Rise in mobile phone purchase along with widespread internet connectivity in the region is driving the South Korea digital marketplace market demand during the forecast period.

The South Korea Digital Marketplace Market size was valued at USD 17.01 billion in 2023, and is predicted to reach USD 34.47 billion by 2030, at a CAGR of 10.5% from 2024 to 2030, according to the new research by Next Move Strategy Consulting. The rise in mobile phone acquisitions in South Korea plays a crucial role in the growth of the digital marketplaces industry. Figures from the International Trade Administration show a significant uptick in transactions conducted through mobile phones, increasing from USD 134 billion in 2021 to USD 134.3 billion in 2022.

Additionally, a 2023 report from the Ministry of Science and ICT highlights that internet access was available in 99.96% of Korean households in 2022. With such widespread ownership of mobile devices and internet connectivity, there is seamless integration with various e-commerce platforms and applications, facilitating convenient and hassle-free shopping experiences for consumers.

However, concerns stemming from cybersecurity threats and consumer trust issues pose significant obstacles to the South Korea digital marketplace market. When consumers perceive online platforms as vulnerable to cyberattacks, they hesitate to share personal information or engage in transactions, fearing privacy breaches or financial harm.

This lack of trust lead to reduced usage of digital marketplaces and reluctance to participate in online shopping, thus hindering the South Korea digital marketplace market growth. Moreover, instances of data breaches or fraudulent activities damage the reputation of digital marketplaces, discouraging both consumers and businesses from active involvement in the virtual marketplace environment.

On the other hand, the integration of AR and VR technologies is poised to elevate the expansion of digital marketplaces. These cutting-edge advancements allow digital platforms to provide users with immersive and interactive shopping experiences.

With AR and VR, consumers visualize products in real-world contexts, virtually test them before making purchases, and explore dynamic virtual environments. These immersive encounters not only heighten customer engagement and nurture brand loyalty but also lead to increased sales.

Moreover, AR and VR equip businesses with the tools to effectively showcase their products by furnishing detailed information and personalized recommendations to users. Consequently, the incorporation of AR and VR technologies presents a promising prospect to revolutionize the future of the South Korea digital marketplaces market, offering innovative and captivating internet shopping experiences.

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Several market players operating in the South Korea digital marketplace industry include Amazon.com, Inc., Walmart Inc., eBay Inc., Alibaba Group Holding Limited, Rakuten Group, Inc., Sea Limited, MercadoLibre, Inc., JD.com, Inc., Etsy, Inc., Allegro.eu, Kogan.com, SEEK, Carsales, REA Group Ltd., Airtasker Ltd. and others.

Key Insights from the South Korea Digital Marketplace Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the South Korea digital marketplace market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.

• The market share of the key players in the South Korea digital marketplace industry is provided in the report along with their competitive analysis.