A new report on the growth of the Metaverse in South Korea highlights the burgeoning interest in the metaverse within the country. As the industry continues to grow, this report provides valuable insights into the size, trends, and dynamics of the South Korean metaverse market.
With investments pouring in from government entities and private corporations, South Korea’s metaverse’s future is poised for significant growth and innovation.
Here’s how according to a The South Korea Metaverse Market Intelligence Report 2023.
City-Level Innovations in the Metaverse
Projected to experience a steady expansion, the Metaverse industry anticipates a remarkable compound annual growth rate (CAGR) of 34.2% between 2023 and 2030.
This substantial growth will propel the Metaverse Spend Value in the country from US$3,876.2 million in 2022 to an impressive US$43,362.1 million by 2030, illustrating the significant potential and impact of this emerging market.
Showcasing a strong commitment to the metaverse and emerging technologies, the South Korean government announced a substantial investment of US$177.1 million in 2022 as part of its Digital New Deal initiative.
Spearheaded by the Ministry of Science and Information and Communication Technologies, this initiative aims to provide support to companies operating within the metaverse sector, reflecting the government’s dedication not only at the national level but also in fostering city-level metaverse innovation.
Seoul’s metropolitan government announced plans to construct a 3.9 billion won metaverse platform designed to provide locals access to public services within the virtual world.
In September 2022, Changwon, an industrial city in South Korea, also revealed its intention to establish a presence in the metaverse, joining a growing list of interested cities.
Changwon’s latest initiative is centered around replicating its industrial complex within the metaverse, aimed at boosting businesses and services. The city has allocated 13 billion won for the development of this virtual industrial complex.
Over the short to medium term, the publisher anticipates more South Korean cities will enter the metaverse space, driving further investment and accelerating industry growth for the next three to four years.
Retailers Embracing the Metaverse
As consumers seek innovative experiences from brands and businesses, South Korean retailers are turning to emerging technologies like the metaverse to enhance shopper engagement.
Korea Seven, the operator of 7-Eleven convenience stores in South Korea, unveiled the debut of a metaverse platform in November 2022. Collaborating with SK Telecom, a leading South Korean telecom corporation, the company introduced a virtual store that offers a diverse range of experiences such as music festivals and events for visitors to enjoy.
In an innovative approach to virtual retail, a store has incorporated imaginative elements such as turning food products like ramen noodles and beer into chairs, allowing visitors to sit and consume diverse content in an immersive environment. This groundbreaking experience highlights the tremendous potential for South Korean retailers to embrace metaverse technologies in the near future, creating unique and engaging experiences for their customers.
As the metaverse continues to gain traction, it is expected that more retailers in South Korea will create immersive experiences for their customers in the virtual world, further driving innovation and engagement in this rapidly evolving market.
Ensuring Safety in South Korea’s Metaverse
As the metaverse continues to grow and innovate in South Korea, it has piqued the interest of consumers, particularly among Generation Z. This rapidly evolving digital landscape offers new opportunities for engagement and entertainment, but also presents unique challenges in protecting young users from online abuse and exploitation.
Recognizing the need for enhanced safety measures, South Korean tech giant Never has announced a strategic collaboration between its metaverse platform, Zepeto, and INHOPE, a global network of hotlines dedicated to combating online child abuse. Announced in November 2022, this alliance aims to create a safer virtual environment for South Korea’s youth.
The partnership between Zepeto and INHOPE will focus on bolstering monitoring technology and developing a reporting hotline to safeguard young users from abuse and exploitation within the metaverse. By joining forces, these organizations demonstrate their commitment to creating a secure and positive space for users of all ages.
The South Korea Metaverse Market Intelligence Report 2023 underscores the growing interest and rapid expansion of the metaverse in the country. Driven by substantial investments from both government and private entities, the metaverse industry is poised for significant growth and innovation in the coming years.
The Metaverse represents an exciting digital landscape poised to transform our lives. According to MRFR analysis, this emerging market is anticipated to experience robust growth, boasting a 45.2% growth rate from 2022 to 2030 and reaching a valuation of over USD 107.49 billion by 2030.
Zepeto, a metaverse platform by Never, partnered with INHOPE to combat online child abuse, strengthening monitoring technology, and developing a reporting hotline.
They announced a US$177.1 million investment in 2022 as part of the Digital New Deal, aiming to support companies operating in the metaverse sector.
Seoul plans to build a 3.9 billion won metaverse platform for public services, while Changwon is investing 13 billion won in a virtual industrial complex.
The report provides insights into the size, trends, and dynamics of the South Korean metaverse market, highlighting its rapid growth and innovation.