South Korea aiming to become AI semiconductor industry powerhouse

The South Korean government released an AI semiconductor industry development strategy on Oct. 12. The idea is to achieve a global market share of 20 percent and have 20 innovative companies and 3,000 top-level engineers in the industry by 2030.

AI semiconductors, which are characterized by high performance and lower power consumption, are expected to create new markets, such as future mobility and IoT-based home appliances, by combining with the server, mobile, automotive, consumer electronics and many more industries. The global market is expected to grow six-fold to US$117.9 billion for 10 years to come.

According to the strategy, South Korean companies will release 50 demand-specific AI chips by 2030 based on public-private collaboration. In addition, 70 billion won of government funds will go to the innovative companies to assist in their R&D and M&A. Businesskorea