"This Year, Domestic Location Information Industry Reaches 1.8 Trillion Won"

[Asia Economy Reporter Seulgina Jo] The domestic location information industry market is estimated to grow to 1.84 trillion KRW this year.

On the 22nd, according to the Korea Internet & Security Agency (KISA), the domestic location information industry trend survey showed that last year's sales amounted to 1.5918 trillion KRW. This year, it is expected to increase by about 250 billion KRW to 1.8418 trillion KRW.

By sector, sales from 'Human and Object Location Tracking and Control Services' accounted for 738.6 billion KRW, representing 46.4% of the total. This was followed by 'Lifestyle and Entertainment Services' at 301.9 billion KRW (19%).

Regarding sectors expected to be activated within the next 1 to 2 years, 65.4% of respondents selected big data analysis services. The fields expected to develop in convergence with location information were 'Transportation (41.8%)' and 'Logistics (40.0%)', which received the most responses.

Although the sales scale of big data analysis services is small compared to the overall industry (16 billion KRW, 1%), the sales growth rate by sector reached 68.4% (compared to the previous year), the highest among all sectors.

Additionally, the management difficulties faced by location information service providers were identified as 'Domestic laws and regulatory restrictions (21.1%)' and 'Infrastructure establishment (16.2%)'. In particular, regarding laws and regulations, difficulties were reported in 'Business licensing and reporting (64.9%)' and 'Obtaining consent for collection, use, and provision of personal location information (39.1%)'. Furthermore, the area where government support is most needed was identified as 'Expansion of public infrastructure projects/R&D tasks (34.6%)'.