South Korea's smartphone market is now worth $5.4 billion, with the devices accounting for a staggering 96% of the total value of mobile phone sales in the nation, GfK Korea estimates.
The nation's smartphone industry has doubled in value over the last 12 months, with volumes increasing 55% over the same period, the research firm said.
As well as dominating the value of handset sales, smartphones also account for 85% of the market's total mobile handset volumes.
South Korea has the highest level of smartphone penetration in the world, yet its adoption rate is also one of the world's fastest.
GfK attributes the figures to South Korea's extensive internet connectivity.
The firm notes that increasing adoption of LTE services, and the expected completion of nationwide LTE connectivity by the end of this year, will only stimulate smartphone sales as users upgrade from 3G to LTE handsets.
Vendors are also responding to South Korea's rapid LTE adoption. There are now 49 LTE-capable smartphones on the South Korean market, up from just two last September.