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  • New Industries to Pay Attention This Year: Cyber Security, Smart Healthcare, New Businesses in Energ
    2019-03-04

    New Industries to Pay Attention This Year: Cyber Security, Smart Healthcare, New Businesses in Energy Sector, Eco-Friendly New Materials, and Connected Cars

     

    - KITA analyzed 5 trends of new industries Without efforts to lead the industries, small and medium-sized companies may disappear from the markets -

     

     

    Cyber security, smart healthcare, new businesses in energy sector, eco-friendly new materials, and connected cars have been selected as new industries that Korean companies need to pay attention to this year.

     

     

    According to a report titled 'The Five New Industries to Pay Attention to in 2019' issued by the Institute for International Trade of the Korea International Trade Association (KOTRA) on February 14th, the new industries such as cyber security, smart health care, energy new industry, environmentally friendly new materials, and connected cars that contain state-of-the-art future technologies are growing rapidly.

     

     

    The scale of cyber security industry is expected to reach US $ 146 billion by 2020 with stronger personal information protection, widespread of biometric authentication, and the block chain technology. It is anticipated that smart health care and new businesses in energy sector will grow to US $ 172 billion and $ 142.7 billion this year, respectively, and there is a high opportunity to create high value added in combination with information and communication technology (ICT) and service areas. In particular, the energy prosumer market, which directly produces, stores, sells, and shares energy from small-scale distributed power sources, is forecast to be highlighted.

     

     

    In the new materials field, biodegradable plastics and lightweight materials that can be decomposed by nature and the upcycle industries are expected to be boosted as consumers demand more environmentally friendly materials. In the connected car market, 5th Generation (5G) mobile communication, artificial intelligence (AI) and expansion of autonomous driving technology to advance safe driving are considered as major trends.

     

     

    The report states, "In order for Korean companies to respond to new industries, they need to establish the management strategies that focus on the keywords of connecting, expanding, integrating and eco-friendly, and actively pursue understanding of industrial trends, understanding of business impact, checking internal capabilities, conducting company-wide practices, discovering new businesses, and pre-occupying the global standards.

     

     

    Jang Hyun-sook, a researcher at the Institute for International Trade of the Korea International Trade Association, said, A company that leads a new industry leads the market and leaps forward, whereas a company that follows the market is busy to maintain the status quo, and is likely to become a small company or disappear from the market. The researcher stressed, The attitude that a company takes to respond will be have a critical impact on its survival beyond its competitiveness.

     


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