A new report on Metaverse growth in South Korea highlights growing interest in the Metaverse in the country. As the industry continues to grow, this report offers valuable insights into the size, trends, and dynamics of the South Korean metaverse market.
With an influx of investment from government agencies and private companies, the future of the South Korean metaverse is poised for significant growth and innovation.
According to The South Korea Metaverse Market Intelligence Report 2023, here’s how:
City-level innovation in the metaverse
The metaverse industry is projected to experience steady expansion, projecting an impressive compound annual growth rate (CAGR) of 34.2% between 2023 and 2030.
This significant growth will boost the country’s Metaverse spending from $3,876.2 million in 2022 to $43,362.1 million by 2030, demonstrating the enormous potential and impact of this emerging market.
Demonstrating a strong commitment to the Metaverse and emerging technologies, the South Korean government has announced a significant investment of US$177.1 million in 2022 as part of its Digital New Deal initiative.
Led by the Ministry of Science, Information and Communication Technology, the initiative aims to support companies operating within the Metaverse sector, reflecting the government’s dedication to promoting Metaverse innovation at the national as well as city level.

The city of Seoul has announced plans to build a KRW 3.9 billion Metaverse platform designed to provide locals with access to public services within a virtual world.
In September 2022, the South Korean industrial city of Changwon also announced its intention to establish a presence in the Metaverse, with an ever-growing list of cities of interest.
Changwon’s latest initiative centers around replicating industrial parks within the metaverse with the aim of boosting businesses and services. The city has allocated his 13 billion won for the development of this virtual industrial complex.
In the short to medium term, we expect more Korean cities to enter the metaverse space, driving further investment over the next 3-4 years and accelerating the growth of the industry.
Retailers accepting the metaverse
As consumers demand innovative experiences from brands and businesses, Korean retailers are turning to new technologies like the Metaverse to enhance shopper engagement.
Korea Seven, which operates 7-Eleven convenience stores in South Korea, has announced the debut of its Metaverse platform in November 2022. Experiences such as music festivals and events that visitors can enjoy.

In an innovative approach to virtual retail, the store incorporates imaginative elements such as turning foods such as ramen noodles and beer into chairs, allowing visitors to sit and consume a variety of content in an immersive environment. bottom. This landmark experience highlights the enormous potential for Korean retailers to adopt Metaverse technology in the near future to create unique and engaging experiences for their customers.
As the Metaverse continues to gain momentum, more Korean retailers are expected to create immersive experiences for their customers in virtual worlds, further driving innovation and engagement in this rapidly evolving market.
Ensuring safety in the Korean metaverse
As the Metaverse continues to grow and innovate in South Korea, it is gaining interest from consumers, especially Generation Z. This rapidly evolving digital environment offers new opportunities for engagement and entertainment, but also presents a unique challenge of protecting young users from online abuse. and exploitation.
Recognizing the need for enhanced security measures, South Korean tech giant Never announced a strategic cooperation between its metaverse platform Zepeto and INHOPE, a global network of hotlines to combat online child abuse. Announced. Announced in November 2022, the alliance aims to create a safer virtual environment for South Korean youth.
The partnership between Zepeto and INHOPE will focus on enhancing surveillance technology and developing reporting hotlines to protect young users from abuse and exploitation within the metaverse. Together, these organizations demonstrate their commitment to creating safe and positive spaces for users of all ages.
final thoughts
The South Korea Metaverse Market Intelligence Report 2023 highlights the growing interest and rapid expansion of the Metaverse in South Korea. The metaverse industry is poised for significant growth and innovation in the coming years, fueled by significant investment from both government agencies and private companies.
The Metaverse represents an exciting digital landscape ready to transform our lives. According to MRFR analysis, this emerging market is expected to grow at a rate of 45.2% from 2022 to 2030 and is expected to reach a valuation of more than US$107.49 billion by 2030. is expected.
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