LG CNS, the IT service provider affiliate of LG Group, has launched a Chinese language version of its solution that collects and analyzes data from social media. It aims to tap into the world’s most populous country, the company said.
Called Smart SMA (Smart Social Media Analytics), the Chinese version of the solution was completed in late 2012 in cooperation with Chinese text analytics company SAS China. It was first tested at LG CNS’s affiliate LG Electronics' Chinese operation in late 2012, said a LG CNS spokeswoman in a call with ZDNet Korea. The solution was recently approved for commercialization.
LG is already in talks with “well known Chinese social media companies,” said the spokeswoman, though declined to name them.
“China’s big data market is growing at a tremendous pace and demand for sophisticated analytics tools is increasing rapidly,” she said. “While up to now China’s focus was in simple monitoring, our Smart SMA will provide them with the tool they need to take big data use to the next level.”
Smart SMA will allow clients to use the analyzed data in marketing, PR and product development. LG CNS’s own data analysts will be sent to clients to assist them on-site.
China is home to social media giants Weibo, Sohu and QQ, whose influence and global reach is expanding rapidly. LG’s local partner SAS China will likely provide the necessary connections for the Korean company to pitch their solution to them.
According to Korea Trade-Investment Promotion Agency, 420 million people use social network services (SNS) in China and the market is worth 870 billion won ($855 million). This will grow at an annual rate of 25 and 50 percent, respectively.
Gartner, meanwhile, says the worldwide social media market is growing 20 percent on average annually and will be worth $33.5 billion in 2016.
The Korean version of Smart SMA is already in use by major Korean clients such as LG Electronics, Shinhan Bank, KDB Daewoo Securities and POSCO.
LG plans to expand to the US and European markets in future. It has already signed cooperation agreements with Oracle, MapR Technologies and SAP.
LG CNS was one of the first Korean businesses to invest in big data and the cloud. It formed a team of 200 data analysts and consultants in 2011 to work exclusively on big data services.
Source: ZDNet Korea (www.zdnet.co.kr)