Credit Information Service "The Core Keywords of Future Industries Are C·E·S"

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[Asia Economy Reporter Song Seung-seop] The Korea Credit Information Services identified 'C(COVID-19)·E(ESG)·S(Smart)' as the core keywords of 'CES2021' and future industries.

Seo Jeong-dong, a researcher at the Credit Information Services, stated on the 14th through a report titled 'CES2021 Trends and Future Industry Outlook' that these three words are "keywords that influence the entire future industry, including the core areas selected by the Consumer Technology Association (CTA) in the United States."

The CTA is the organizer of CES, the world's largest consumer electronics exhibition. It is held every early year and provides insights into technology trends in the electrical and information communication fields. This year, it was held online only for the first time. The keywords mentioned included digital health, digital transformation, robots & drones, vehicle technology, 5G, and smart cities.

Researcher Seo emphasized, "COVID-19 was the fundamental reason for holding CES2021 online," adding, "It triggered demand for telemedicine, digital transformation, and delivery robots." Regarding ESG (environment, social, governance), he said, "We were able to confirm the efforts of various companies," and predicted, "It will establish itself as a core element for the sustainable operation of companies."

As for selecting ‘Smart’ as a keyword, he explained, “Artificial Intelligence (AI) technology was not directly apparent,” but “the adjective ‘Smart’ was applied as a core foundational technology in most key areas.”

Through this analysis, the Korea Credit Information Services also independently selected six major future industries. Fintech, big data, AI, next-generation networks, smart mobility, and advanced healthcare industries are expected to achieve high growth rates of over 15% in the future. They predicted that these industries will become increasingly important due to their large potential markets and high ripple effects.

Global 5G Infrastructure Market Size
Photo by Korea Credit Information Services

The field with the highest expected average annual growth rate was next-generation networks (5G). The 5G infrastructure market is analyzed to grow from about 300 million dollars in 2018 to 20.9 billion dollars in 2024, representing an annual growth rate of 107%. However, despite increased investment mainly by telecommunications service providers, it was pointed out that the theoretical performance of 5G has not been fully realized, resulting in a lack of user attraction factors.

In the fintech industry, the expected market size was the largest. It is predicted to grow from 134.6 billion dollars during the same period at an average annual rate of 22.3%, reaching 2.04927 trillion dollars. New technologies such as MyData and blockchain are seen as growth drivers. The rapid increase in demand for improved accessibility to financial services and inclusive finance was also cited as a reason.

Big data technology and AI are expected to have average annual growth rates of 11.4% and 38.4%, respectively, but the report also noted the need for improvements. While big data utilization is expected to expand as personalization becomes a trend, measures to protect personal information are required. AI is also applied as an important foundational technology in various fields, but warnings were issued to prepare countermeasures against recent ethical issues and personal information leaks.

Researcher Seo advised, "As the importance of the six major future industries and the core fields of CES2021 is highlighted, continuous support and investment in innovative companies are necessary," adding, "Support for innovative finance through technology finance, long-term government support policies, and investments from both public and private sectors are required."

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