SEOUL, Oct. 28 (Korea Bizwire) — KT Corp., a South Korean telecom giant, unveiled Wednesday its new brand KT Enterprise as part of its efforts to expand its artificial intelligence (AI), big data and cloud services for corporate clients.
The wireless carrier said it will pursue developing new digital services under the new brand in line with its recent shift to focus on corporate clients from its traditional network subscribers.
KT said its share of sales from its fixed-line and wireless network business stood at 50 percent of the total this year, down from 66 percent of the total in 2016 as it develops new growth drivers, such as AI technology.
“We aim to reach 20 trillion won (US$17.7 billion) in total sales by 2025,” said KT CEO Ku Hyeon-mo in a briefing, adding that the company aims to maintain an equal share in sales from its new non-telecommunications businesses and from its traditional telecom businesses.
The telecom giant reported 18.2 trillion won in sales last year on a stand-alone basis.
“KT will transform into a digital platform company from a telecom firm,” Ku said.
The carrier has recently introduced a wide range of new tech services for businesses, including an AI call center solution, currently being used by insurance firm LINA Korea.
It is also developing new robot technology, such as a companion robot and a server robot.
The telecom giant said it also plans to release a new digital transformation platform for corporate clients next month, which links its AI, big data and blockchain technology, to help businesses speed up efforts to adopt new digital services.
The company said its new efforts target the global market for the digital transformation of business services, which is expected to reach US$2.3 trillion in 2023, according to the industry tracker International Data Corp.
It added that it aims to be the top company in the sector in the local market.
The announcement comes after KT said last year that it would transform itself as an AI company. The telecom giant formed an alliance with other companies, such as LG Electronics Inc., and local universities to develop AI technology earlier this year.
The CEO also addressed worries surrounding the company’s stock price being undervalued as it looks to shake off its telecom-focused image.
“Our key concern is that our company isn’t being properly valued,” Ku said. “We are making preparations for renewed valuation, such as spinning off our subsidiaries, which will likely be clarified next year.”