Chul Jung, CEO of NAMUTECH, Predicts a Turning Point in the Cloud Platform Market This Year
Chul Jung, CEO of NAMUTECH, Predicts a Turning Point in the Cloud Platform Market This Year
Introduction
NAMUTECH, a leading cloud platform company in Korea, has been at the forefront of the transition to ‘Cloud Native’ (development automation utilizing cloud environments), driving significant growth. In an industry where the average lifespan is nine years, NAMUTECH has been thriving for over two decades.
The Evolution and Growth of NAMUTECH:
Founded on November 11, 2001, by CEO Chul Jung, NAMUTECH has expanded from virtualization to encompass cloud, AI, and big data technologies. In 2018, it became the first cloud platform (PaaS) company to be listed on the KOSDAQ market. Leveraging its IPO, NAMUTECH has maintained its leadership in virtualization in Korea and has accelerated its global market penetration with its cloud PaaS capabilities.
Interview with CEO Chul Jung:
Original interview by 정유진 기자 (jinjin@hankyung.com), photos by 김기남 기자. © 매거진한경. Read the original article here.
1. The Current State of the Cloud Solution Market:
“The Korean IDC forecasts that the domestic public cloud service market will reach KRW 4.25 trillion in 2023, a 20.8% increase from the previous year. The Platform as a Service (PaaS) market is expected to grow significantly, reaching KRW 680.5 billion, driven by financial companies building cloud-based data platforms, next-generation applications, and new customer response apps.”
2. Reasons for Market Expansion:
“Starting this year, government departments and public institutions must consider applying private cloud and cloud-native technologies for system upgrades or new constructions. With the execution of the ‘Public Cloud Native Transition Plan,’ which aims to transition 70% of the 10,000 government and public IT systems to cloud-native by 2030, we anticipate a turning point in the domestic cloud platform market.”
3. NAMUTECH's Business Sectors:
“By 2025, we aim to diversify our business structure through focused nurturing of new growth businesses and expansion of overseas operations. Our core businesses include cloud integrated management platforms, big data, machine learning, and digital workspaces.”
4. The Role of Cloud Solution Companies:
“Our ultimate goal is to benefit people and create new values. Cloud platforms are being applied across all industries, maximizing IT system and service efficiency, and creating new and diverse values.”
5. Global Participation and Achievements:
“NAMUTECH regularly participates in major global cloud events, showcasing our updated products and new solutions. Our participation has garnered significant interest from major global companies and domestic end-users.”
6. Collaboration with Overseas Subsidiaries:
“NAMUTECH regularly participates in major global cloud events, showcasing our updated products and new solutions. Our participation has garnered significant interest from major global companies and domestic end-users.”
7. Domestic Collaborations:
“NAMUTECH regularly participates in major global cloud events, showcasing our updated products and new solutions. Our participation has garnered significant interest from major global companies and domestic end-users.”
8. Recent Performance:
“Our consolidated sales reached KRW 100.1 billion in 2020, KRW 94.5 billion in 2021, and KRW 106.2 billion in 2022.”
9. Expectations from the Government:
“We believe that PaaS platforms are essential for implementing cloud-native. While foreign companies dominate the IaaS and SaaS sectors, there is no significant technological gap in PaaS between our domestic companies and global big tech firms.”
Conclusion:
NAMUTECH, a leading cloud solution company, has been at the forefront of digital innovation and effective operation for customers, spanning from virtualization to cloud, infrastructure, big data, and AI. The company’s flagship product, Cocktail Cloud, is the first PaaS registered in both domestic and international certifications and digital service malls, offering an efficient platform for developing and operating complex apps in private and public cloud environments.
Investment Highlights:
As a beneficiary of the government’s digital transformation policy, NAMUTECH is expected to see an expansion in business performance and references. With CEO Chul Jung’s IT expertise and proprietary technology, the company is poised for active global expansion and increased revenue from overseas sales.
