Junta Nakai, Vice President of DataBricks' institutional sector, is speaking at the keynote address during the Data Intelligence Day held at the Grand Intercontinental Parnas Seoul on the 29th. /Courtesy of Sim Minkwan.

Korea has a globally undervalued stock market. If artificial intelligence (AI) is utilized to enhance productivity in Korea, the value of corporations will rise, and the market value of Korean stocks (market capitalization) will surpass $2.5 trillion (approximately 3,595 trillion won).

Junta Nakai, vice president of Databricks' institutional sector for financial services, noted on the 29th during a keynote speech at the "Data Intelligence Day" held in Seoul's Samseong-dong Grand Intercontinental Parnas that AI will raise productivity and corporate value in Korea. According to the securities industry, the domestic stock market (KOSPI + KOSDAQ) has a market capitalization of about 2,300 trillion won.

Nakai stated, "AI is a powerful tool for enhancing productivity," adding, "Databricks provides an optimized 'data intelligence platform' to assist in productivity enhancement." The data intelligence platform supports the collection, storage, analysis, and development and deployment of AI models in a single environment. It features functions that allow users to query data using natural language processing (NLP) and automatically optimize to understand the meaning of the data.

Databricks has over 12,000 corporations as clients worldwide. More than 60% of the Fortune Global 500 companies are using Databricks' data intelligence platform. In Korea, clients reportedly include Korean Air, BC Card, Raine Life, and AIA Life. According to Databricks, the demand for data intelligence among domestic clients seeking to utilize AI has led to a more than 100% increase in the sales of Databricks' Korean branch compared to the previous year.

Nakai stated that AI will enhance productivity across many industries. He said, "In the next 5 to 10 years, AI will create enormous economic prosperity. It will also significantly contribute to resolving the productivity crisis in countries with declining populations," adding, "AI will be a breakthrough for Korea, where the population is declining due to low birth rates."

Nakai mentioned that the company's data intelligence platform is an alternative for enhancing productivity in the AI era. He explained, "A survey of 3,000 client corporations revealed that productivity increased by 48%," noting, "Business leaders without coding or technical skills have also reportedly raised productivity by 35% using the data intelligence platform."

He also projected that as technology becomes commonplace for asking questions in natural language and obtaining answers, the utilization of the AI data intelligence platform will expand even to non-technical fields.

At the event, Jeong Woo-jin, head of the strategy and business consulting division at KT, who is collaborating with Databricks on the AX (AI transformation) project, introduced the direction of cooperation between the two companies. Jeong stated, "Databricks is a company with high capabilities; we are jointly promoting a data platform project named 'Magma' and building a data pipeline operations system," adding, "I want to define our relationship as a partner in the AX business rather than calling each other clients or partners."