South Korean operator KT detailed a hefty investment in its cloud business as it aims to generate a five-time increase in revenue by 2023.
In a statement, it said it will pump KRW500 billion ($425 million) into the business in that timeframe along with training 1,000 IT experts. It aims to reap revenue of more than KRW1 trillion by 2023, a fivefold increase over current income from the division.
At a cloud launch event in Seoul, Shin Soo-Jung, VP of KT’s IT planning department (pictured), said it will install 5G edge communication centres in eight locations across the country and build two additional IT edge clouds to take advantage of the technology’s ultra-low latency as part of the upgrade plan.
The operator has more than 300 business customers using its public G-Cloud.
While KT is working to grow its own cloud services, it said the investment is also expected to increase cloud adoption by Korean companies and boost the overall size of the market to KRW7 trillion by 2023.
Hyundai Heavy Industries, for example, will use its 5G edge cloud to support robots and automate inspection at a new smart factory currently being constructed.Subscribe to our daily newsletter Back