Key regions: United States, Europe, France, India, Asia
The Online Games market in South Korea has been experiencing significant growth in recent years. Customer preferences for online gaming, along with several trends in the market, have contributed to this development. Additionally, local special circumstances and underlying macroeconomic factors have played a role in shaping the online gaming landscape in South Korea.
Customer preferences: South Korean customers have shown a strong preference for online gaming. The country has one of the highest internet penetration rates in the world, with a tech-savvy population that embraces digital entertainment. Online games provide a convenient and immersive experience for gamers, allowing them to connect with players from around the world and compete in virtual environments. The popularity of online gaming has also been fueled by the rise of esports in South Korea, where professional gamers compete in tournaments and attract a large following.
Trends in the market: One of the key trends in the online games market in South Korea is the increasing popularity of mobile gaming. With the widespread adoption of smartphones and the availability of high-speed mobile internet, more people are turning to mobile devices for gaming. Mobile games offer convenience and accessibility, allowing users to play anytime and anywhere. This trend has led to a surge in mobile game development and a growing number of mobile game players in South Korea. Another trend in the market is the rise of virtual reality (VR) and augmented reality (AR) gaming. South Korea has been at the forefront of technological advancements in gaming, and VR and AR technologies have gained traction in the market. These immersive gaming experiences provide a new level of realism and interactivity, attracting gamers who seek a more engaging and immersive gameplay.
Local special circumstances: South Korea has a unique gaming culture that has contributed to the growth of the online games market. The country has a strong gaming community and a competitive esports scene, which has helped to popularize online gaming. Additionally, South Korean game developers have gained international recognition for their high-quality games, attracting global audiences and contributing to the growth of the market.
Underlying macroeconomic factors: The South Korean economy has been growing steadily, providing consumers with higher disposable incomes. This has allowed more people to afford gaming devices and invest in online games. Additionally, the government has been supportive of the gaming industry, providing favorable policies and incentives to promote its growth. These macroeconomic factors have created a conducive environment for the development of the online games market in South Korea. In conclusion, the Online Games market in South Korea has experienced significant growth due to customer preferences for online gaming, trends such as mobile gaming and VR/AR gaming, local special circumstances including a strong gaming culture and competitive esports scene, and underlying macroeconomic factors such as a growing economy and government support. As these factors continue to drive the market, the online games industry in South Korea is expected to thrive in the coming years.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the Video Games market. Digital video games are defined as fee-based video games distributed over the internet. These include online games, download games, mobile games, and gaming networks. All monetary figures refer to consumer spending on digital goods or subscriptions in the respective market. This spending factors in discounts, margins, and taxes.Modeling approach / market size:
The market size is determined through a bottom-up approach. We use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., Consumer Insights), as well as performance factors (e.g., user penetration, price per product, usage) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as various macroeconomic indicators, historical developments, current trends, and reported performance indicators of key market players. In particular, we consider average prices and annual purchase frequencies.Forecasts:
We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, 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. The main drivers are GDP per capita, consumer spending per capita, and 4G coverage.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Consumer Insights data is reweighted for representativeness.
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