App - South Korea

  • South Korea
  • The App market in South Korea is expected to experience significant growth in the coming years.
  • According to projections, the total revenue is estimated to reach €9,806.00m in 2022.
  • This represents a substantial increase in revenue for the country's app industry.
  • Furthermore, the market is expected to maintain a steady growth rate of 8.43% annually from 2022 to 2027.
  • This positive growth trajectory is expected to drive the market volume to reach €14,480.00m by 2027.
  • In terms of revenue streams within the App market, in-app purchases (IAP) are projected to generate €6.42bn in 2022.
  • This highlights the significant role that in-app purchases play in driving revenue for app developers and publishers in South Korea.
  • Additionally, paid app revenue is expected to reach €0.05bn in 2022.
  • This signifies the willingness of consumers in South Korea to pay for premium apps, contributing to the overall revenue of the market.
  • Moreover, advertising revenue within the App market is projected to reach €3.34bn in 2022.
  • This demonstrates the increasing importance of advertising as a revenue stream for app developers and publishers in South Korea.
  • In terms of user engagement, the number of downloads in the App market is projected to reach 1,796.00m downloads in 2022.
  • This showcases the growing popularity of mobile apps among consumers in South Korea.
  • Currently, the average revenue per download is expected to amount to €5.46.
  • This metric provides insights into the monetization potential of each app download in South Korea.
  • When comparing South Korea's App market to the global landscape, it is worth noting that in China generates the highest revenue.
  • In 2022, in China's app market is projected to generate a staggering €154.60bn, highlighting its dominance in the global app industry.
  • Overall, the App market in South Korea is poised for significant growth, driven by various revenue streams and a growing number of app downloads.
  • These projections indicate that the country's app industry is on track to make a substantial impact on the global market.

Key regions: China, United States, Europe, Germany, Asia

 
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Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenue from in-app purchases, revenue from the purchase of apps, and revenue from advertising, as well as the number of downloads for each app category.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use market data from independent databases and third-party sources, current trends, and reported performance indicators of top market players. In addition, we use relevant key market indicators and data from country-specific associations, such as smartphone users and mobile broadband connections. This data helps us 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 relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward apps.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year in case market dynamics change.

Vue d’ensemble

  • Revenue
  • Downloads
  • Users
  • Key Players
  • Global Comparison
  • Methodology
  • Key Market Indicators
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