South Korea Digital Gaming Market to reach USD 16.60 billion by 2031 from USD 11.34 billion in 2022, at a CAGR of 7.92% during the forecast period
Key Companies Covered in the South Korea Digital Gaming Market Research are NCsoft, Eyedentity Games, GungHo Online, Activision Blizzard and other key market players.
The global South Korea Digital Gaming Market size is projected to reach USD 16.60 billion by 2031 from USD 11.34 billion in 2022, at a CAGR of 7.92% during the forecast period. Kenneth Research released a report on South Korea Digital Gaming Market consisting of detailed analysis of the market and industry insights over the forecast period of 2022-2031. The latest trends and business opportunities in the market are discussed in the report on the basis of analysis of the market value and calculation of the CAGR during the forecast period.
The market is expected to be impacted by the rise in demand for video games and affordable gaming solutions. The launch of a new range of games also affects the market positively as users’ interest in unique experiences is soaring.
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In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
South Korea Digital Gaming Market
Digital gaming in South Korea is a big part of the culture, and over 50% of the country’s population enjoys gaming as a part of their dose of daily entertainment. Every day, millions of teenagers, young adults and kids spend their time at dedicated gaming cafes called PC bangs and they take this activity very seriously. The South Korea Digital Gaming market is expected to grow at a significantly high CAGR through the forecast period of 2018-2023.
South Korea gamers are very fond of PC gaming followed by mobile games. Console gaming is growing in a niche fashion in the country. The gamers in South Korea have a special preference for competitive gaming; thus, eSports is the most favored digital gaming in South Korea.
Gaming in South Korea is often associated with prize money, and it acts as a significant driver for professional gamers in the country. The players make in the range of approximately USD 40,000/year to USD 105,000/year. Hence, for many young people who are not doing very well in their professional careers, online gaming acts as a lucrative career option.
By platforms, the market is segmented into PC games, mobile games, and console games. Among these segments, mobile games is the fastest growing segment while PC games holds a significant portion of the revenues.
Key growth factors:
o South Korea is technologically a very advanced country and has one of the highest internet penetration rates in the world with almost 100% of the households having xDSL, cable modem, LAN, or other types of internet access. Also, South Korea is a leading country in Asia-Pacific region with regards to smartphone adoption, and it is one of the most wired countries fully prepared for 5G adoption. Hence, South Korea is expected to become a force to reckon with in the global gaming industry.
o Additionally, large organizations in telecommunications, media and entertainment and gaming in South Korea encourage professional gamers by developing eSports arenas. Thus, eSports gaming as a part of the Digital Gaming market is receiving a huge amounts of investments in the country and thereby, boosting digital gaming in South Korea.
Threats and key players:
o Growing gaming addiction in South Korea is a very big challenge to the growth of the Digital Gaming market of the country. Esports is almost like a national pastime, and most gamers are heavily addicted to it and spend over 88 hours a week on gaming. Thus the South Korean government needs to monitor teen addiction to video games, thereby, hindering the growth of the market.
o The key players in the South Korea Digital Gaming market are NCsoft, Eyedentity Games, GungHo Online, Activision Blizzard etc.
What’s covered in the report?
o Overview of the South Korea Digital Gaming market
o The historical, current and forecasted market size data for the South Korea Digital Gaming market
o The historical, current and forecasted market size data for the segments of the market – by platforms– PC games, console games, and mobile games
o The historical, current and forecasted market size data for the segments of the market – by revenue models (Freemium, Pay to Play, Advertising)
o The historical, current and forecasted market size data for the segments of the market – by genres (Shooter, Role- play Action, Sports, Strategy, Others)
o Market trends in the South Korea Digital Gaming market
o Market drivers and challenges in the South Korea Digital Gaming market
o Analysis of spending for segmentation by platforms
o Profiles of major players operating in the market
o Get a broad understanding of the South Korea Digital Gaming market and its segmentations – by platforms– PC games, console games, and mobile games, – by revenue models (Freemium, Pay to Play, Advertising), by genres (Shooter, Role- play Action, Sports, Strategy, Others)
o Get specific drivers and challenges affecting the South Korea Digital Gaming market and its segmentations (By platforms, by revenue models, by genres)
o Get specific trends occurring in the South Korea Digital Gaming market
o Get analysis of spending for segmentation by platforms
o Recognize significant competitors’ business and market dynamics, and respond accordingly
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The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of South Korea Digital Gaming Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Playes
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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