Metaverse - South Korea

South Korea

The Metaverse market is set to achieve a significant value of €1,404.0m in 2024, with a projected growth rate of 35.74% annually (CAGR 2024-2030).
This growth trajectory is expected to propel the market volume to reach €8,784.0m by 2030.
South Korea is a key player in this market segment.
The United States currently dominates the Metaverse market, generating a substantial market volume of €21.4bn in 2024.
However, as the market expands, other countries, including in South Korea, are likely to gain prominence.
Looking at user numbers, the Metaverse market is expected to attract a sizable user base of 49.2m users by 2030.
In terms of user penetration, it is anticipated to rise from 36.1% in 2024 to 96.0% by 2030, indicating a growing interest and adoption of the Metaverse market among the population.
The average Value per user (ARPU) is projected to stand at €75.1, reflecting the value generated by each user within the Metaverse market.
South Korea's contribution to this metric is expected to be significant, given its active participation in the market.
South Korea's Metaverse market is rapidly expanding, with a strong emphasis on immersive gaming experiences and virtual reality technology.

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Analyst Opinion

The Metaverse market in South Korea has been experiencing significant growth and development in recent years. Customer preferences in South Korea have played a key role in driving the growth of the Metaverse market.

South Koreans are known for their strong interest in technology and digital innovation, making them early adopters of new trends and technologies. This has created a favorable environment for the development and adoption of the Metaverse concept in the country. Additionally, South Koreans have a high level of internet penetration and smartphone usage, which further facilitates their engagement with virtual environments.

Trends in the Metaverse market in South Korea reflect the global growth of this industry. Virtual reality (VR) and augmented reality (AR) technologies have gained significant traction in various sectors, including gaming, entertainment, education, and e-commerce. In South Korea, these trends are evident in the increasing number of VR gaming arcades and VR content creation studios.

The popularity of VR gaming and immersive experiences has led to the emergence of a vibrant ecosystem of developers, content creators, and enthusiasts. Local special circumstances in South Korea have also contributed to the growth of the Metaverse market. The country has a strong gaming culture and is home to major gaming companies and esports events.

This has created a fertile ground for the development of virtual worlds and online communities. Additionally, South Korea has a highly connected society with a robust internet infrastructure, enabling seamless online experiences and interactions. Underlying macroeconomic factors have also played a role in the development of the Metaverse market in South Korea.

The country has a strong and dynamic economy, which provides a solid foundation for investment and innovation in emerging technologies. The government has also recognized the potential of the Metaverse market and has been supportive of its growth through policies and initiatives that promote research, development, and adoption of virtual reality and augmented reality technologies. In conclusion, the Metaverse market in South Korea is experiencing significant growth and development driven by customer preferences, global trends, local special circumstances, and underlying macroeconomic factors.

The strong interest in technology, high internet penetration, and gaming culture in South Korea have created a favorable environment for the adoption and development of virtual reality and augmented reality technologies. With continued investment and support from the government, the Metaverse market in South Korea is expected to further expand and evolve in the coming years.

Methodology

Data coverage:

Figures are based on advertising spending, in-app spending, in-game spending, online and offline sales, consumer spending, app downloads, and investment and funding data.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use reports, third-party studies, and research companies. Next we use relevant key market indicators and data from country-specific associations such as GDP, consumer spending, and internet penetration rates. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the S-curve function and exponential trend smoothing are well suited to forecast digital products and services due to the non-linear growth of technology adoption. The main drivers are consumer spending per capita, level of digitalization, and cloud revenues.

Additional Notes:

The market is updated twice per year in case market dynamics change. Consumer Insights data is unbiased for representativeness.