South Korea’s Telecom Giant KT to Invest $5.3B in AI by 2027
This week, KT conducted a press conference at the Novotel Ambassador Dongdaemun.
The whole industry is expected to be worth a mind-boggling $15.7 trillion by 2030.
South Korean telecom giant KT, previously known as Korea Telecom, has announced its intention to spend $5.3 billion (7 trillion won) in AI service research and development spanning over the next five years. Thus, solidifying its position as a forerunner in the area amid the AI industry’s fast expansion.
KT plans to guarantee future growth engines and boost its AI competitiveness. By increasing yearly revenues from AI companies to more than 1 trillion won ($764 million) by 2025.
This week, KT conducted a press conference at the Novotel Ambassador Dongdaemun in Jung-gu, Seoul. In order to discuss its plans for customer-tailored AI services. Including AI-driven robotics, care, and education, as well as AI contact centers and logistics business.
Song Jae-ho, vice president of KT’s AI/DX Convergence Business Division stated:
“KT is Korea’s leading AI company, and we will establish ourselves as a customer-centered AI service provider by applying our experience, capabilities, infrastructure, and knowhow to the AI business.”
Tough Competition from Tech Giants
This plan calls for massive enhancements to its infrastructure, as well as the creation of new “super-giant AI technology” and AI-based enterprises. KT’s AI business will benefit from the company’s efforts to improve its technological prowess and infrastructure in this area.
KT has competition in its pursuit of AI industry supremacy. Given that the whole industry is expected to be worth a mind-boggling $15.7 trillion by 2030, it is not surprising that it has drawn investments from some of the most well-known names in international business. Major advancements in AI research are being made by such IT heavyweights as Amazon, Microsoft, and Google to name a few.
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Filed under: Bitcoin - @ June 24, 2023 4:55 pm