DUBLIN, May 5, 2023 (GLOBE NEWSWIRE) — “Korea Metaverse Market Intelligence and Future Growth Dynamics Databook – Sectors X Use Cases X Technology, Business and Consumer Spending, 100+ KPIs Covering Market Size by NFT Spending – Q1 2023” report added of ResearchAndMarkets.com Recruitment.

South Korea’s metaverse industry is expected to grow by 43% on an annual basis, reaching $5,543,700 million in 2023.

The metaverse industry is expected to grow steadily over the forecast period, registering a CAGR of 34.2% from 2023 to 2030. The country’s Metaverse spending grows from US$3,876. $2 million by 2022, reaching $43,362.1 million by 2030.

This report provides a comprehensive view of the size and dynamics of the South Korean metaverse industry along with market trends covering over 100 KPIs.

Both government agencies and private companies are investing in the metaverse sector, spending millions of dollars developing innovative metaverse projects. In addition, the government has also mentioned the regulatory framework for the domestic metaverse sector, given the growing investment and interest in the sector.

From a short- to medium-term perspective, publishers expect private and public funds to grow in the virtual space, further driving innovation in the South Korean metaverse industry. Overall, publishers maintain strong industry growth prospects over the next three to four years.

More and more South Korean cities seek presence in the Metaverse

The South Korean government has made its intentions clear about the potential of the Metaverse and emerging technologies. At the beginning of 2022, the country has announced an investment of US$177.1 million towards the development of the Metaverse. The investment is part of the Digital New Deal, in which the Ministry of Science, Information and Communication Technology plans to support companies operating in the Metaverse space. Along with governments, there are also many metaverse innovations at the city level.

The city of Seoul has announced plans for the city to build a KRW 3.9 billion Metaverse platform. This innovative platform will allow locals to access Metaverse public services.

In September 2022, South Korea’s industrial city Changwon also announced that it would increase its presence in the Metaverse, joining a long list of cities in the country that have expressed interest in virtual worlds.

The city plans to recreate an industrial park in the Metaverse. Through this project, the city will promote business and services. A total of 13 billion won is expected to be spent on the development of the Metaverse industrial complex.

From a short- to medium-term perspective, the publisher expects more South Korean cities to enter the sector, which in turn will drive investment in the metaverse market. further accelerate growth.

Retail giants are increasing their presence in the Metaverse to host music festivals and events for Korean customers.

As consumers demand innovative experiences from brands and businesses, retailers in the country are turning to new technologies such as the Metaverse to drive shopper engagement.

In November 2022, Korea Seven, the South Korean operator of global convenience store retailer 7-Eleven, announced the launch of its Metaverse platform. The company has partnered with South Korean telecommunications giant SK Telecom to launch a virtual store. On the Metaverse platform, visitors can enjoy music festivals, events, and more.

In the virtual store, the retail giant recreated foods such as ramen noodles and beer on chairs, allowing visitors to sit and consume different types of content. In the next few years, more retailers in South Korea are expected to offer immersive experiences to their customers in the Metaverse.

South Korea-based Metaverse platform targets sexual abuse and exploitation in virtual worlds

The increasing number of innovations and metaverse projects launched in South Korea has also captured the attention of consumers, especially Generation Z. With the increasing adoption of the Metaverse platform among Koreans, companies are launching strategic cooperation to protect young people from sex. abuse and exploitation.

In November 2022, Zepeto, a metaverse platform launched by South Korean tech giant Never, announced a strategic cooperation with INHOPE, a global network of hotlines to combat online child abuse. Under the partnership, the two companies will strengthen surveillance technology and develop a reporting hotline to protect young people in the country from sexual abuse and exploitation.

The Metaverse platform has a strong user base of 20 million, mostly from South Korea, China, and Japan. The platform also has a strong presence in Brazil. Over the next few quarters, the company also plans to further expand its global footprint, which will bring it into competition with major players such as Meta and Roblox.

In South Korea and other markets where the company operates, Zepeto makes money by giving users the ability to customize their avatars. Over the past few years, the platform has also forged partnerships with leading consumer-focused brands such as Adidas, Nike, Rafe Lauren, Gucci and Bulgaria.

Key attributes:

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South Korea Metaverse Market Size and Future Growth Dynamics by Key Performance Indicators

• Trend analysis of total spending
• Business spending trend analysis
• Trend analysis of consumer spending

Korea Metaverse – Trend Analysis of Corporate Spending by Sector, 2021-2030

• retail business
• Technology & Telecommunications Industry
• financial services industry
• manufacturing industry
• Travel and hospitality industry
• Media & Entertainment Industry
• training and education industry
• real estate business
• Health & Wellness Industry
• other

Korean Firms Metaverse Spending by Use Case/Application, 2021-2030

• Retail (Marketing & Advertising, Commerce, Operations & Training)
• Technology and Telecommunications (Marketing and Advertising, Commerce, Operations and Training)
• Financial Services (Marketing & Advertising, Commerce, Operations & Training)
• Manufacturing (Marketing & Advertising, Commerce, Operations & Training]
• Travel & 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)

Trend Analysis of Korean NFT Spending by Sector, 2021-2030

• retail business
• Technology & Telecommunications Industry
• financial services industry
• manufacturing industry
• Travel and hospitality industry
• Media & Entertainment Industry
• training and education industry
• real estate business
• Health & Wellness Industry
• Other industries

Korean Firms Spending on the Metaverse by Technology

• By technology
• retail business
• technology and communication
• financial operations
• manufacturing industry
• travel and hospitality
• media & entertainment
• training and education
• real estate
• Health & Wellness
• other

South Korean Metaverse Spending by Platform

Korea eCommerce Spending (Total Merchandise Value) on Metaverse by Sector, 2021-2030

• retail shopping
• travel and hospitality
• online food service
• media & entertainment
• Health & Wellness
• technology products and services
• Other industries

South Korea NFT Market Size and Future Growth Dynamics by Key Performance Indicators

NFT – Trend Analysis of Total Sales Spend, 2021-2030

NFT – Total Sales Trend Analysis, 2021-2030

NFT – Average Value Trend Analysis per Transaction, 2021-2030

South Korea NFT Market Size and Forecast by Major Assets, 2021-2030

NFT Collectibles and Art Trend Analysis, 2021-2030

• amount spent
• amount to use
• average value per transaction

NFT Real Estate Trend Analysis, 2021-2030

• amount spent
• amount to use
• average value per transaction

NFT Sports Trend Analysis, 2021-2030

• amount spent
• amount to use
• average value per transaction

NFT Gaming Trend Analysis, 2021-2030

• amount spent
• amount to use
• average value per transaction

NFT Utility Trend Analysis, 2021-2030

• amount spent
• amount to use
• average value per transaction

NFT Fashion and Luxury Trend Analysis, 2021-2030

• Spend trend analysis
• Spend trend analysis
• average value per transaction

Other Asset Trend Analysis, 2021-2030

• Spend trend analysis
• Spend trend analysis
• average value per transaction

Korean Consumer Spending on Metaverse by Device from 2021 to 2030

• desktop
• mobile
• digital gadget

Korean Consumer Spending on Metaverse by Hardware Device, 2021-2030

• AR (Augmented Reality)
• VR (virtual reality)
• MR (Mixed Reality)

Learn more about this report here https://www.researchandmarkets.com/r/sxz389

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• Korean metaverse market