Market Insights Digital FinTech Digital Payments

Digital Commerce - South Korea

South Korea

Transaction value in the Digital Commerce market is projected to reach €168.70bn in 2024.
Transaction value is expected to show an annual growth rate (CAGR 2024-2028) of 4.01% resulting in a projected total amount of €197.40bn by 2028.
In the Digital Commerce market, the number of users is expected to amount to 50.19m users by 2028.
The average transaction value per user in the Digital Commerce market is expected to amount to €4.07k in 2024.
From a global comparison perspective it is shown that the highest transaction value is reached in the United States (€2,091.00bn in 2024).

Key regions: India, Brazil, France, Germany, Asia

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Analyst Opinion

The Digital Commerce market is currently experiencing a surge in demand as consumers increasingly shift their shopping habits to online channels. One of the prominent trends in the market is the growing adoption of mobile commerce, as more consumers use their smartphones and tablets to make purchases. Another trend is the rise of social commerce, as social media platforms like Instagram and Facebook introduce new features that allow businesses to sell products directly through their platforms. Additionally, there is an increased focus on personalized shopping experiences, with businesses leveraging data and AI to provide tailored recommendations and promotions to customers.
The growth in the Digital Commerce market is being driven by several factors, including the convenience and accessibility of online shopping, the proliferation of mobile devices, and the increasing use of social media and digital advertising. Additionally, the COVID-19 pandemic has accelerated the shift towards digital commerce as consumers look for safe and contactless ways to shop. The rise of e-commerce marketplaces, such as Amazon and Alibaba, has also played a significant role in the growth of the industry, providing businesses of all sizes with a platform to sell their products globally.
Looking ahead, the digital commerce market is expected to continue its rapid growth in the coming years, with increasing numbers of consumers shopping online and the development of new technologies and platforms. Some key factors that are expected to drive growth in the market include the increasing use of mobile devices for online shopping, the integration of social media with e-commerce, and the expansion of e-commerce into new markets and regions. However, the market may also face challenges such as increasing competition, concerns over privacy and security, and the potential for regulatory changes that could impact the industry.

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.