Dublin, May 05, 2023 (GLOBE NEWSWIRE) -- The "South Korea Metaverse Market Intelligence and Future Growth Dynamics Databook - 100+ KPIs Covering Market Size by Sector X Use cases X Technology, Business and Consumer Spend, NFT Spend - Q1 2023" report has been added to ResearchAndMarkets.com's offering.
The Metaverse industry in South Korea is expected to grow by 43% on an annual basis to reach US$5,543 7 million in 2023.
The Metaverse industry is expected to grow steadily over the forecast period, recording a CAGR of 34.2% during 2023-2030. The Metaverse Spend Value in the country will increase from US$3,876. 2 million in 2022 to reach US$43,362.1 million by 2030.
This report provides a comprehensive view of the size, and dynamics of the metaverse industry in South Korea along with market trends covering over 100 KPIs.
Government entities and private corporations both have been spending in the metaverse sector, driving millions of dollars into the development of innovative metaverse projects. Furthermore, with the growing investment and interest in the space, the government has also teased the regulatory framework for the metaverse sector in the country.
From the short to medium-term perspective, the publisher expects private and public funding to grow in the virtual space, which will further drive innovation in the South Korean metaverse industry. Overall, the publisher maintains a robust growth outlook for the industry over the next three to four years.
A growing number of South Korean cities are seeking a presence in the metaverse
The government of South Korea has made its intentions clear about the metaverse and the potential of emerging tech. Earlier in 2022, the country announced an investment of US$177.1 million towards the development of the metaverse. The investment is part of the Digital New Deal, under which the Ministry of Science and Information and Communication Technologies plans to support companies operating in the metaverse sector. Along with the national government, a lot of metaverse innovation is also taking place at the city level.
Seoul's metropolitan government announced that the city plans to build a 3.9 billion won metaverse platform. This innovative platform will allow the locals to access public services in the metaverse.
In September 2022, Changwon, the industrial city of South Korea, also announced to build its presence in the metaverse, thereby entering the long list of cities in the country to have shown interest in the virtual worlds.
The city is planning to recreate its industrial complex in the metaverse. Through the project, the city is planning to promote businesses and services. A total of 13 billion won is expected to be spent on the development of an industrial complex in the metaverse.
From the short to medium-term perspective, the publisher expects more South Korean cities to enter the space, which will subsequently drive investment in the metaverse market. This will further accelerate the growth of the industry over the next three to four years.
Retail giants are creating a presence in the metaverse to host music festivals and events for customers in South Korea
With consumers demanding innovative experiences for brands and businesses, retailers in the country are looking at emerging technologies such as the metaverse to drive engagement among their shoppers.
In November 2022, Korea Seven, the South Korean operator of global convenience store retailer 7-Eleven, announced the launch of a metaverse platform. The firm launched the virtual store in partnership with South Korean telecom giant SK Telecom. The metaverse platform allows visitors to enjoy music festivals and events, among other things.
In the virtual store, the retail giant has recreated food products such as ramen noodles and beer into chairs, thereby allowing the visitors to sit and consume different types of content. More retailers are expected to create immersive experiences for their customers in the metaverse over the next few years in South Korea.
South Korea-based metaverse platform is targeting sex abuse and exploitation in the virtual world
The growing innovation and the number of metaverse projects launched in South Korea are also attracting the eyes of consumers, especially Gen Z. With the growing adoption of the metaverse platform among South Koreans, firms are entering into a strategic collaboration to protect the youth from sex abuse and exploitation.
In November 2022, Zepeto, the metaverse platform launched by South Korean tech giant Never, announced a strategic collaboration with INHOPE, a global network of hotlines fighting online child abuse. Under the partnership, the two firms will tighten the monitoring technology, while also developing reporting hotline to protect the youth in the country from sex abuse and exploitation.
The metaverse platform has a strong user base of 20 million, most of which are from South Korea, China, and Japan. The platform is also gaining a strong presence in Brazil. Over the next few quarters, the firm is also planning to further expand its global footprint, thereby taking the competition to leading corporations such as Meta and Roblox.
In South Korea and other markets, where the firm is operational, Zepeto earns revenue by providing its users the ability to customize their avatars. Over the last few years, the platform has also forged alliances with leading consumer-focused brands such as Adidas, Nike, Raphe Lauren, Gucci, and Bulgaria, among several others.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 183 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $5543.7 Million |
| Forecasted Market Value (USD) by 2030 | $43362.1 Million |
| Compound Annual Growth Rate | 34.1% |
| Regions Covered | South Korea |
Scope
South Korea Metaverse Market Size and Future Growth Dynamics by Key Performance Indicators
- Total Spend Value Trend Analysis
- Business Spend Value Trend Analysis
- Consumer Spend Value Trend Analysis
South Korea Metaverse - Business Spend by Sector Value Trend Analysis, 2021-2030
- Retail Industry
- Technology & Telecommunications Industry
- Financial Services Industry
- Manufacturing Industry
- Travel and Hospitality Industry
- Media & Entertainment Industry
- Training & Education Industry
- Real Estate Industry
- Health & Wellness Industry
- Other
South Korea Business Spend on Metaverse by Use Case/Application, 2021-2030
- Retail (Marketing & Advertising, Commerce, Operations & Training)
- Technology & Telecommunications (Marketing & Advertising, Commerce, Operations & Training)
- Financial Services (Marketing & Advertising, Commerce, Operations & Training)
- Manufacturing (Marketing & Advertising, Commerce, Operations & Training]
- Travel and Hospitality (Marketing & Advertising, Commerce, Operations & Training)
- Media & Entertainment (Marketing & Advertising, Commerce, Operations & Training)
- Training & Education (Marketing & Advertising, Commerce, Operations & Training)
- Real Estate (Marketing & Advertising, Commerce, Operations & Training)
- Health & Wellness (Marketing & Advertising, Commerce, Operations & Training)
- Other (Marketing & Advertising, Commerce, Operations & Training)
South Korea NFT Spend by Sector Value Trend Analysis, 2021-2030
- Retail Industry
- Technology & Telecommunications Industry
- Financial Services Industry
- Manufacturing Industry
- Travel and Hospitality Industry
- Media & Entertainment Industry
- Training & Education Industry
- Real Estate Industry
- Health & Wellness Industry
- Other Industry
South Korea Business Spend on Metaverse by Technology
- By Technology
- Retail Industry
- Technology & Telecommunications
- Financial Services
- Manufacturing Industry
- Travel and Hospitality
- Media & Entertainment
- Training & Education
- Real Estate
- Health & Wellness
- Other
South Korea Spend on Metaverse by Platform
- Desktop
- Mobile
- Headset
South Korea Ecommerce Spend on Metaverse by Sector (Gross Merchandise Value), 2021-2030
- Retail Shopping
- Travel and Hospitality
- Online Food Service
- Media & Entertainment
- Health & Wellness
- Technology Products & Services
- Other Industries
South Korea NFT Market Size and Future Growth Dynamics by Key Performance Indicators
NFT -Total Sales Spend Value Trend Analysis, 2021-2030
NFT - Total Sales Spend Volume Trend Analysis, 2021-2030
NFT - Average Value Per Transaction Trend Analysis, 2021-2030
South Korea NFT Market Size and Forecast by Key Assets, 2021-2030
NFT Collectibles and Art Trend Analysis, 2021-2030
- Spend Value
- Spend Volume
- Average Value Per Transaction
NFT Real Estate Trend Analysis, 2021-2030
- Spend Value
- Spend Volume
- Average Value Per Transaction
NFT Sports Trend Analysis, 2021-2030
- Spend Value
- Spend Volume
- Average Value Per Transaction
NFT Gaming Trend Analysis, 2021-2030
- Spend Value
- Spend Volume
- Average Value Per Transaction
NFT Utility Trend Analysis, 2021-2030
- Spend Value
- Spend Volume
- Average Value Per Transaction
NFT Fashion and Luxury Trend Analysis, 2021-2030
- Spend Value Trend Analysis
- Spend Volume Trend Analysis
- Average Value Per Transaction
Other Assets Trend Analysis, 2021-2030
- Spend Value Trend Analysis
- Spend Volume Trend Analysis
- Average Value Per Transaction
South Korea Consumer Spend on Metaverse by Device, 2021-2030
- Desktop
- Mobile
- Digital Gadgets
South Korea Consumer Spend on Metaverse by Hardware Devices, 2021-2030
- AR (Augmented Reality)
- VR (Virtual Reality)
- MR (Mixed Reality)
For more information about this report visit https://www.researchandmarkets.com/r/sxz389
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