Tuesday, May 17, 2022
News

S.Korea aims to become world's 5th-biggest metaverse market by 2026

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

Seoul | Thursday, 2022 8:15:08 PM IST
South Korea on Thursday unveiled a long-term road map to foster its metaverse industry, with the aim of becoming the world's fifth-largest market in the next five years.

Under the plan, South Korea will foster at least 220 metaverse companies with sales volumes of more than 5 billion won ($4.2 million) and create a "metaverse academy" this year to nurture 40,000 local experts by 2026, the ICT and Science Ministry said.

"Metaverse is a digital 'New World' with infinite possibilities," Yonhap News Agency quoted Science and ICT Minister Lim Hye-sook as saying, noting that the government will work closely with the industry and relevant ministries.

The metaverse refers to a shared virtual space in which users interact with each other through digital avatars and experience a virtual reality (VR) world.

Such platforms have grown in popularity over recent years as people shifted their activities online amid the pandemic.

South Korea also plans to build an online Korean language institute on metaverse platforms for foreigners and to kick off several projects to apply metaverse technology in tourism, medicine and arts, including in K-pop.

To boost further growth, it will run a "K-Metaverse Academy" to help global metaverse startups enter the South Korean market and connect them with local content companies.

Currently, South Korea is said to rank 12th in the world in terms of market share in the metaverse industry.

--IANS wh/ksk/

( 244 Words)

2022-01-20-14:28:03 (IANS)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE SCIENCE NEWS
Reseachers finds imbalance between energ...
Here's how greenhouse gas emissions can ...
Bezos' Blue origin targets May 20 for ne...
Study suggests some strategies to cut me...
Research suggests soil from moon can gen...
Scientists identify how brain triages em...
More...
 
INDIA WORLD ASIA
'Centre committed to spread teachings of...
Trying to create communal trouble: K'tak...
Fault lines widening amongst Indian Musl...
Rajasthan's Ramgarh Vishdhari Sanctuary ...
Telangana Cong to urge Rahul Gandhi to l...
Heat wave's intensity, spatial distribut...
More...    
 
 Top Stories
Indian American student 'choked for... 
Lead the change with a master's deg... 
Big CIO show to convene India's top... 
Ajith Rajapakse elected new Deputy ... 
Time to save big with the launch of... 
IPL 2022: MI win toss, to bowl firs... 
Qurat Ul Ain's enigmatic personalit... 
Racism in South Africa: White stude...