South Korea Cloud Computing Market Analysis – Size and Share, Trends, Growth, CAGR Status, Top Companies, Forecast 2023-

Software, processing power, storage, and other computing resources are made available online through cloud computing. Without requiring expensive on-premises hardware or actual servers, it provides an adaptable and scalable architecture. Cloud services providers (CSPs) can manage remote data centers and provide users with on-demand access to these resources.

According to SPER market research, ‘South Korea Cloud Computing Market Size- By Service, By Workload, By Deployment Mode, By Organization Size, By End-User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the South Korea Cloud Computing Market is predicted to reach USD 14.13 billion by 2033 with a CAGR of 15.13%.

Drivers: The need for cloud computing solutions is mainly being driven by an increase in cybersecurity risks and data breaches. The market is expanding due in large part to the growing adoption of a multi-cloud strategy, which aims to minimize vendor lock-in and maximize the capabilities of several cloud service providers.

The market is expected to grow as a result of the better data analytics and decision-making processes brought about by the integration of artificial intelligence (AI) and machine learning (ML) solutions in cloud computing.

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Challenges: There are a number of challenges preventing the South Korean cloud computing sector from expanding. Cloud computing in South Korea faces challenges such data sovereignty and legislative limitations, even with its highly developed technology infrastructure and widespread internet usage. Complicating cross-border cloud operations and driving up expenses for international cloud providers are strict local data protection rules that mandate data be processed and stored within the nation. Local businesses' capacity to properly utilize cloud solutions is further hampered by a lack of qualified individuals with experience in cloud technologies.

The COVID-19 epidemic has had a major effect on the cloud computing sector in South Korea. As remote work became the norm, businesses looked more and more on cloud solutions to support their operations and ensure corporate continuity. Cloud-based collaborative features, remote data and application access, and scalable infrastructure became very important. Consequently, the industry witnessed a surge in cloud utilization and accelerated efforts towards digital transformation. The pandemic also highlighted the need of cloud-based services in promoting resilience and enabling remote work. This increased reliance on the cloud is expected to fuel further growth in the South Korean cloud computing market.

Additionally, some of the market key players are; Alibaba Cloud, Google Cloud Platform, Microsoft Azure, Others.

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