Coupang and Tmon Selected as Top 100 Technology Companies in Emerging Markets

Boston Consulting Group Announces '2020 BCG Tech Challengers' of Top 100 Emerging Market Tech Companies
8 Korean Companies Selected Including Market Kurly, Kakao, Kakao Bank, Coupang, Krafton, Toss, Tmon, Pearl Abyss

[Asia Economy Reporter Kim Cheol-hyun] Coupang and TMON were both selected as one of the top 100 emerging market tech companies announced by Boston Consulting Group. The global management strategy consulting firm Boston Consulting Group (BCG) announced on the 17th that it has released the '2020 BCG Tech Challengers' report, introducing the top 100 tech companies leading emerging markets this year.

BCG Tech Challengers are companies emerging as the next-generation leaders who will drive the global economy and industry. The 100 tech challengers are growing at an average annual rate of 70%, which is six times higher than existing tech companies. BCG explained that these companies have been shaking up the existing market order after the COVID-19 pandemic.

BCG has regularly announced challenger companies every two years since 2006. Notably, this year's top 100 tech challengers include eight domestic companies such as Krafton, Pearl Abyss, Kakao Bank, Toss, Kakao, Market Kurly, Coupang, and TMON. Among the 100 tech challengers, 40 are China-based companies, the largest number, followed by 17 from India and South Asia, 9 from Israel, and 8 from Southeast Asia including Singapore. The report stated that while most leading tech companies in emerging markets were founded in China in the past, their distribution is gradually becoming more diverse.

According to the report, more than 10,000 tech companies have been established in emerging markets since 2014, and 47% of these were created outside of China. Additionally, one-third of unicorn companies valued at over $1 billion have emerged from regions outside China. Furthermore, tech challengers have actively expanded into global markets rather than staying in their home countries. Among the 100 companies, 39 are successfully operating in the US and Europe, and 16 are succeeding in emerging markets other than their founding locations. On the other hand, a majority of Korean tech companies (63%) focus on their domestic market, so globalization is expected to be the next key to success for Korean tech challenger companies.

The average corporate value of tech challengers was evaluated at $6.3 billion (approximately 7 trillion KRW), surpassing the value of unicorns. The average corporate value of the eight Korean tech challengers is $4.3 billion (4.8 trillion KRW). Jang Jin-seok, Managing Director (MD) Partner of BCG Korea, said, "Tech challengers are pioneers reinventing industries and are formidable companies ready to enter new fields beyond their current business sectors at any time. The business direction of challengers, encompassing the entire ecosystem, is more collaborative and open compared to previous companies, so existing leading companies should view them not only as competitors but also as partners with whom they can cooperate to achieve innovation."

This content was produced with the assistance of AI translation services.