Data Analytics

Opportunity areas for UK companies

British companies may find success in Korea with a variety of solutions that help the large conglomerates and brands make better business decisions: for example, new product and service development. Solutions that help marketers develop and implement effective marketing campaigns, and offerings that help data collectors, such as financial institutions, analyse and add value to their data. New opportunity areas for data analytics have emerged with the rise of ‘convergence’ technologies such as smart manufacturing, Internet of Things (IoT) and artificial intelligence (AI). There is also potential in convergence areas such as mobility (for example, autonomous vehicles and digital mapping) and digital health (for example, precision medicine).

Government and big data

Big data plays a key role in the Moon administration’s science and technology policy plan for the Fourth Industrial Revolution. Since 2020, Korea has been making major revisions to its data protection and usage policies. The country has one of the toughest jurisdictions for personal information protection and privacy compliance with the Personal Information Act (PIPA) at the core of Korean privacy legislation. Liberalisation of Korea’s big data sector is still in its early stage and the government is being cautious in amending the strict legislation. Nonetheless, the Moon administration has made progress in creating a standard of open data systems at the government level and promoting the use of data in Korea. The government has opened big data centres that collect and make public data from specific sectors such as automotive, finance, healthcare and telecommunications.

Market entry checklist

UK businesses looking to engage in a strategic partnership or introduce their technology or product into Korea should consider both business-related and cultural factors before setting out. These might include:

• Do we have a strong differentiator that sets us apart from our competitors in the market?
• Do we have a strong track record in other major markets?
• Are we willing to localise the product for the market and/or for local regulations, if necessary?
• Are we ready to provide a Proof of Concept (PoC) at little or no cost to the customer?
• How do we provide after-sales support?

UK businesses can approach the Korean market either through direct sales from the UK by appointing a partner, or by setting up an office in Korea. With the right strategy and local support, Korea offers a vast array of opportunities for UK companies looking to expand overseas.