Market Insights Technology Software Productivity Software

Creative Software - South Korea

South Korea

Revenue in the Creative Software market is projected to reach US$138.90m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.65%, resulting in a market volume of US$148.30m by 2028.
In global comparison, most revenue will be generated in the United States (US$4,777.00m in 2024).

Key regions: Canada, Netherlands, Germany, Japan, China

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Analyst Opinion

The Creative Software market in South Korea has seen significant growth in recent years.

Customer preferences: South Korean consumers have shown a strong interest in creative software, particularly in the fields of graphic design, animation, and video editing. This is partly due to the country's thriving entertainment industry, which has created a demand for high-quality visual content. Additionally, the rise of social media platforms has led to an increase in user-generated content, further driving demand for creative software.

Trends in the market: One of the key trends in the South Korean Creative Software market is the growing popularity of cloud-based software. This trend is in line with global market trends, as cloud-based software offers greater flexibility and accessibility for users. Another trend is the increasing use of artificial intelligence (AI) and machine learning (ML) in creative software, which has the potential to significantly streamline the creative process and improve the quality of output.

Local special circumstances: South Korea has a highly developed technology sector, with a number of large technology companies based in the country. This has helped to drive innovation in the Creative Software market, with many local companies developing cutting-edge software solutions. Additionally, South Korea has a strong education system that places a high emphasis on technology and creativity, providing a pool of skilled workers for the industry.

Underlying macroeconomic factors: South Korea has a strong economy, with a high level of technological development and a large consumer market. This has created a favorable environment for the Creative Software industry, with companies able to access both skilled labor and a large customer base. Additionally, the government has been supportive of the industry, providing funding and other incentives to encourage innovation and growth. Overall, the Creative Software market in South Korea is likely to continue to grow in the coming years, driven by both local and global trends and supported by a strong economic and technological environment.

Methodology

Data coverage:

The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the allocation to the country where the money was spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

The segment size is determined through a top-down approach. We use financial statements such as annual reports, quarterly earnings, and expert opinions to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations such as GDP, level of digitization, GDP sector composition, and observed level of software piracy.

Forecasts:

We use a variety of forecasting techniques, for instance, advanced statistical methods, depending on the behavior of the relevant segment. The main drivers are the GDP and the level of digitization.

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.