ICT Companies Invested 56.8 Trillion Won in R&D Two Years Ago... 7.4% Increase

220,000 Full-Time Research Personnel
...a 3.2% Increase

Domestic information and communication technology (ICT) companies' research and development (R&D) investment in 2023 amounted to 56.8 trillion KRW, an increase of 7.4% compared to the previous year, and the number of full-time research personnel rose by 3.2% to 220,000.

Trends in R&D Expenditure and R&D Personnel of ICT Companies. Ministry of Science and ICT

According to the Ministry of Science and ICT on the 30th, the total R&D expenditure of ICT companies in 2023 accounted for 60.2% of the total corporate R&D expenditure, with the R&D investment in basic research within ICT companies increasing significantly by 15.9%.

By company type, large enterprises' R&D expenditure increased by 9.1% to 46 trillion KRW, venture companies saw a 6.7% increase, while small and medium-sized enterprises (SMEs) recorded an 11% decrease.

However, the Ministry of Science and ICT explained that the decrease in R&D expenditure among SMEs is a temporary result due to a reduction in the number of SMEs responding to the survey following changes in the statistical survey method.

ICT companies' production value decreased by 12.4%, from 581.8 trillion KRW in 2022 to 509.5 trillion KRW. Exports in the ICT sector also fell by 19.9%, from 233.23 billion USD in 2022.