From looking at this year’s Best Choice Award, it is apparent that the AI and IoT industries are booming. According to IDC reports, worldwide spending on IoT is forecast to reach US$745 billion in 2019, an increase of 15.4% over the US$646 billion spent in 2018. The report shows IoT spending among manufacturers will be largely focused on solutions that support manufacturing operations and production asset management. Therefore, IDC expects that the industry will maintain a double-digit annual growth rate throughout the 2017 to 2022 forecast period.
With technology infrastructure years ahead of other developed markets and startups building up momentum, South Korea is demonstrating its strength at InnoVEX through 10 of its startups at the South Korean Pavilion.