Mid-sized and Small Businesses Leading the Fourth Industrial Revolutio…
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| 7th 2023 4IR Awards / Photo by Reporter Kim Hwi-sun |
Where does the Fourth Industrial Revolution stand now? I asked ChatGPT, "Which field of Fourth Industrial Revolution technology is advancing the fastest?" The answer was AI (Artificial Intelligence) and machine learning. It highlighted that these technologies have high potential due to their applicability in areas such as automation, prediction and analysis, healthcare and life sciences, autonomous driving, and natural language/voice processing. As for the industries where Fourth Industrial Revolution technologies are most effective, it pointed to manufacturing, logistics and supply chain management, construction, and agriculture.
The companies selected by Money Today this year as leaders of the Fourth Industrial Revolution reflect a similar trend. Every year, Money Today holds the "4IR (4th Industrial Revolution) Awards" to recognize innovative companies in related industries, and if there is one key theme for this year, it is "AI." This is not limited to software development companies. Many companies leading intelligence and digital transformation in traditional industries such as energy, defense, agriculture, and construction were also selected.
For example, there are companies that manage SOC (social overhead capital) such as dams, bridges, and tunnels by integrating drones with AI or perform military facility surveillance missions. One company was selected for its technology to defend against drones used as weapons in warfare. Another company became the first in the world to commercialize an AI underwater robot capable of removing barnacles from ships.
Cases utilizing LLM (Large Language Models), which gained prominence with ChatGPT, also stood out. Examples include using ChatGPT for ERP (Enterprise Resource Planning), in-memory management and forecasting, and public institution complaint services. One company is working on a healthcare project using Naver's Korean LLM "HyperCLOVA X." A startup has even incorporated subjective taste preferences into LLMs to achieve hyper-personalization in the food sector.
Several companies entering the rapidly growing SaaS (Software as a Service) market—growing by about 20% annually—were also included. These companies are active in areas such as greenhouse gas emissions management, e-commerce management, video content production, and data annotation. Companies closely related to "future agriculture" also drew attention. These firms possess technologies that allow robots to autonomously harvest crops or achieve high profitability through energy-saving techniques. Some are helping digitize agriculture by introducing metaverse and digital twin technologies.
In the bio-health field, companies developing AI-based innovative new drugs or digital therapeutics for mental illness prevention were included. Two companies were noted for being the first in Korea: one for launching a mobile diagnostic kit for pets and another for receiving approval from the Ministry of Food and Drug Safety for a cardiovascular interventional surgery medical robot.
These innovative companies gathered in one place. On the 13th, the "7th 2023 4IR (4th Industrial Revolution) Awards" was held at the Korea Press Center. Now in its seventh year, the 4IR Awards have reflected changing industrial trends each year since the Fourth Industrial Revolution emerged in 2017. In its early years, it focused on selecting general technologies such as big data, IoT (Internet of Things), VR (Virtual Reality), and blockchain. However, after the COVID-19 pandemic, themes such as non-contact services, metaverse, digital transformation, and bio-health have been strengthened. This year’s notable feature is that many companies have achieved visible results despite challenges such as inflation, economic slowdown, and supply chain issues—whether through commercialization of new technologies or overseas expansion and investment attraction.
In his opening remarks, Money Today Executive Director Jin Sang-hyun said: "With recent advancements in generative AI technology, we are witnessing significant changes across our daily lives and society as a whole." He continued: "New business models are starting to emerge across various industries." He added: "This year's 4IR Awards include many companies utilizing generative AI technology. We also look forward to seeing their achievements in sectors identified as future growth areas such as secondary batteries, autonomous vehicles, smart cities."
Professor Lee Jong-seop of Dongguk University, who served as a judge for the awards, commented: "We gave high marks to many companies that could be described with terms like 'best' or 'first.' I believe these companies will lead the future with their innovative business models and strategies.
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| Jin Sang-hyun, Executive Director of Money Today, is giving a speech at the '7th 2023 4IR Awards' / Photo by Reporter Kim Hwi-sun |
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