Converge ICT Solutions Inc. has partnered with South Korea’s NAVER Cloud Corp. to explore the potential of the expanding cloud market in the Philippines.
The Philippines' public cloud market is experiencing significant growth, with projected revenue expected to reach USD 1,256.00 million in 2024. Infrastructure as a Service (IaaS) dominates this market and is forecast to reach USD 512.50 million in 2024. Moreover, the market is expected to continue growing at an annual rate of 16.04% between 2024 and 2028, reaching a market volume of USD 2,277.00 million by 2028.
Additionally, the average spend per employee in the public cloud market is anticipated to reach USD 25.48 in 2024. This growth underscores the importance of the Philippines' cloud market, highlighting its potential for driving digital transformation, fostering innovation, and enhancing operational efficiency across various industries.
Fostering Digital Transformation
Both companies signed a Memorandum of Understanding (MoU), outlining their intention to explore collaborations utilizing NAVER Cloud's innovative solutions. The aim is to tailor cloud solutions that meet the unique needs of Filipino consumers and businesses through discussions and engagements between the two parties.
Furthermore, the partnership aims to foster comprehensive collaboration for digital transformation initiatives within the country using NAVER Cloud’s expertise in smart city technologies, large language models (LLM) and sovereign cloud implementation, as well as its B2B communication tool (WORKS) and browser-based web service integration platform (Whale).
“Our continuous leap to digital calls for advanced solutions that would support a technology-enabled lifestyle in a robust digital environment. We look forward to working with NAVER Cloud to discover ways how we can empower more customers through cutting-edge cloud technologies,” said Converge CEO and Co-Founder, Dennis Anthony Uy.
Meanwhile, Kim Yuwon, CEO of NAVER Cloud, highlighted the importance of this partnership in contributing to the digital transformation of the Philippines.
“We will collaborate with Converge based on our capability in smart city technologies and localized sovereign AI, sovereign cloud implementation to secure data sovereignty,” said Yuwon.
Enhancing Accessibility and Efficiency
Currently, NAVER Cloud has a portfolio of more than 200 individual products including IaaS, PaaS, SaaS, and hybrid cloud, compared to its original 22 product offerings back when it was launched in 2017.
In 2021, the company launched HyperCLOVA, the third LLM to be launched in the world, considered to be a game-changer due to its AI-driven capabilities.
Converge and NAVER Cloud’s partnership is expected to enhance accessibility and efficiency for both businesses and individuals in the Philippines. The collaboration is also expected to expand the cloud services in the country.
The expansion of cloud services facilitated by this collaboration will provide businesses with scalable and flexible infrastructure, enabling them to streamline operations, enhance productivity, and accelerate growth. Moreover, improved accessibility to cloud services will empower individuals with greater connectivity and access to digital resources, facilitating learning, collaboration, and socioeconomic development.
Overall, Converge and NAVER Cloud's partnership has the potential to significantly impact the Philippine economy by driving technological advancement, promoting digital inclusion, and unlocking new opportunities for growth and prosperity.
