South Korea Digital Marketplace Market

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South Korea Digital Marketplace Market by Platform (Desktop, Mobile, and Tablets), by Model Type (Business to Business (B2B), Business to Consumer (B2C), and Consumer to Consumer (C2C)), and by End Users (Commercial, and Personal)- Opportunity Analysis and Industry Forecast, 2024– 2030

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

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South Korea Digital Marketplace Market Overview

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.

Increased Mobile Phone Purchases Drive South Korea Digital Marketplace Market Growth

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.

 

Growth in Cross-Border E-commerce Stimulates the Expansion of the South Korea Digital Marketplace Market Trends

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.

Challenges in Cybersecurity and Consumer Trust Impede South Korea Digital Marketplace Market Expansion

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.

 

Incorporation of Augmented Reality (AR) and Virtual Reality (VR) Presents Lucrative Opportunity for Market Expansion

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.

 

Competitive Landscape  

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.

South Korea Digital Marketplace Market Key Segments

By Platform

  • Desktop

  • Mobile

  • Tablets

By Model Type

  • Business to Business (B2B)

  • Business to Consumer (B2C)

  • Consumer to Consumer (C2C)

By End-User

  • 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

  • Increased mobile phone purchases boosts the market growth.

  • Growth in cross-border e-commerce drives the growth of industry.

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.

KEY PLAYERS

  • 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.

Bar chart Pie chart Pie chart

Frequently Asked Questions

The key market players operating in the South Korea online marketplace market are 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., Freelancer Ltd., and Hipages Group.

According to the Next Move Strategy Consulting, the size of the South Korea online marketplace market is estimated at USD 17.01 billion in 2023.

The integration of Augmented Reality (AR) and Virtual Reality (VR) Technologies is expected to create opportunities for the South Korea digital marketplace market.

Cybersecurity and customer trust issues related to digital commerce platforms acts as restraining factors to the growth of South Korea digital marketplace market.

According to the Next Move Strategy Consulting, the size of the South Korea digital marketplace market is estimated to be at USD 34.47 billion in 2030.

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