Education - South Korea

South Korea

The Education market in South Korea is expected to experience significant growth in the coming years.
According to projections, the total revenue in this market is expected to reach US$92.20m in 2022.
This indicates a promising outlook for the education sector in the country.
Furthermore, the Education market is anticipated to show a steady annual growth rate of 10.40% between 2022 and 2027.
As a result, the projected market volume is estimated to reach US$150.30m by 2027.
This demonstrates the potential for continued expansion and development within the South Korean education industry.
In terms of revenue streams within the Education market, in-app purchases (IAP) are projected to contribute significantly.
It is expected that in 2022, the revenue from in-app purchases will reach US$50.12m.
This highlights the increasing popularity of digital learning platforms and the monetization opportunities they provide.
Paid app revenue is also expected to contribute to the overall revenue in the Education market.
In 2022, the projected revenue from paid apps is estimated to be US$0.87m.
This indicates that there is a demand for educational applications and content that users are willing to pay for.
Additionally, advertising revenue is projected to be another substantial revenue stream within the Education market.
It is anticipated that advertising revenue will reach US$41.21m in 2022.
This suggests that advertisers recognize the value of reaching the target audience through educational platforms.
The number of downloads in the Education market is expected to continue growing as well.
In 2022, the projected number of downloads is estimated to reach 56.73m downloads.
This indicates a strong demand for educational content and applications among consumers in South Korea.
Currently, the average revenue per download in the Education market is expected to amount to US$1.63.
This metric provides insights into the monetization potential of educational offerings and the value they provide to users.
When comparing the Education market globally, it is evident that in the United States generates the highest revenue.
In 2022, the projected revenue from the Education market in the United States is estimated to be US$2,681.00m.
This highlights the dominance of the United States in the global education industry.
Overall, the Education market in South Korea is poised for growth and presents various opportunities for stakeholders in the industry.
With the increasing adoption of digital learning platforms and the rising demand for educational content, the future looks promising for the South Korean education sector.

Key regions: China, Germany, Europe, South Korea, United States

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.