Cyber security, Smart Healthcare, new energy industry, new eco-friendly material, and connected car were selected as new industries that South Korean companies should focus on in 2019.
According to ‘5 New Industries That Should Be Focused in 2019’ announced by Korea International Trade Association’s Institute for International Trade (Director Shin Seung-gwan) on the 14th, cyber security, Smart Healthcare, new energy industry, new eco-friendly material, and connected car industries that are based on latest technologies are growing rapidly.
Cyber security is expected to be worth $146 billion in 2020 due to tightened personal information protection, generalization of biometrics, and vitalization of blockchain technology.
Smart Healthcare and new energy industry are expected to be worth $172 billion and $142.7 billion respectively in 2019. Opportunities to create high-added values are great for these industries as they are connected to ICT (Information Communication Technology) and service fields. It is expected that ‘energy prosumer’ market that produces, stores, sells, and shares energy directly from dispersed generation will receive spotlight.
Within new eco-friendly material industry, bio-degradable plastic and light materials that can be bio-degraded and upcycle industry are expected to be vitalized due to an increase in number of requests from consumers towards eco-friendly materials. Within connected car industry, 5G mobile network, AI (Artificial Intelligence), and self-driving technology are seen as major trends.
The report suggested that South Korean companies should establish management strategies that focus on connection, expansion, combination, and eco-friendliness for them to take actions against these new industries. It explained that South Korean companies should be active in understanding industrial trends and business impact, examining internal capabilities, finding new industries, and grabbing upper hands in global standards.
“While companies that focus on new industries are able to grab upper hands in respective markets, companies that fall behind are always busy with just meeting the status quo and have high chances of being kicked out of their respective markets.” said Jang Hyun-sook, who is a senior researcher for Institute for International Trade. “Companies’ attitudes will have significant impact on their survivals within their respective markets.”
Staff Reporter Park, Jungeun | jepark@etnews.com