Industry: ICT & Media | Publish Date: 28-Jun-2024 | No of Pages: 135 | No. of Tables: 101 | No. of Figures: 46 | Format: PDF | Report Code : N/A
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. Digital marketplace market, also referred to as online marketplaces or digital commerce platforms, act as virtual centers where individuals engage in purchasing or selling goods, services, or information. These platforms facilitate transactions between various parties, including buyers and sellers, within a centralized online environment designed to optimize product discovery, purchasing, and delivery processes.
Notable examples of online marketplaces encompass well-established e-commerce platforms such as Amazon, eBay, and Alibaba, alongside service-oriented platforms such as Upwork and Fiverr. Leveraging sophisticated technology, these platforms streamline transaction processes, ensuring secure payment processing and enhancing user experiences with features such as customer reviews and ratings. Consequently, online marketplaces fulfill a vital role in modern commerce by bridging the gap between businesses and consumers across diverse geographic locations, facilitating seamless global transactions.
The surge in mobile phone purchases in South Korea significantly contributes to the expansion of the digital marketplace market. Data from the International Trade Administration indicates a notable increase in purchases made via mobile phones, rising from USD 134 billion in 2021 to USD 134.3 billion in 2022.
Furthermore, a 2023 Ministry of Science and ICT report highlights that 99.96% of Korean households had internet access in 2022. This widespread ownership of mobile phones and access to the internet fosters seamless integration with various e-commerce applications and platforms, facilitating smooth and convenient shopping experiences for consumers.
The growth of cross-border e-commerce purchases in South Korea emerges as a significant driver for the expansion of the digital marketplace market. According to the International Trade Administration, cross-border e-commerce purchases soared to USD 4.7 billion in 2022.
This upward trend not only broadens the array of products available to South Korean consumers but also fosters competition and innovation within the domestic online marketplace ecosystem. Consequently, online marketplaces in South Korea experience heightened demand and engagement, driving overall advancement within the online marketplaces market in the country.
Concerns arising from cybersecurity threats and consumer trust issues pose significant hurdles to the expansion of the 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 market growth. Moreover, instances of data breaches or fraudulent activities damage the reputation of online marketplaces, discouraging both consumers and businesses from active involvement in the online marketplace environment.
The integration of AR and VR technologies is poised to elevate the expansion of online 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 digital marketplaces, offering innovative and captivating shopping experiences.
The key 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.
Desktop
Mobile
Tablets
Business to Business (B2B)
Business to Consumer (B2C)
Consumer to Consumer (C2C)
Commercial
Personal
REPORT SCOPE AND SEGMENTATION:
Parameters |
Details |
Market Size in 2023 |
USD 17.01 Billion |
Revenue Forecast in 2030 |
USD 34.47 Billion |
Growth Rate |
CAGR of 10.5% from 2024 to 2030 |
Analysis Period |
2023–2030 |
Base Year Considered |
2023 |
Forecast Period |
2024–2030 |
Market Size Estimation |
Billion (USD) |
Growth Factors |
|
Companies Profiled |
15 |
Market Share |
Available for 10 companies |
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
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.