May 8, 2023

Metaverse Market in S. Korea Predicted to Hit $5,543.7 Million in 2023

South Korea Metaverse

South Korea Metaverse

The metaverse industry in South Korea is flourishing as it is expected to hike by around 45% this year, according to a new report.

According to a recent report by Research and Market, the world’s largest market research store, on the South Korean metaverse market and its future, the metaverse industry in South Korea is predicted to increase by 43% on an annual basis to reach $5,543.7 million in 2023, a matter which shows the significant growth of the metaverse in the Asian country.

The report also anticipated that the South Korean metaverse industry would grow up steadily in the coming period to hit a CAGR of 34.2% during 2023-2030, according to PR Newswire. In addition, the spending value of the metaverse in South Korea is predicted to increase from $$3,876. 2 million in 2022 to a record $43,362.1 million by 2030.

It mentioned that the metaverse industry would flourish as government bodies and private companies go for more spending in the metaverse sector, a matter that pushes for the emergence of creative metaverse projects. In general, Research and Market maintained a robust growth outlook for the industry over the next three to four years.

Earlier in March, the South Korean Ministry of Science and ICT announced pumping investments worth $51 million in metaverse-related projects, showing its commitment to the metaverse as a new economic growth engine,

Also, the Seoul Metropolitan Government announced on Monday the launch of its public metaverse platform, marking the first major city to debut a metaverse platform for public services for its residents and tourists.

Named “Metaverse Seoul,” the platform allows users to file public documents, tour tourist destinations in Seoul, ask for advice for starting a business, and seek help with taxes in addition to playing games.

The Seoul government spent around $1.8 million and is expected to spend an additional $2.26 million in 2023 on the second phase. The final phase will be launched in 2026.

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