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Metaverse AR & VR Hardware - South Korea

South Korea

In 2024, the projected value in the Metaverse AR & VR Hardware market is estimated to reach €38.9m, with an expected annual growth rate of 12.50% from 2024 to 2030.
This growth is anticipated to result in a projected market volume of €78.8m by 2030.
Notably, United States is the leading contributor to the market, generating a projected market volume of €371.6m in 2024.
Looking at the user base, the number of users in the Metaverse AR & VR Hardware market is expected to reach 0.8m users by 2030.
In terms of user penetration, it is anticipated to be 0.9% in 2024 and is projected to increase to 1.5% by 2030.
Furthermore, the average value per user (ARPU) is expected to be €86.6.
in South Korea, being a key player in the market segment of Metaverse AR & VR Hardware market, demonstrates promising growth potential in this sector.
South Korea's tech-savvy population and advanced manufacturing capabilities position it as a leading player in the Metaverse AR & VR Hardware market.

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Analyst Opinion

The Metaverse AR & VR Hardware market in South Korea is experiencing significant growth and development, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in South Korea are playing a crucial role in shaping the growth of the Metaverse AR & VR Hardware market.

South Korean consumers are known for their tech-savviness and their enthusiasm for adopting new technologies. They have shown a strong interest in immersive experiences and virtual reality, which has fueled the demand for AR and VR hardware. Additionally, the younger generation in South Korea, who are more digitally native, are particularly drawn to the possibilities offered by the Metaverse, further driving the demand for AR and VR hardware.

Trends in the market are also contributing to the growth of the Metaverse AR & VR Hardware market in South Korea. One significant trend is the increasing popularity and adoption of virtual reality gaming. South Korea has a vibrant gaming culture, and the integration of VR technology into gaming experiences has captured the attention of both gamers and developers.

This trend has led to a surge in demand for VR headsets and other hardware devices. Another trend driving the market is the growing interest in virtual meetings and remote collaboration. With the COVID-19 pandemic accelerating the shift towards remote work and online meetings, there has been a greater need for immersive and engaging virtual meeting platforms.

AR and VR hardware offer a solution by providing a more interactive and realistic meeting experience, which has led to increased adoption in South Korea. Local special circumstances also contribute to the development of the Metaverse AR & VR Hardware market in South Korea. The country has a strong technology infrastructure and a highly skilled workforce, which has fostered innovation and the development of AR and VR technologies.

Additionally, South Korea has a robust gaming industry, with many leading game developers and studios. This ecosystem has created a favorable environment for the growth of the Metaverse AR & VR Hardware market. Underlying macroeconomic factors further support the growth of the market in South Korea.

The country has a strong economy and a high level of disposable income, which enables consumers to invest in AR and VR hardware. Additionally, the government of South Korea has been actively promoting the development of the tech industry and has implemented supportive policies and initiatives, further stimulating the growth of the Metaverse AR & VR Hardware market. In conclusion, the Metaverse AR & VR Hardware market in South Korea is experiencing significant growth and development, driven by customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

The strong interest in immersive experiences, the popularity of virtual reality gaming, the demand for virtual meeting platforms, the country's technology infrastructure, and supportive government policies all contribute to the flourishing market in South Korea.

Methodology

Data coverage:

Figures are based on in-app spending, consumer spending, online and offline sales, and data from the AR & VR market in the AMI.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use reports, third-party studies, and research companies. Next, we use relevant key market indicators and data from country-specific associations such as GDP, consumer spending, and internet penetration rates. This data helps us to 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 particular market. For example, the S-curve function and exponential trend smoothing are well suited to forecast digital products and services due to the non-linear growth of technology adoption. The main drivers are consumer spending per capita, level of digitalization, and cloud revenues.

Additional Notes:

The market is updated twice per year in case market dynamics change. Consumer Insights data is unbiased for representativeness.