehicle performance. With an increasing emphasis on creating connected and autonomous vehicles, Mando Corporation continuously invests in research and development, enhancing its competitive stance.

Recent strategic mergers and acquisitions have enabled Mando Corporation to expand its technological capabilities and market reach within South Korea, further solidifying its position as a leader in the IoT arena.

Key Companies in the South Korea Internet of Things Market market include

Industry Developments

The South Korea Internet of Things Market has been witnessing considerable advancements recently. In August 2023, LG Electronics announced its strategic partnership with Naver Corporation aimed at enhancing smart home solutions through integrated IoT technologies.

Mando Corporation is also expanding its efforts in the automotive IoT space to improve connected vehicle features. Additionally, in July 2023, POSCO and Hyundai Motor Company made headlines by collaborating on smart manufacturing processes that employ IoT for greater efficiency in production lines.

In terms of market dynamics, the growth of the South Korean IoT sector has been notably influenced by governmental policies promoting digitalization and smart city initiatives, significantly enhancing local technology infrastructure. Major companies, including Samsung Electronics and SK Telecom, are investing heavily in Research and Development to innovate new IoT applications.

In September 2022, the Daegu Gyeongbuk Institute of Science and Technology unveiled IoT-enabled agricultural technologies aimed at improving crop management. The overall market valuation continues to rise, bolstered by increased adoption of IoT solutions across various industries, including automotive, manufacturing, and consumer electronics.

Market Segmentation

Outlook

Wireless
Wired

Report Scope

Report Attribute/Metric Source:	Details
MARKET SIZE 2023	11.58(USD Billion)
MARKET SIZE 2024	13.14(USD Billion)
MARKET SIZE 2035	63.94(USD Billion)
COMPOUND ANNUAL GROWTH RATE (CAGR)	15.47% (2025 - 2035)
REPORT COVERAGE	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
BASE YEAR	2024
MARKET FORECAST PERIOD	2025 - 2035
HISTORICAL DATA	2019 - 2024
MARKET FORECAST UNITS	USD Billion
KEY COMPANIES PROFILED	Hanwha Corporation, Mando Corporation, Sungrow Power Supply, Daegu Gyeongbuk Institute of Science and Technology, LG Electronics, Hyundai Motor Company, POSCO, Naver Corporation, SK Telecom, Seoul Semiconductor, Lotte Group, Kia Corporation, KT Corporation, Samsung Electronics, Cypress Semiconductor
SEGMENTS COVERED	Application, Component, End Use, Network Technology
KEY MARKET OPPORTUNITIES	Smart home automation solutions, Industrial IoT applications, Healthcare monitoring devices, Smart city infrastructure development, Agriculture precision technology.
KEY MARKET DYNAMICS	Government initiatives supporting IoT adoption, Increasing demand for smart appliances, Growth in industrial automation, Rising investments in IoT startups, Enhanced focus on cybersecurity measures
COUNTRIES COVERED	South Korea

FAQs

What is the projected market size of the South Korea Internet of Things Market in 2024?

The South Korea Internet of Things Market is expected to be valued at 13.14 billion USD in 2024.

What is the expected market growth rate (CAGR) for the South Korea Internet of Things Market from 2025 to 2035?

The market is expected to grow at a CAGR of 15.47 percent from 2025 to 2035.

What will be the market size of the South Korea Internet of Things Market by 2035?

The market is projected to reach a value of 63.94 billion USD by 2035.

Which application segment is expected to dominate the South Korea Internet of Things Market?

The Industrial Automation segment is expected to be a dominant application segment in the market.

What is the estimated market size for the Smart Home application in 2024?

The Smart Home application is estimated to be valued at 3.5 billion USD in 2024.

Who are the major players in the South Korea Internet of Things Market?

Key players include LG Electronics, Samsung Electronics, Hyundai Motor Company, and SK Telecom.

What will be the market value for the Healthcare application by 2035?

The Healthcare application segment is expected to be valued at 12 billion USD by 2035.

How much is the Transportation application segment projected to be worth in 2024?

The Transportation application segment is projected to reach 2 billion USD in 2024.

What are the anticipated challenges for the South Korea Internet of Things Market?

Key challenges include data security and interoperability among different IoT devices.

What is the expected market size for Wearables in 2035?

The Wearables market is projected to grow to 4.94 billion USD by 2035.

South Korea Internet of Things Market Research Report-Forecast to 2035 Infographic

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