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 Description

According to TechInsight360, Metaverse industry in South Korea is expected to grow by 38.1% on an annual basis to reach US$10,725.9 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$7,764.9 million in 2022 to reach US$43,362.1 million by 2030.

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, TechInsight360 expects private and public funding to grow in the virtual space, which will further drive innovation in the South Korean metaverse industry. Overall, TechInsight360 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. For instance,
• 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, TechInsight360 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. For instance,
• 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. For instance,
• In November 2022, Zepeto, the metaverse platform launched by South Korean tech giant Naver, 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, Raph Lauren, Gucci, and Bulgari, among several others.

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. It details market opportunities across key sectors - retail industry, technology & telecommunications, financial services, manufacturing, travel and hospitality, media & entertainment, training & education, real estate, and health & wellness. It provides analysis in terms of business spend as well as consumer spend.

• Business spend: Market estimates and forecasts to assess opportunities by business spend on metaverse by sector, application / use cases, technology, and platform.

• Consumer spend: Breaks down consumer spend on metaverse by key component segments such as append on e-commerce, NFT purchase, by devices, and hardware devices to provide detailed assessment across the metaverse industry.

• NFT industry segments: Provides value, volume, and average value per transaction across 7 key assets in the NFT market. This includes collectibles and art, real estate, sports, utility, gaming, fashion and luxury, and others.

Scope

This report provides a detailed data-driven analysis of metaverse industry, covering a range of segments and highlighting growth areas across verticals. With over 100 KPIs at the country level, this report provides a comprehensive understanding of metaverse market dynamics. In addition, it provides a comprehensive understanding of NFT market dynamics and future forecasts.

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)

Reasons to buy

• In-depth Understanding of Metaverse Market Dynamics: Understand market opportunities and key trends along with forecast (2021-2030). Understand market dynamics through essential KPIs such as business and consumer spend.

• Vertical Insights and Use Cases: Get market dynamics through business spend by sector across the retail industry, technology & telecommunications, financial services, manufacturing, travel and hospitality, media & entertainment, training & education, real estate, and health & wellness.

• Develop Market-Specific Strategies: Identify growth segments and target specific opportunities to formulate a strategy; assess market-specific key trends, drivers, and risks in the metaverse and NFT market to help stakeholders build profitable strategies.

• Get Insights into NFT Market Size and Forecast by Key Assets: Collectibles and art, real estate, gaming, sports, utility, fashion & others.

• Consumer Spend on Metaverse: Get a market evaluation based on in-depth information obtained from metaverse spend on e-commerce, NFT purchase, and device & hardware devices.