South Korea: The new address system in South Korea to be used from 2012, based on the names of streets and buildings, is expected to save KRW 4.3 trillion a year on the national level, giving a boost to the LBS (location-based service) industry, according to Maeng Hyung-gyu, Home Administration Minister, South Korea. It will also create a market worth over KRW 300 billion across the IT industry. The current system is parcel-based.
The Ministry of Public Administration and Security announced that it provides preliminary guide for the new system from October 27 to November 30. The ministry is planning to gather public opinion and finalise the preparations for it by July next year.
With the schedule specified, public and private companies are moving to introduce the new system. Financial institutions are considering how to upgrade their CRM (customer relationship management) solutions. Also expected is a series of system replacement projects in the sectors relying highly on GIS such as door-to-door delivery, telecom, etc.
GIS providers are poised to make it big. President Kim In-hyun of KSIC (Korea geoSpatial Information & Communication) said, “Local GIS firms are likely to overwhelm their foreign counterparts, rather underprepared, in the new market.” He continued, “A lot of Internet portal sites as well as financial institutions are contacting us these days.”
Car navigator manufacturers have already begun to update their maps by linking current addresses with the database for the new system. In the meantime, some of them showed embarrassment at the government’s intention to charge for the database.