Video gaming is one of the fastest-growing sectors in the industry. Video gaming comprises different modes of gaming, including console gaming, PC gaming, and mobile gaming. The market value of video gaming reached $176 billion in 2021. The video gaming market grew by 13% in 2021, as the entry of many new companies led to an increase in demand for games.
The video gaming industry was among the few businesses that thrived during the outbreak of the COVID-19 pandemic. It includes the creation, promotion, and monetization of video games.
The video gaming industry has been adopting new strategies to address the growing demand of customers and make their experience more user-friendly. One such strategy by the video gaming industry is the migration from console gaming to mobile gaming thereby making games accessible across a wide spectrum of digital platforms. Many companies in the gaming industry are bringing digitization and user-friendly engagement to their gaming platforms to enhance the user’s gaming experience.
South Korea is the fourth biggest market in the video gaming industry with a value of $15 billion in 2021, accounting for 9% of the global market size. Though South Korea doesn’t contribute much to the Console gaming segment, it makes up in PC gaming and Mobile gaming where South Korea is among the top countries. It is the third biggest market in the Asia-Pacific region.
The video gaming market in South Korea grew by 29% in 2021, the highest among all the countries globally, with a value of $3.5 billion, as the demand for video gaming grew as indoor game activities increased following the shutdown of outdoor games owing to the pandemic and people globally spent most of their time at home due to the lockdowns. The highest growth was seen in the mobile gaming segment, as South Korea saw an increase of 34% in market value from the previous year.
South Korea has been among the top five markets for video gaming for many years, especially in PC gaming, and is growing at a steady pace.
The major companies that have a strong presence in the video gaming market in South Korea include Sony, Pearl Abyss, Nexon, and NCsoft Corp.
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