Pro
Technology & Electronics
Middle East & Africa Core Banking Solution Market, by Services, 2017-2025
| Label | USD Trillion |
|---|---|
| 2018 | 0.0803283959473023 USD Trillion |
| 2019 | 0.0883241579911733 USD Trillion |
| 2020 | 0.0970887122572042 USD Trillion |
| 2021 | 0.105835605425145 USD Trillion |
| 2022 | 0.115336128778277 USD Trillion |
| 2023 | 0.128269799521427 USD Trillion |
| 2024 | 0.142653914778921 USD Trillion |
| 2025 | 0.158651143535678 USD Trillion |
| 2026 | 0.176442399371582 USD Trillion |
| 2027 | 0.196228886864353 USD Trillion |
| 2028 | 0.226325203026973 USD Trillion |
| 2029 | 0.261037533273649 USD Trillion |
| 2030 | 0.301073863122901 USD Trillion |
| 2031 | 0.347250766927348 USD Trillion |
| 2032 | 0.399369602999019 USD Trillion |
Data Source: Wantstats Repository
Market Dynamics
South Korea’s e-commerce market has been on an exponential growth trajectory in recent years and is expected to continue to grow for the next few decades. With a population of more than 50 million, South Korea has a highly developed IT infrastructure, leading to widespread internet use and a vibrant e-commerce market. The market was worth US$51.3 billion in 2018 and is expected to grow at a CAGR of 37.7% to US$281.6 billion by 2032. The growth is driven by increasing internet penetration, evolving customer behavior, new regulations and major investments in the digital infrastructure. The growth of the e-commerce market in South Korea is spurred by continually increasing internet usage among its citizens. As technology advancements have continued, more households have access to broadband connections with a percentage of households with broadband penetration rising from 44.1% in 2020 to 77.6% in 2022. By 2032, it is expected to reach 98%. This will lead to an increase in online shopping, creating more opportunities in the e-commerce market. Furthermore, the emergence of emerging payment technologies such as cloud payments, AI and blockchain is expected to revolutionize the e-commerce market.
These new solutions allow customers to have an easier and more secure payment process, which will lead to more online purchases. In addition, South Korea’s government has implemented regulations and policies that have opened up the market to more competition and innovation. This has made the e-commerce market in South Korea more appealing and attractive to local and foreign players. Furthermore, with major investments being made into digital infrastructure, the quantity and quality of services available to online retailers is improving. This will result in increased efficiency, more options, and improved customer experience. All in all, the market outlook for South Korea’s e-commerce market for the next decade remains highly promising. With the increase in internet usage, new regulations and policies, upcoming payment technologies, and investment in digital infrastructure, the market is poised for an explosive growth in the near future. By 2032, the market is expected to reach US$281.6 billion, up from US$51.3 billion in 2018.
Research Methodology
Figures reflect Wantstats’ original market research and forecasting models, compiled as part of the Wantstats research archive and published in 2023.
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Manager, JavolVision
Thanks, I am so happy that we worked together. Maybe we still can work together in the future.
Joseph Aguayo
Sales Operations & Pricing Manager, Intel
Thanks. It's been a pleasure working with you, please use me as reference with any other Intel employees.
Bong Lau
Sales Leader, Bamberg
We bought your "2025 report" in 2020. Everything is fine and very good.
Peter Groot Koerkamp
Account and Business Manager, EFS-Holland BV
Thanks for sending the report it gives us a good global view of the Betaïne market.
Younghwan Choi
Senior Retail Manager, LG Chem
We found the report very insightful! we found your research firm very helpful. I'm sending this email to secure our future business.
Mark Irwin
Management Consultant, Level 21
I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.
Rob Kooiker
Group Product Manager HVAC & Fire Protection GMA, Rockwool
I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
Jason Lee
R&D Director, Seojin
Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Akif Moroglu
Strategy & Business Development Director, Dogan Holding
We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.