Cryptocurrencies - South Korea

  • South Korea
  • Revenue in the Cryptocurrencies market is projected to reach €1.67bn in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 4.74% resulting in a projected total amount of €2.01bn by 2028.
  • The average revenue per user in the Cryptocurrencies market amounts to €0.15k in 2024.
  • From a global comparison perspective it is shown that the highest revenue is reached in the United States (€21,310.00m in 2024).
  • In the Cryptocurrencies market, the number of users is expected to amount to 12.02m users by 2028.
  • User penetration will be 21.43% in 2024 and is expected to hit 23.45% by 2028.

Key regions: United Kingdom, Asia, Germany, Europe, United States

Mercado
Región
Comparación de regiones
Moneda

Revenue

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Notes: Data was converted from local currencies using average exchange rates of the respective year.

Most recent update: Mar 2024

Fuente: Statista Market Insights

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Notes: Data shown reflects the ban of cryptocurrencies in China.

Most recent update: Mar 2024

Fuente: Statista Market Insights

in billion EUR (€)

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Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.

Most recent update: Apr 2024

Digital

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Analyst Opinion

Currently, the cryptocurrency market has been experiencing a period of volatility, with fluctuations in the value of major cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin. The market has also seen a rise in the number of altcoins, or alternative cryptocurrencies, with unique features and use cases.
Several growth factors are driving the growth of the cryptocurrency market, including increasing acceptance and adoption of cryptocurrencies by individuals and institutions, growing interest in decentralized finance (DeFi) platforms, and the potential for cryptocurrencies to serve as a hedge against inflation and political instability. Additionally, advancements in blockchain technology and the increasing use of cryptocurrencies for cross-border transactions are also contributing to market growth.
The cryptocurrency market is expected to continue growing in the coming years. The increasing adoption of cryptocurrencies by businesses and individuals, along with the ongoing development of DeFi and other blockchain-based platforms, is likely to fuel this growth. However, the market is also likely to experience volatility and corrections, as is typical with any emerging and rapidly evolving market.

Key Players

in percent

2022
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Most recent update: Mar 2024

Fuente: Statista Market Insights

Users

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Most recent update: Mar 2024

Fuente: Statista Market Insights

Global Comparison

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Most recent update: Mar 2024

Fuente: Statista Market Insights

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on transaction values / revenues / assets under management and user data of relevant services and products offered within the FinTech market.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, publicly available databases, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, population, internet penetration, smartphone penetration, credit card penetration, and online banking penetration. 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.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.

Key Market Indicators

The following Key Market Indicators give an overview of the social and economic outlook of the selected region and provide additional insights into relevant market-specific developments. These indicators, together with data from statistical offices, trade associations and companies serve as the foundation for the Statista market models.

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