Market Dynamics
South Korean gaming market has been flourishing in the past few years and is expected to continue to do so in the coming years. The country is one of the most advanced for digital gaming, but the challenges faced by the industry remain a challenge. It is predicted that the gaming industry in South Korea will grow at a growth rate of 9.3% during the projected period of 2018- 2032.The continuous support of the government has been beneficial to gaming companies and has enabled them to expand their operations. The recently announced tax deduction measures for game developers and publishers, along with the development of innovative platforms have helped the gaming industry in South Korea. Furthermore, South Korea has developed a favorable e-gaming environment which engages dedicated gamers and continues to draw more people from around the globe.Key trends in the South Korean gaming industry include the growth of mobile gaming, social networking, and online games. The average South Korean is five times more likely to own a mobile device than a computer. As such, mobile gaming has become increasingly important for Korean gamers. This is further evidenced by more Korean game developers focusing on developing mobile games.
Mobile game development is one of the most successful industries in South Korea, with its revenues reaching approximately $8 billion USD in 2017.The success story of South Korean gaming industry is led by the global success of Nexon, a globally renowned game developer. Nexon's popular games such as A.V.A, MapleStory, and Kart Rider, have become the most popular titles in the gaming market. Other popular game development companies in South Korea include Kakao Games, Pearl Abyss, Netmarble, NCSoft, and Krafton.The upcoming technology such as VR and AR is believed to increase the scope of the gaming market in South Korea. The South Korean government has continuously provided tax breaks and incentives for the development of these technologies. In addition, the introduction of the 5G networks will also provide gamers with the experiences they could have only dreamt of. As a result, the market in South Korea is expected to be highly competitive, and it will be interesting to see what the future holds for the gaming industry in this country.
