South Korean Online Video Gaming Market 2020 Growth, COVID Effect, Trends Analysis Report 2026
The South Korean online gaming market is prepared for to grow with a substantial CAGR of 8.4% throughout the forecast period (2020-2026). The nation holds across the country broadband interaction networks that supply quickly available, high-speed, large-capacity data transmission. According to the World Bank in 2018, 95.5% of the population has access to the web. Though, due to the high use of smart device devices as gaming consoles, companies are shifting their focus on offerings games for mobile phones.
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Additionally, the high popularity of online video gaming amongst the young population of the country will likewise drive the development of the market. Additionally, the penetration of e-sports is likewise high in the country. The nation also has the Korea e-Sports Association (KeSPA) that handles large e-sports events such as League of Legends and Dota 2 to name a few. It is likewise supporting the economy of the nation. For example, the Culture Ministry anticipates over 100,000 brand-new jobs to be added by the mid-2020s which will support the South Korean esports infrastructure of producers, designers, engineers, promoters, and organizers. Thus, considerable support from the federal government for the video gaming environment is anticipated to assist market development.
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