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The AR & VR market in South Korea has been experiencing significant growth in recent years, driven by customer preferences for immersive and interactive experiences, as well as advancements in technology.
Customer preferences: Customers in South Korea have shown a strong interest in AR & VR technology, particularly in the entertainment and gaming sectors. The popularity of AR & VR gaming has been fueled by the country's strong gaming culture and the desire for more realistic and immersive gaming experiences. Additionally, there is a growing demand for AR & VR applications in sectors such as education, healthcare, and tourism, as customers seek innovative and engaging ways to learn, receive medical treatment, and explore new destinations.
Trends in the market: One of the key trends in the AR & VR market in South Korea is the increasing adoption of virtual reality headsets. With the launch of high-quality and affordable VR headsets, more customers are able to experience immersive virtual reality content. This trend is expected to continue as the technology becomes more accessible and content creators focus on developing compelling VR experiences. Another trend in the market is the integration of augmented reality into everyday life. South Korea has seen a rise in the use of AR applications in various industries, such as retail and advertising. Customers can now use their smartphones to try on virtual clothes, visualize furniture in their homes, or interact with virtual characters in real-world environments. This integration of AR into daily life is expected to further drive the growth of the AR & VR market in South Korea.
Local special circumstances: South Korea has a highly developed technology infrastructure and a tech-savvy population, which has contributed to the rapid growth of the AR & VR market. The country's strong gaming industry and the presence of major technology companies have also played a significant role in driving the adoption of AR & VR technology. Additionally, the government has been supportive of the development of the AR & VR industry, providing funding and incentives to companies in this sector.
Underlying macroeconomic factors: The South Korean economy has been growing steadily, providing a favorable environment for the AR & VR market to thrive. The country's high smartphone penetration rate and fast internet speeds have also facilitated the adoption of AR & VR technology. Furthermore, the increasing interest in South Korean culture and entertainment globally has created opportunities for AR & VR content creators to expand their reach and tap into international markets. In conclusion, the AR & VR market in South Korea is experiencing strong growth due to customer preferences for immersive experiences, advancements in technology, and supportive local circumstances. As the market continues to evolve, we can expect to see further innovations and advancements in AR & VR technology, as well as increased adoption across various industries.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the AR & VR market. AR and VR enable consumers to experience a new dimension, using either a headset or installed units, as they combine the real and virtual worlds. Consumer revenue figures refer to revenues relating to AR hardware, AR software, VR hardware, VR software, and spending on AR and VR advertising. Both digital and non-digital revenues are included.Modeling approach / Market size:
Market sizes are determined through a top-down approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports. In addition, we use relevant key market indicators and data from country-specific associations, such as consumer spending, internet penetration, 4G coverage, and historical developments. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, 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 level of digitalization, adoption of technology, GDP per capita, and internet penetration.Additional notes:
The market is updated twice a year in case market dynamics change. 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. 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).Lu - vi, 9:30 - 17:00 h (CET)
Lu - vi, 9:00 - 18:00 h (EST)
Lu - vi, 9:00 - 17:00 h (SGT)
Lu - vi, 10:00 - 18:00 h (JST)
Lu - vi, 9:30 - 17:00 h (GMT)
Lu - vi, 9:00am-6:00pm (EST)