App - South Korea

South Korea

The App market in South Korea is expected to experience significant growth in the coming years.
According to projections, the total revenue is estimated to reach €9,806.00m in 2022.
This represents a substantial increase in revenue for the country's app industry.
Furthermore, the market is expected to maintain a steady growth rate of 8.43% annually from 2022 to 2027.
This positive growth trajectory is expected to drive the market volume to reach €14,480.00m by 2027.
In terms of revenue streams within the App market, in-app purchases (IAP) are projected to generate €6.42bn in 2022.
This highlights the significant role that in-app purchases play in driving revenue for app developers and publishers in South Korea.
Additionally, paid app revenue is expected to reach €0.05bn in 2022.
This signifies the willingness of consumers in South Korea to pay for premium apps, contributing to the overall revenue of the market.
Moreover, advertising revenue within the App market is projected to reach €3.34bn in 2022.
This demonstrates the increasing importance of advertising as a revenue stream for app developers and publishers in South Korea.
In terms of user engagement, the number of downloads in the App market is projected to reach 1,796.00m downloads in 2022.
This showcases the growing popularity of mobile apps among consumers in South Korea.
Currently, the average revenue per download is expected to amount to €5.46.
This metric provides insights into the monetization potential of each app download in South Korea.
When comparing South Korea's App market to the global landscape, it is worth noting that in China generates the highest revenue.
In 2022, in China's app market is projected to generate a staggering €154.60bn, highlighting its dominance in the global app industry.
Overall, the App market in South Korea is poised for significant growth, driven by various revenue streams and a growing number of app downloads.
These projections indicate that the country's app industry is on track to make a substantial impact on the global market.

Key regions: China, United States, Europe, Germany, Asia

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Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenue from in-app purchases, revenue from the purchase of apps, and revenue from advertising, as well as the number of downloads for each app category.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use market data from independent databases and third-party sources, current trends, and reported performance indicators of top market players. In addition, we use relevant key market indicators and data from country-specific associations, such as smartphone users and mobile broadband connections. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward apps.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year in case market dynamics change.