Woongjin ThinkBig Targets the Expanding TOPIK Market Driven by K-Content Boom

Targeting the TOPIK Market with 'ThinkBig Topic'
550,000 Test-Takers and Over 1 Million Foreign Workers in Korea

As the spread of K-content fuels both the enthusiasm of foreigners to learn Korean and the demand for employment in Korea, the market for the Test of Proficiency in Korean (TOPIK) is expanding. Woongjin ThinkBig has now officially entered this market. The company’s strategy is to first target the B2B (business-to-business) market, including domestic and overseas universities and institutions, and then gradually expand into the B2C (business-to-consumer) market.

According to industry sources on December 8, Woongjin ThinkBig recently supplied its 'ThinkBig Topic' solution to Sungshin Women's University. The service is currently being provided for the level tests and TOPIK preparation classes at the university’s Korean Language Institute. 'ThinkBig Topic' is a Korean language learning solution for TOPIK candidates that Woongjin ThinkBig launched in January. It currently supports a total of 10 languages, including Korean.

Woongjin ThinkBig 'ThinkBig Topic' image. Woongjin ThinkBig

The reason Woongjin ThinkBig is focusing on the TOPIK market is the increasing demand for Korean language learning driven by the spread of K-content. In particular, the TOPIK serves as an official indicator for foreigners to prove their Korean communication skills for purposes such as studying abroad or employment, making it a highly targeted paid learning market. For foreigners seeking employment in Korea, TOPIK scores are virtually a mandatory requirement.

The demand for the test is also rising rapidly. According to the Ministry of Education, as of September, the number of TOPIK applicants reached 550,000, a significant increase from 360,000 in 2022 over the past three years. Statistics Korea reports that the number of foreign workers residing in Korea exceeded 1 million for the first time last year. The number of countries administering the TOPIK has increased from 70 in 2017 to 89 today. The government is also supportive of expanding the TOPIK. Next year, to meet the growing demand, the government plans to increase the number of IBT (Internet-Based Test) and PBT (Paper-Based Test) sites, and expand the number of countries offering IBT from the current 13 to 17 by adding Nepal, Laos, Bahrain, and India.

With government policies and market demand converging, the rapid increase in TOPIK test takers is intensifying competition among education companies in this market. Not only established education companies such as Eduwill and Siwon School, but also education startups like Maiden Boys, which offers online feedback services, are entering the field. Global market research firm Global Market Insights (GMI) forecasts that the global Korean language learning market will grow from 7.2 billion USD (10.6 trillion KRW) last year to 67 billion USD (98.6 trillion KRW) by 2034.

Woongjin ThinkBig is currently targeting the B2B market, including schools, companies, and government agencies. A Woongjin ThinkBig representative stated, "At present, our focus is on accumulating operational case studies rather than sales, so we are conducting B2B-centered business. After securing references in the B2B market and increasing our brand recognition, we plan to enter the B2C market." The company particularly emphasizes that AI-based level testing and real-time feedback, which directly contribute to improved scores, are key strengths of ThinkBig Topic.

Currently, ThinkBig Topic has been adopted by a total of 13 institutions both in Korea and overseas. Right after its launch, the service was supplied to Cheongam University and the African educational cooperation NGO 'SDG Youth.' In March, Woongjin ThinkBig signed memoranda of understanding (MOUs) with the Korean Education Center in Thailand, and in July, with Kathmandu University and the Private and Boarding Schools' Organization Nepal. In September, the company signed MOUs with four institutions, including the Korea University Korean Language Center. Woongjin ThinkBig continues to expand its reach by negotiating with foreign embassies and other organizations.

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