In a recent published report, Kenneth Research has updated the Market report for South Korea Digital Gaming Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for South Korea Digital Gaming Market Products.
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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.
According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
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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
With the given market data, Kenneth Research offers customizations according to specific needs. Write to us at [email protected]
The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
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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