IoT industry is a business with great conditions to produce unicorn firms (venture firms with company price of a minimum of $837 million (1 trillion KRW)).
IoT is a key technology to implement a hyper-connected society that connects devices and networks from all areas. It’s calculable that the IoT market is price concerning $4.19 trillion (5,000 trillion KRW) at intervals subsequent 5 to 6 years.
Although South Korean IoT firms’ technical skills are a minimum of average or higher compared to foreign companies, the level of their technical skills compared to it American firms is large and therefore the level also falls little short compared to it of Japanese firms. South Korean IoT firms are facing threats from Chinese firms recently.
Although major firms’ competitive edge is hierarchic high compared to foreign companies, a competitive fringe of start-up firms and tiny and medium firms still falls short. Quality of service is extremely vital at intervals in the IoT business. though it’s going to appear troublesome for little firms to approach the business, little and medium firms will still thrive at intervals the business if they utilize southwest (Software) platforms and telecommunication modules that are already on the market.
FinTech is seen as a region wherever South Korea may also manage its own freelance industrial system.
South Korea may be a country wherever credit card-based payments and culture are generalized. The distribution rate of smartphones is high, and on-line purchases and transactions through Smartphones also are terribly active. There are several straightforward payment services ranging from the institution of internet-only banks. Major web firms like Kakao and Naver square measure actively pushing for straightforward pay businesses mistreatment their messengers and portals.
There also are new industries that connect numerous industries like finance, distribution, telecommunication, and energy. Startup firms like BankSalad, Toss, and Lendit that offer convenience for his or her users also are currently terribly active at intervals the South Korean market.