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 US$10.33bn 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 8.14% annually from 2022 to 2027.
- This positive growth trajectory is expected to drive the market volume to reach US$15.50bn by 2027.
- In terms of revenue streams within the App market, in-app purchases (IAP) are projected to generate US$6.76bn 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 US$52.32m 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 US$3.52bn 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 1.80bn 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 US$5.75.
- 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 China generates the highest revenue.
- In 2022, China's app market is projected to generate a staggering US$162.90bn, 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
Definition:
The App market constitutes the sale of software applications that can be downloaded, installed, and run on mobile devices. More specifically, it refers to apps that can be downloaded from Apple, Inc.'s App Store and the Google Play store (or in the case of China, from stores such as Huawei AppGallery and Tencent Appstore) and which can be installed and run on iPhones and Android phones.Structure:
We track 20 non-game categories and 15 game categories that are found in both Apple Inc.'s App Store and the Google Play store.Additional Information:
We consider three different sources of revenue:- Revenue from in-app purchases (IAP) that comes from the purchase of features, upgrades, and subscriptions within an app
- Paid app revenue from the one-time purchase of an app
- Advertising revenue obtained from showing ads within an app
In-Scope
- Apps that can be downloaded from major app stores such as Apple, Inc.'s App Store and the Google Play store, or in the case of China, from stores such as Huawei AppGallery and Tencent Appstore.
- Apps that are run on iPhones and Android phones.
Out-Of-Scope
- Apps exclusively offered by Microsoft Store and Amazon Appstore for Android.
- Custom-made apps not available from any official app store.
- B2B/C2C app sales of any kind.
- Subscription revenues outside of in-app purchases (for example, Netflix and Spotify use their own payment systems outside of their apps).
