LAS VEGAS -- South Korea's science ministry will set up a booth at the Consumer Electronics Show, the world's largest annual consumer electronics exhibition held in Las Vegas, to help 10 South Korean companies promote their metaverse-related products to global investors and clients.
Metaverse is a virtual world where anyone can engage in many different social and economic activities using their own avatars. Metaverse platforms require high-speed internet access. According to Emergen Research, a market research firm, the global metaverse market is projected to reach $828.95 billion by 2028.
The Consumer Electronics Show (CES) is a popular event for South Korean tech companies, related government-operated organizations, and administrative bodies that wish to present their products and services. In CES 2024, scheduled to be held in Las Vegas from January 9 to January 12 (local time), a total of 4,314 companies will participate. Among them, 789 will be from South Korea, accounting for about 18.3 percent.
The Ministry of Science and ICT said on January 8 that the ministry’s CES booth "K-Metaverse" will be established to support domestic companies specializing in metaverse technology. The 10 South Korean firms include Metaedusys, a digital textbook developer, Sidewalk Entertainment, an artificial intelligence-based K-pop dance platform operator, and metaverse-based healthcare platform developer Wave Company.
Metaverse platforms have been incorporated in many sectors in South Korea to bridge the gap between online and offline spaces. In January 2023, Seoul released "Metaverse Seoul," a virtual platform in which avatar workers deal with civic complaints and provide virtual tourism experiences. Tourists can also visit virtually created attractions such as palaces where they can feel the vibe of the Joseon Dynasty that ruled the Korean peninsula from 1392 to 1897.