South Korea Video Conferencing Software Market - Forecasts from 2022 to 2027

South Korean video conferencing software market was valued at US$10.744 million in 2020 which is projected to grow at a CAGR of 20.73% to attain value of US$40.163 million by 2027. The high internet penetration rate, along with the rapid popularization of mobile phones and other devices is one of the major factors that is driving the market growth of video conferencing software in South Korea. As of June 2019, the country had 49,234,329 internet users, accounting for 95.9 percent penetration, according to the International Telecommunication Union (ITU). The increasing number of business conferences in South Korea is also boosting the adoption of video conferencing solutions, thereby fuelling the growth of the video conferencing software market in the country. The presence of major market players in the country is also a supporting factor for the market growth of video conferencing software.

Although the country was able to control the spread of novel coronavirus without any lockdown, the demand for video conferencing software across the country has been positively impacted by this global pandemic outbreak to some extent. For example, with the tourism sector being hit so hard by the COVID-19 global outbreak, the Korea Tourism Organization is initiating webinars to enhance the product knowledge of the travel agents about the country so that they will be prepared to propose a new destination (in South Korea) to their clients as soon as the market revives from this slowdown. Schools and colleges are also focusing on remote learning while providing online classes, which is also spurring the market growth of video conferencing software in the country.

The South Korean Video Conferencing Software market has been segmented based on the deployment model, enterprise size, and industry vertical. By deployment model, the market has been segmented as on-premise and cloud. By enterprise size, South Korea's video conferencing software market has been classified into small, medium, and large. The market segmentation has also been done by industry vertical as education, communication and technology, defence, healthcare, BFSI, and others.

Key development

• Leading mobile provider SK Telecom Co. introduced "MeetUs," a group video conference service that can support up to 100 participants in a single conference and uses the 5G network to deliver quad high-definition video. As they will be able to sign in to the service using their online profiles, the carrier is aiming its 29 million mobile subscribers.
• In June 2020, telecom operator LG Uplus Corp. launched a cloud-based videoconference service that allows up to 1,000 participants to participate in a single conference. Work collaboration tools such as note taking and file sharing are available through the programme.

Covid Impact

The coronavirus outbreak had a favourable effect on the market for video conferencing in South Korea. The travel bans restricted businesses' access to international markets, which in turn boosted the use of video conferencing software. Companies used video conferences in their innovative hiring processes. The government, on the other hand, uses video conferencing software to communicate with medical professionals and administrative personnel both in their own country and abroad.

Most South Korean enterprises that have implemented at-home remote work programmes as a result of Covid-19 intend to keep the policy in place even after the pandemic has ended. In a 2020 Labor Ministry study of 620 enterprises with remote work policies, 75.2% said they plan to either continue the scheme at its current level or partially downscale it.

Segmentation

By Deployment Model

• On-Premise
• Cloud

By Enterprise Size

• Small
• Medium
• Large

By Industry Vertical

• Education
• Communication and Technology
• Defense
• Healthcare
• BFSI