5G network in South Korea to be worth $42.4bn by 2030

KT Corp report finds that the automotive industry will drive usage of 5G technology

24Jul

Commercial use of 5G mobile network technology is expected to generate at least $26.8bn in socioeconomic value in South Korea in 2025, representing 1.5% of the country's GDP, according to a report by South Korean telecoms giant KT Corp.

The report also forecast that the 5G network technology will reach at least $42.4bn, or 2.1% of GDP, by 2030.

"Like past general-purpose technologies such as electricity, steam engines and computers, 5G will pioneer the next digital transformation by driving innovation and evolution across our economy and society," said Kim Hee-Su, head of the KT EMRI. "5G will be used in combination with other key future technologies like artificial intelligence, big data and Internet of Things."


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The report, which was the country's first official report on how 5G will benefit the country's economy and society over the next 12 years, focused on 10 top industries: automotive; manufacturing; healthcare; transportation; agriculture; security and safety; media; energy; logistics and finance. KT found that the automotive industry would gain the most in socioeconomic value from 5G, with around $3bn predicted in 2025, rising to $6.4bn in 2030, reflecting the growth of vehicle telematics. This was followed by the finance industry, predicted to value about $5bn by 2030, then the media industry at just over $3bn.

The report also stressed that the estimates of the socioeconomic value are conservative and could increase more as new services utilizing 5G start to emerge in the future.

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