With strong 5G market share performance in the world’s most dynamic 5G market, South Korea’s LG Uplus has built a compelling consumer 5G value proposition and laid the foundations for growth in enterprise IoT. The Strategy Analytics report, “LG Uplus 5G Strategy Update” provides insights into factors driving 5G growth in South Korea and the strategies deployed by LG Uplus to strengthen its market position.
Based South Korea’s rapid growth in 5G, the report’s recommendations for other markets include:
- Collaboration and partnership across vertical industries and consumer content domains as a means of building the necessary skills and service concepts for compelling service creation.
- Adapting to opportunities raised by changing consumer and business behavior from Covid-19. 5G should leverage government ‘smart’ initiatives to generate post-pandemic economic growth.
- Focus on bringing complete solutions to market to drive early 5G adoption, whether those solutions are hardware and content bundles for XR or platforms for managing unmanned vehicles for ports or smart factories.
David MacQueen, report co-author and Director, Virtual and Augmented Reality, commented, “LG Uplus’ 5G B2C success is built on continuous investment and service development of a broad range of XR content to appeal to multiple segments, supported by active engagement with content and technology ecosystem partners. XR content and device bundling within core 5G service plans has been crucial in driving adoption and average usage levels.”
Andrew Brown, Executive Director, Enterprise and IoT Research, added, “LG Uplus has taken a more cautious approach in the 5G B2B market, focusing on trials and customer co-creation initiatives in key verticals while following a pragmatic path to time network innovations such as standalone 5G, private networks, and MEC to coincide with market demand.”
Phil Kendall, Director, Service Provider Group, noted, “The government has made 5G an important part of South Korea’s post-Covid New Deal economic recovery plan, with 5G smart factories in the first wave of growth targeting sustainable opportunities across industry, entertainment, and society.”
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Source: Strategy Analytics, Inc.