Press release
South Korea API Market Size, Share, Industry Overview, Trends and Forecast 2025-2033
South Korea API Market Overview
The South Korea API market size was valued at USD 4,680.52 Million in 2024 and is projected to reach USD 6,884.15 Million by 2033, growing at a CAGR of 4.38% during the forecast period 2025-2033. The market growth is driven by digital transformation, advanced IT infrastructure, and increased cloud adoption across sectors like finance, healthcare, and e-commerce. Government initiatives and technological innovation further strengthen the market position.
Study Assumption Years
• Base Year: 2024
• Historical Year/Period: 2019-2024
• Forecast Year/Period: 2025-2033
South Korea API Market Key Takeaways
• Current Market Size: USD 4,680.52 Million in 2024
• CAGR: 4.38% during 2025-2033
• Forecast Period: 2025-2033
• Government initiatives like the open banking API platform and Digital New Deal boost market adoption.
• Integration of AI and machine learning with APIs supported by $390 Million funding accelerates market growth.
• Telecommunications standardization efforts for network APIs promote interoperability and new service creation.
• Prominent mobile payment platforms such as KakaoBank, Toss, and Naver Pay leverage API-enabled services extensively.
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Market Growth Factors
The South Korea API market is strongly propelled by comprehensive government-led digital transformation initiatives, including open banking API platforms that enable fintech interoperability with all Korean banks without individual contracts. This approach reduces integration complexity and accelerates service rollouts. The Digital New Deal program seeks to move traditional enterprises onto digital platforms, creating extensive demand for API management solutions across industries. The MyData 2.0 initiative further enhances user data control and access, fueling secure API integration demand, positioning South Korea as a fintech hub.
Artificial intelligence (AI) and machine learning (ML) integration into API infrastructures is revolutionizing South Korea's digital economy. Significant government support includes $390 Million allocated to five premier technology consortia such as LG AI Research and SK Telecom for developing sovereign AI models performing near frontier levels like ChatGPT. The enactment of the Framework Act on Artificial Intelligence Development underlines stringent AI governance. AI-powered APIs are increasingly deployed across financial and healthcare sectors for fraud detection, credit evaluation, and diagnostics, driving robust demand for AI-enabled API solutions.
Telecommunications sector API standardization is another critical growth driver. South Korea's top three mobile operators-SK Telecom, KT Corporation, and LG Uplus-collaborated to develop unified Network Open APIs in August 2024, reducing development complexity and fostering multi-operator applications. This effort supports global interoperability initiatives and leverages South Korea's advanced 5G infrastructure, covering 80% of the population. It facilitates innovations in IoT, edge computing, and network slicing, significantly expanding opportunities for API providers.
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Market Segmentation
Type Insights:
• Open APIs (Public APIs): APIs accessible publicly to external users and developers, fostering broad application development.
• Partner APIs: APIs shared with specific business partners to enable integrations and collaborations.
• Internal APIs (Private APIs): Used within organizations for internal services and operations enhancement.
• Composite APIs: Combine multiple service or data APIs into a single API for efficiency.
• RESTful APIs: APIs using REST architecture for scalability and ease of use.
• SOAP APIs: Protocol-based APIs suited for transactional reliability.
• GraphQL APIs: APIs supporting flexible querying and efficient data retrieval.
Functionality and Purpose Insights:
• Payment APIs: Facilitate and secure digital payment transactions.
• Geolocation APIs: Provide geographic location data and services.
• Social media: Enable integration with social media platforms and services.
• Weather APIs: Deliver meteorological data and forecasts.
• Machine Learning and AI APIs: Support machine learning model deployment, natural language processing, and AI analytics.
• IoT APIs: Facilitate connectivity and data exchange in Internet of Things ecosystems.
Industry Vertical Insights:
• Healthcare API: APIs supporting healthcare data exchange and medical applications.
• Financial API: APIs enabling financial services and fintech applications.
• Retail and E-commerce API: Support online retail operations and customer engagement.
• Travel and Hospitality API: Facilitate travel booking, hospitality management, and related services.
• Telecommunications API: APIs for telecom operations and network service enhancements.
• Automotive API: Support automotive industry applications and connectivity.
• Government and Public Sector API: APIs facilitating public administration and citizen services.
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Regional Insights
The dominant region in the South Korea API market is the Seoul Capital Area. The report highlights regional segmentation including Seoul Capital Area, Yeongnam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region), and others. Specific market share or CAGR values by region are not provided in the source.
Recent Developments & News
In September 2025, SK Telecom announced a strategic partnership with OpenAI, securing exclusive consumer business rights after OpenAI's Seoul office launch. This collaboration includes ChatGPT Plus promotions for SK Telecom users and plans for B2B and group-wide AI ecosystem initiatives. In August 2025, five technology firms including LG AI Research and SK Telecom were selected by South Korea's Ministry of Science and ICT for a sovereign AI foundation model project, funded with approximately $390 million. These developments underscore the nation's focus on AI and API market advancement.
Key Players
• LG AI Research
• SK Telecom
• Naver Cloud
• NC AI
• Upstage
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About Us
IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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