South Korea’s metaverse industry is rapidly gaining traction with government entities and private corporations investing heavily in its future growth and innovation. According to the South Korea Metaverse Market Intelligence Report 2023, the industry is expected to experience a compound annual growth rate (CAGR) of 34.2% between 2023 and 2030, reaching a staggering $43,362.1 million by 2030.
One indication of South Korea’s strong commitment to the metaverse is seen in its announcement of a $177.1 million investment in 2022 as part of the Digital New Deal initiative. This initiative aims to support companies operating within the metaverse sector, including city-level metaverse innovation.
Seoul’s metropolitan government plans to construct a $3.9 billion won metaverse platform designed to provide local access to public services within the virtual world. Similarly, Changwon, an industrial city in South Korea, has allocated 13 billion won for the development of a virtual industrial complex within the metaverse.
South Korean retailers are also turning to the metaverse to enhance shopper engagement. Korea Seven, which operates 7-Eleven convenience stores in South Korea, introduced a virtual store that offers an immersive experience for visitors to enjoy. A store has incorporated imaginative elements such as turning food products into chairs, allowing visitors to sit and consume diverse content.
As the metaverse presents a new landscape for engagement and entertainment, it also poses unique challenges in protecting young users from online abuse and exploitation. South Korea’s tech giant, Never, announced a strategic collaboration between its metaverse platform, Zepeto, and INHOPE to safeguard young users from abuse and exploitation within the metaverse.
The South Korea Metaverse Market Intelligence Report 2023 underscores the rapid expansion and growing interest in the metaverse in the country. With substantial investments from government and private entities, the metaverse industry’s potential for growth and innovation is high, expected to reach a valuation of over $107.49 billion by 2030.
