Data Usage Increased 17 Times in 2 Years Through 'Data Dam'

[Asia Economy Reporter Eunmo Koo] The utilization of data built and opened through the government’s core digital New Deal project, the ‘Data Dam’ initiative, has increased more than 17-fold in two years.

According to the Ministry of Science and ICT on the 14th, since the start of the Data Dam project, related companies and markets have grown, and digital transformation has accelerated across all industrial sectors, leading to tangible project outcomes. First, the utilization of data built and opened through the Data Dam surged 17.5 times from 20,000 cases in 2019 to 370,000 cases as of this year, while paid data transactions increased about 19 times from 249 cases to 4,971 cases.

Among companies participating in the government’s data-related projects, newly listed companies also increased significantly from 5 in 2019 to 26 this year. The corporate value of these 26 listed companies reached 5.8 trillion KRW, indicating that the Data Dam project has driven corporate growth. Additionally, the number of data and artificial intelligence specialized companies rose from 613 in 2019 to 2,117 this year, and during the same period, the use of data and AI by non-ICT companies expanded from 623 cases to 2,545 cases, suggesting that digital transformation is accelerating across all sectors.

Cho Kyung-sik, the 2nd Vice Minister of the Ministry of Science and ICT, stated, "Data is a key driver of South Korea’s economic growth, and since the full-scale launch of the Data Dam project, results have begun to appear," adding, "We will accelerate policy implementation to create more visible outcomes that the public can feel."

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