Finance - South Korea

South Korea

In 2022, the Finance market in South Korea is projected to reach a total revenue of US$28.80m.
This represents a significant amount of revenue in the country's financial sector.
Looking ahead, the market is expected to show a steady annual growth rate (CAGR 2022-2027) of 11.29%.
This growth is anticipated to result in a projected market volume of US$52.39m by 2027.
Within the Finance market, in-app purchase (IAP) revenue is projected to reach US$9.62m in 2022.
This indicates the popularity and demand for in-app purchases related to finance-related services in South Korea.
Additionally, paid app revenue in the Finance market is projected to reach US$0.34m in 2022.
This revenue stream highlights the willingness of users to pay for finance-related applications.
Advertising revenue is also an important factor in the Finance market.
In 2022, it is projected to reach US$18.84m.
This indicates the significant role of advertising in the promotion and monetization of finance-related products and services in South Korea.
The number of downloads in the Finance market is projected to reach 120.60m downloads in 2022.
This high number of downloads demonstrates the large user base and interest in finance-related applications in the country.
Currently, the average revenue per download in the Finance market is expected to amount to US$0.24.
This metric provides insights into the profitability and monetization potential of finance-related applications in South Korea.
When comparing the Finance market globally, it is evident that in the United States generates the most revenue in this sector.
In 2022, in the United States is projected to generate a significant amount of revenue, reaching US$580.10m.
This showcases the dominance of the United States in the global finance market.
Overall, the Finance market in South Korea shows promising growth potential, with increasing revenue projections and a significant number of downloads.
This highlights the country's strong interest and engagement in finance-related services and applications.

Key regions: India, Europe, Japan, China, Germany

Market

Region

Region comparison

Currency

Analyst Opinion

Since the start of Apple, Inc.'s App Store in 2008 with around 500 apps, mobile apps have come to dominate the digital economy and have quickly outpaced the demand for desktop applications. As of 2021, the Apple App Store and Google Play Store had more than 5 million apps combined. Because many apps from the West are not available in China, many new app stores have emerged there. Digital lifestyles around the world now depend on adopting mobile apps, especially when it comes to social networking. The games industry has also been thoroughly transformed by the app revolution and is demonstrated by the fact that the games category is the largest and highest-grossing app category.

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.