South Korea Smart Cities Market Size, Share, and COVID-19 Impact Analysis, By Focus Area (Smart Transportation (Smart Ticketing, Traffic Management System, Passenger Information Management System, Freight Information System, Connected Vehicles, and Others), Smart Buildings (Building Energy Optimization, Emergency Management System, Parking Management System, and Others), Smart Utilities (Advanced Metering Infrastructure, Distribution Management System, Substation Automation, Others), Smart Citizen Services (Smart Education, Smart Healthcare, Smart Public Safety, Smart Street Lighting, Others)), and South Korea Smart Cities Market Insights, Industry Trend, Forecasts to 2035

South Korea Smart Cities Market Insights Forecasts to 2035

• The South Korea Smart Cities Market Size was estimated at USD 1.28 Billion in 2024
• The Market Size is Expected to Grow at a CAGR of around 12.92% from 2025 to 2035
• The South Korea Smart Cities Market Size is Expected to Reach USD 4.87 Billion by 2035

According to a Research Report Published by Spherical Insights & Consulting, The South Korea Smart Cities Market Size is anticipated to Reach USD 4.87 Billion by 2035, Growing at a CAGR of 12.92% from 2025 to 2035. The market expansion is mostly being driven by the growing need to establish an advanced ecosystem that permits local governments to collect information in real time and make wise decisions.

Market Overview

The South Korea Smart Cities Market Size refers to the ecosystem of infrastructure, services, and technologies that make South Korean cities more sustainable, livable, and efficient through digital innovation is known as the "smart cities market." Additionally, by using information and communication technology (ICT) to transform urban living and improve the standard of living for its citizens, the South Korean smart city market is at the vanguard of urban innovation. The market's primary focus areas are public safety, waste management, healthcare, transportation, and energy management. Furthermore, these cities seek to maximize resource allocation, enhance infrastructure efficiency, and offer inhabitants a seamless urban experience by utilizing state-of-the-art technologies, which is serving as yet another important growth-inducing factor. In addition, the incorporation of smart technologies is essential for lowering resource usage, alleviating traffic, encouraging sustainability, and improving the general infrastructure of cities.

Report Coverage

This research report categorizes the market for the South Korea smart cities market based on various segments and regions and forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea smart cities market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea smart cities market.

Driving Factors

South Korea's dedication to smart cities is in line with the need for effective and sustainable urban development as well as the larger urbanization trend. In addition to improving citizens' quality of life, the adoption of smart city projects establishes South Korea as a pioneer in urban planning and technology. Additionally, the market for smart cities in South Korea welcomes the revolutionary possibilities of technology, creating an atmosphere that encourages creativity and connectedness. These smart cities, which are still developing, are evidence of South Korea's commitment to using ICT to build more intelligent, sustainable, and citizen-focused urban settings that set the stage for urban living in the digital era. Consequently, the regional market is anticipated to be stimulated over the forecasted period.

Restraining Factors

Despite the nation's technological prowess, platform and system integration is still uneven. Interoperability and scalability are limited by the siloed nature of many smart city solutions.

Market Segmentation

The South Korea smart cities market share is classified into focus area.

• The smart transportation segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea smart cities market is segmented by focus area into smart transportation, smart buildings, smart utilities, and smart citizen services. Among these, the smart transportation segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. Since the country's sophisticated ICT infrastructure and dense urban population, transportation has become a top priority. To ease congestion and enhance the commuter experience, cities like Seoul and Busan are making significant investments in integrated mobility platforms, autonomous vehicle trials, and intelligent traffic systems.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea smart cities market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Oysterable Co., Ltd.
• MtoV Inc.
• Catalonix Inc.
• IPIN LABS
• Ecube Labs
• Others

Recent Developments:

• In March 2025, launched by the Ministry of Land, Infrastructure and Transport, this initiative offers up to 16 billion won in support for selected cities. It includes four project types: hub-type smart cities, small smart cities, solution expansion, and specialized districts.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at South Korea, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the South Korea Smart Cities Market based on the below-mentioned segments:

South Korea Smart Cities Market, By Focus Area

• Smart Transportation
  • Smart Ticketing
  • Traffic Management System
  • Passenger Information Management System
  • Freight Information System
  • Connected Vehicles
  • Others
• Smart Buildings
  • Building Energy Optimization
  • Emergency Management System
  • Parking Management System
  • Others
• Smart Utilities
  • Advanced Metering Infrastructure
  • Distribution Management System
  • Substation Automation
  • Others
• Smart Citizen Services
  • Smart Education
  • Smart Healthcare
  • Smart Public Safety
  • Smart Street Lighting
  • Others