South Korea’s Ministry of Science and ICT has announced that the country aims to create around 1,800 companies that specialise in new 5G services, within the next five years. It’s thought that the influx of new 5G technology companies will boost the adoption of the next generation technology.
Harnessing the power of 5G
5G was commercialised in April 2019 in South Korea, however companies in the country haven’t yet fully harnessed the power of the technology including 5G speed and the revolutionary impact it can have on industry though remote-controlled factories, self-driving vehicles, and 3D holograms, for example.
According to source, Korea Bizwire, the Ministry of Science and ICT said it aims to boost the number of companies that research and develop new 5G services from the current 94 to around 1,800 to acquire a competitive edge in the network technology.
Ways in which the ministry plans to support the rollout of services that incorporate 5G, include online classes that incorporate virtual reality and augmented reality technology. There will also be a new metaverse-based online marketplace for small businesses.
As a significant number of companies adopt and develop the network technology, the ministry targets to apply 5G services in 3,200 locations by 2026. This will be a leap as currently 5G is only in 195 locations in South Korea.
South Korea’s Ministry of Science and ICT has also said it aims to establish a city that integrates 5G services from 2023 – although this project currently remains at the planning stage.
6.5 million 5G users
Data released by the ministry last month showed that as of the end of June this year, South Korea had 16.5 million 5G users, equal to 23 percent of its total mobile network subscriptions. SK Telecom Co., the country’s largest mobile carrier by subscriptions, had the most 5G users at 7.7 million, followed by KT Corp. at 5 million and LG Uplus Corp. at 3.7 million.