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Metaverse Gaming - South Korea

South Korea

The projected value of the Metaverse Gaming market in South Korea is set to reach €0.3bn in 2024.
This value is expected to experience an annual growth rate (CAGR 2024-2030) of 43.38%, resulting in a projected market volume of €2.5bn by 2030.
The United States dominates the market with a projected market volume of €6.8bn in 2024.
In terms of user base, the number of users in South Korea is expected to reach 14.7m users by 2030.
The user penetration rate, which currently stands at 8.8% in 2024, is projected to increase to 28.7% by 2030.
Furthermore, the average value per user (ARPU) is expected to amount to €64.9.
South Korea is at the forefront of Metaverse gaming, with a thriving esports industry and a strong focus on virtual reality technology.

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Analyst Opinion

The Metaverse Gaming market in South Korea has experienced significant growth in recent years, driven by customer preferences for immersive gaming experiences and the country's advanced technological infrastructure.

Customer preferences: South Korean gamers have a strong preference for immersive gaming experiences, making them early adopters of Metaverse Gaming. This preference can be attributed to the country's tech-savvy population and their enthusiasm for new and innovative technologies. Additionally, South Korean gamers value social interaction and community engagement, which are key features of the Metaverse Gaming experience.

Trends in the market: One of the key trends in the Metaverse Gaming market in South Korea is the increasing integration of virtual reality (VR) and augmented reality (AR) technologies. These technologies enhance the immersive experience by allowing players to interact with virtual environments and objects in a more realistic and engaging way. This trend is driven by advancements in VR and AR technology, as well as the growing availability of VR and AR devices in the market. Another trend in the market is the rise of esports within the Metaverse Gaming space. South Korea has a thriving esports scene, with a large and dedicated fan base. The integration of esports into the Metaverse Gaming market provides opportunities for professional gamers to compete in virtual arenas and for spectators to watch and engage with these virtual competitions. This trend is fueled by the increasing popularity of esports worldwide and the strong support for esports in South Korea.

Local special circumstances: South Korea's advanced technological infrastructure and high internet penetration rate provide a favorable environment for the development of the Metaverse Gaming market. The country has one of the fastest internet speeds in the world, enabling smooth and seamless online gaming experiences. Additionally, South Korea has a well-established gaming industry, with a large pool of talented game developers and a supportive ecosystem for innovation and creativity.

Underlying macroeconomic factors: The Metaverse Gaming market in South Korea is also influenced by underlying macroeconomic factors. The country has a strong economy and a high disposable income level, which allows consumers to invest in gaming hardware and software. Furthermore, the government of South Korea has been supportive of the gaming industry, implementing policies and initiatives to promote its growth and development. These factors contribute to the overall positive outlook for the Metaverse Gaming market in South Korea. In conclusion, the Metaverse Gaming market in South Korea is experiencing significant growth due to customer preferences for immersive gaming experiences, the integration of VR and AR technologies, the rise of esports, the country's advanced technological infrastructure, and supportive macroeconomic factors. As the market continues to evolve, it is likely that South Korea will remain at the forefront of the Metaverse Gaming industry, driving innovation and shaping the future of gaming experiences.

Methodology

Data coverage:

Figures are based on in-app spending, consumer spending, in-game spending, app downloads, and investment and funding data.

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.