Tech industry leaders worldwide are seeking to lead the growing market of cloud computing in South Korea. The market is expected to soar in the coming years and each company desires to be at the forefront of that growth. 

A report on Yonhap news suggests that the market in South Korea for cloud computing is expected to reach $1 billion USD by the year 2019. The year 2014 saw roughly $540 million USD, according to Gartner Inc. 

Industry leaders including US-based Oracle Corp. and Microsoft Corp. have plans to continue investing in the South Korean market. Microsoft Corp. is planning a computing conference in Seoul for June, in hopes of raising their business among engineers and developers. 

Local companies in Korea are also preparing to launch into the cloud computing market. An IT affiliate of LG Group, LG CNS Co., is preparing to launch data centers in South Korea, but also China, the US, and Europe.

"As the local market for cloud computing services is beginning its full-fledge growth following the influx of global players, the competition will also intensify," an industry insider said. "Accordingly, local players must focus on their distinctive services for survival."