SEOUL, Jun. 18 (Korea Bizwire) — KT Corp., South Korea’s largest telecom firm, said Tuesday it will invest 500 billion won (US$422 million) by 2023 to develop cloud technologies based on its 5G network to create new business opportunities.
KT said it will combine its 5G network and cloud expertise to launch convergence services, including smart cities, smart factories and connected cars, for enterprise clients.
The telecom operator said it will share its major applications, big data analysis tools and other platforms in its own cloud space to provide easy access for its customers.
KT said it aims to raise 1 trillion won of revenue from the cloud business by 2023 as part of its efforts to generate new revenue streams from the business-to-business sector.
The company has focused on strengthening its cloud services and taking advantage of the 5G networks, which are expected to transform major facets of industrial sectors.
According to market researcher LogicMonitor, 83 percent of enterprise workloads were expected to run on public cloud platforms by 2020, highlighting its grow potential.