Korea is a country that spends much time on technology research and development, especially information technology. The Korean government always creates favorable conditions to encourage companies to constantly research and seek technology development opportunities because thanks to technology, Korea has ranked first in Bloomberg’s innovation index for the past seven years. So, what is the future trend of Korean technology development? In this article, we will find out!
1/ The future of information technology in Korea
Information technology in Korea will develop even more strongly thanks to the support of the Government. Source: asiapacific.ca
As one of the countries that is always a pioneer in technological innovation, information technology is applied to most industries in Korea. In particular, Blockchain and AI technology are the two most used fields and bring the most technological achievements to corporations in the “land of kimchi”.
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Blockchain technology is an advanced database platform that allows users to share information within a network. Blockchain helps users store data into linked blocks, forming a system with close relationships.
Currently, Blockchain has been and will be strongly promoted in Korea in most fields such as software development, video games, e-commerce, finance and banking, etc. Goods manufacturing and retail sectors…
Blockchain is the technology most supported and expected by the Korean Government. Source: smartcitiesworld.net
For example, in the field of video games, Korean game companies have started using Blockchain since 2019. By 2023, Blockchain applications in games have become popular and developed strongly in the world. Korea. It is expected that by 2025 Blockchain and AI technology will explode even more.
Currently, Korea is the world’s 5th largest game market with nearly 30 million active gamers, accounting for nearly 6 billion USD. From there, it can be seen that, in the future, Blockchain technology will develop further in this country because of the available technology foundation as well as the support of the government.
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Some leading Blockchain platforms include Klaytn, Iconloop, Aergo, Lamba256, Kodebox… These platforms not only help other industries develop but also improve the quality of the Korean banking system.
Currently, most banks in Korea are researching or using Blockchain technology to secure the system, save costs, and improve decentralization efficiency.
Besides the trend of applying Blockchain technology, artificial intelligence (AI) is also a technology used by companies in Korea. AI is often applied in the fields of digital advertising, production and service provision, customer care…
2/ Korea Blockchain Week – Asia’s most influential Blockchain conference
Korean Blockchain Week 2023 attracts great attention from technology experts as well as the world’s leading Web3 companies. Source: twitter.com
Korean Blockchain Week is Asia’s leading blockchain and cryptocurrency event, bringing together industry leaders, investors, and technology enthusiasts worldwide to discuss and explore the latest technology trends.
Korean Blockchain Week was co-organized by Factblock and Hashed that took place in September 2023. This conference attracted more than 20,000 attendees, more than 400 media, and more than 225 official events and activities took place in Seoul, Korea.
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In the context of many of the world’s leading Web3 companies aiming to expand their market share to the Asia-Pacific region, Blockchain Week takes place to strengthen Korea’s position in the cryptocurrency and copper technology industry. time to attract more Web3 companies to invest in this country.
In addition to the Korean Blockchain Week, recently, South Korea also organized the event “Vietnamese Technology Business Alliance in Korea” with the participation of some prominent technology companies selected from Vietnam. Among them, it is a great honor to have the presence of BAP.
Please see detailed information here: BAP IT JSC Joins the Vietnamese Technology Business Alliance in South Korea
3/ Challenges when outsourcing in the Korean technology market
The challenge when outsourcing in the Korean market is not only about professional knowledge but also includes cultural barriers. Source: Nghenghiep.vieclam24h.vn
On May 5, 2015, the Vietnam – Korea Free Trade Agreement (VKFTA) was officially signed, opening up opportunities for economic exchange between the two countries, especially cooperation and exchange in technology. Signing an FTA not only brings opportunities for Vietnamese businesses but also comes with many challenges, especially for the technology industry. Here are some challenges when outsourcing in the Korean technology market:
- Lack of outsourcing experience in new markets
Every time they come into contact with a new project or new market, the development team must learn from scratch how to adapt to the market and how to apply technology there. The job of each outsourcing company is to equip its team with skills and training as soon as possible, fastest and most fully to understand the culture, people, and customer psychology of each market. Let employees adapt early and grasp the job quickly. From there, it also creates comfort in cooperation and achieves the trust and satisfaction of customers.
- Compete with domestic outsourcing companies
Korea is a quite strong country in technology, not only that, domestic companies are also fully supported by the Government, so they have even more foundation to develop.
In addition, they also have the strength of understanding the market and easily welcoming potential customers in their country. To be able to develop and dominate the list of potential customers here. It’s better to have an office in that country. BAP also currently has its own office in Korea, specializing in developing Blockchain, AI, Web, App, Game,…
Address at: 914-D08, 14-2, Pangyoyeok-ro 192beon-gil, Bundang-gu, Seongnam-si, Gyeonggi-do, Republic of Korea
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- Requires extremely high professional knowledge
The outsourcing industry is an industry that requires strong specialized knowledge. Furthermore, in Korea there are many high-quality outsourcing companies, so to be able to compete with them, outsourcing units need to have a team of experienced staff and professional knowledge to create good quality products to serve customers.
- Cultural barriers
When working in a country like Korea, both employees and outsourcing companies will have difficulty adapting to the culture, weather, time zone, etc. Cultural barriers can cause many difficulties in meeting customer needs. Therefore, this is also a challenge when outsourcing in the “land of kimchi” that outsourcing companies need to overcome. To solve this problem, companies can organize training programs to raise awareness of cultural diversity as well as offer solutions to adapt to the host country’s culture.
4/ Conclude
The above article is information about future Korean technology development trends as well as Korean Blockchain Week and the challenges of outsourcing in the Korean market. Hopefully, this is the useful information you are looking for.
Currently, BAP Software is one of the reputable businesses providing Blockchain technology services with many successful Blockchain projects. BAP is proud to have a team of experienced staff and office systems in many countries around the world, including Korea. Contact us immediately if you are interested in technology services!
