Data Innovation Drives Korea's Digital Economy

Author: Born2Global Centre / 2023-07-25 00:04 / Source: Born2Global Centre

Data Innovation Drives Korea's Digital Economy

SEOUL,South Korea,June 28,2021 -- The Born2Global Centre released an article that highlights the Ministry of Science and ICT (MSIT)'s data platform initiative,included in the Korean Digital New Deal. As part of the Korean government MSIT,Born2Global Centre has played a crucial role by connecting Korean startups with various opportunities worldwide.

There are so many data platforms available across public and private sectors. However,the platforms are so scattered and fragmented that they result in ineffective data utilization and lack of good-quality data.

The data industry in Korea is a driving force behind the nation's innovative growth. It has grown more than 10% annually between 2016 and 2020. Amid rising demand in data-related markets,the need to integrate the fragmented data platforms grows.

As a solution to this challenge,the MSIT announced a strategic plan on June 11 to build integrated public-private platforms that systematically collect accessible data sources and support their sustainable growth in markets.

Under the MSIT's vision of "building a leading digital economy based on data innovation," the new plan has four core strategies and 12 key tasks. They aim to establish a sustainable,accessible,and integrated data innovation ecosystem across public and private sectors,which supports the full cycle of data processing,distribution,analysis,and utilization.

As the plan moves forward,the MSIT will enhance the 16 existing big data platforms -- that it has established in fields such as finance,environment,culture,healthcare,and agriculture since 2019 -- and integrate them into service-oriented platforms that are beneficial to the government,people,and businesses,by 2022.

By 2025,the MSIT also plans to build new Big Data platforms across 15 key business areas where data demand is significantly growing. The effort is also part of the Korean Digital New Deal project,a government initiative announced last year to expand the nation's digital economy for the post-COVID-19 era.

In addition,a committee on the development of public-private data platforms will be formed with the aim of devising new measures to systematically integrate the existing platforms available in markets.

To make it easier for anyone to track and access data from the platforms,megadata -- data that provides basic information about other data -- will be added to the nation's "Big Data Map." This will serve as a data dam that collects and processes information provided by both public and private sectors to create useful data.

The so-called "data voucher system" will accelerate consumer-centric data distribution by supporting data consumers,including businesses,in data purchase or processing. The government and public organizations will have easier access to data from private sectors,too. For example,more accessible data will cut an entire public-private procurement process involving bidding,contracting,and delivery,down to one to two weeks,instead of months.

Small and middle-sized companies and startups with insufficient technology and human resources will be among the beneficiaries of the plan,too. They will be provided with data analytics services and useful data that can help them develop innovative services at a reduced price or for free.

The MSIT affirms that the new strategic plan will lead to significant benefits in terms of industrial growth and for both people and businesses. With the innovation of consumer-centric data platforms that make it easier to search and access data,the data service markets will be expanded to USD 38 billion (KRW 43 trillion) in volume by 2025,from current levels of USD 17 billion (KRW 19 trillion),according to the MSIT. The workforce in the data industry is expected to increase from 360,000 people in 2020 up to 470,000 by 2025.

"Integrated data platforms will enable public and private entities to actively access and analyze data,and introduce related services to markets,which we believe will lead to the overall growth of the data industry. This will,in turn,lay the foundation for building a data-based innovative ecosystem in Korea," said Minister Lim Hyesook of Science and ICT. "We will continue to develop service-oriented data platforms so all individuals can get easier access to data and,with the accessible data,can engage in economic activities in a large number of economic areas."

For more detailed information on Korean Digital New Deal,contact tech.press@born2global.com.

Media contact

Born2Global Centre: tech.press@born2global.com