Domestic IoT platform market size grows 16.1% annually
It will reach 1.3308 trillion won by 2023.


On the 1st, Korea IDC announced in its 'Domestic IoT Platform Market Outlook Report' that the domestic IoT platform market size in 2019 reached 754 billion won, up 19.5% from the previous year. It forecasted that the market would reach 1.3308 trillion won by 2023, showing an average annual growth rate of 16.1%.

According to the report, companies are contributing to the growth of the market by recognizing IoT platforms as a starting point for IoT adoption. This trend is expected to expand further as the platform absorbs various next-generation technologies such as machine learning, AI, AR, and security, as well as various infrastructure and asset management related to IoT, advanced analysis functions through big data analysis, etc.

As companies actively accelerate digital transformation and the role of platforms within the IoT technology ecosystem expands, the domestic IoT platform market is expected to continue to show double-digit growth through 2023.

IoT platforms provide convenience for IoT adoption through connectivity technologies, device connection and management, application development and operation, etc. For users, IoT adoption is becoming easier as the cost and time for developing IoT solutions are reduced.

IoT platforms provide middleware between the repositories where data is stored and IoT endpoints, and provide a common way to build and maintain IoT applications across the enterprise, creating speed and efficiency in the IoT development process. Through this, companies are relieving the burden of IoT implementation. The ease and role of adopting such IoT platforms are analyzed to have driven high growth in 2019.

In addition, IoT is attracting attention as a key technology for implementing digitalization. IoT platforms simplify access to the volume of data generated by devices, helping companies quickly obtain valuable insights from data.

Companies can improve operations by utilizing various information collected through IoT devices, and can also evolve from a product-based business model to a service-based business model through data analysis on platforms with expanded roles based on digital technology.

“IoT market participants are forming partnerships, developing solutions, and strengthening their positions to secure the market,” said Kim Kyung-min, senior researcher at IDC Korea. “Not only semiconductor companies, hardware, and network equipment companies, but also platform operators are strengthening complementary cooperation with each other, which is showing changes in the entire ecosystem.”