One that would target the domestic cloud market. The South Korean giant, or rather LG CNS, signed this new partnership with Amazon Web Services, announcing the deal on July 2.
Both companies plan to collaborate on the Korean company’s expansion of cloud services in the country. This is the first time that LG CNS, a subsidiary of LG that provides information technology services and consulting, has formed a strategic partnership in the domestic industry.
All this in a bid to accelerate the introduction of cloud based solutions to local companies.
Won Deok-ju, senior executive at LG CNS and Terry Wise, vice president of the AWS worldwide partner ecosystem, signed the agreement this past Sunday that will see AWS will help the firm to design, establish and operate new cloud services in the region.
In order to help LG to expand its list of local corporate customers further.
Although not boasting breakneck growth, South Korea is quickly becoming a key market in cloud.
Market research firm IDC estimates that the domestic public cloud market in the country is on track to show an annual average growth rate of 15%, going from 800 billion won in 2017 to 1.3 trillion won by the time 2021 rolls around.
That’s an increase from $698.69 million to $1.14 billion in some four years.
With this partnership, LG CNS has showed its intention to take the lead in strengthening the competitiveness of the domestic cloud industry, while AWS will have another partner on board to cooperate and develop new technologies in the artificial intelligence (AI) and big data sectors.
Amazon Web Services plans to carry out joint studies with LG CNS in these two fields, in particular the natural language processing service Amazon Lex and the deep learning based image analysis solution that goes by the name of Amazon Rekognition that has been in the news lately.
For all the right reasons, mind you.
Sounds like another solid win.