South Korea Augmented Reality and Virtual Reality Industry to Grow at a CAGR 30.1% from 2022 to 2027

Loading...
Loading...

Chicago, May 31, 2023 (GLOBE NEWSWIRE) -- According to a research report South Korea Augmented Reality and Virtual Reality Market by Technology Type (AR: Markerless, Marker-base; VR: Non-Immersive, Semi-immersive and Fully Immersive Technology), Device Type, Offering, Application, Enterprise, and Geography - Global Forecast to 2027", published by MarketsandMarkets, South Korea Augmented Reality and Virtual Reality Industry to Grow at a CAGR 30.1% from 2022 to 2027.

Digital revolution in industrial sector to drive AR and VR market growth in South Korea

South Korea has been relying heavily on its manufacturing sector. Developments in the AR & VR market in South Korea are promising, with the country investing a lot in technology. It has developed a chain of AR supermarkets on subway platforms. Potential buyers can view grocery items on the walls while waiting for a train. They can order items using a QR code to be delivered by the time they reach their homes. D's trict (South Korea), an AR entertainment company, developed a theme park based on AR and VR technologies in South Korea.

Ask for PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1185

The country has been a pioneer in the adoption of virtual reality, augmented reality, and artificial intelligence technologies across different industries. South Korea's VR and AR market is set to grow immensely by 2027. The advent of 6G in the region and along with growing demand for head-mounted displays (HMDs) for gaming applications, is expected to drive the market for AR and VR in the country.

INQUIRY BEFORE BUYING : https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=1185

Government support is the major factor that motivates companies to explore opportunities in the AR and VR market in South Korea. The country is targeting to become the global powerhouse in the fields of VR and AR. Therefore, developments in South Korea are expected to provide ample opportunities for AR and VR players in the coming years. In December 2020, the national government planned to spend ~USD 371 million on developing and implementing AR and VR technologies, primarily in the manufacturing, healthcare, construction, education, retail, and defense sectors. The government is looking to support projects for training healthcare professionals through VR, MR, and artificial intelligence-based test laboratories for elementary, middle, and high schools across South Korea.

South Korea has one of the world's fastest internet speeds and has the highest internet penetration rate; thus, the country has become the first choice of AR and VR vendors for various applications, including consumer and enterprise, as they have established and developed markets. For instance, in March 2021, LG signed a partnership agreement with Keysight Technology (US) and Korea Advanced Institute of Science & Technology to develop next-generation 6G network technology. The target is to complete the research by 2024. These are a few factors that are likely to contribute to the growth of the AR and VR market in South Korea.

Top Key Market Players in Augmented Reality and Virtual Reality companies 

  • Google (US), Microsoft (US),
  • Sony Corporation (Japan),
  • Samsung Electronics (South Korea),
  • HTC (Taiwan),
  • Apple Inc., (US),
  • PTC Inc., (US),
  • Seiko Epson (Japan),
  • Oculus VR (by Facebook (US)),
  • Lenovo (China).among others

See Also :

UK Augmented Reality and Virtual Reality Market
China Augmented Reality and Virtual Reality Market
France Augmented Reality and Virtual Reality Market
Germany Augmented Reality and Virtual Reality Market
Japan Augmented Reality and Virtual Reality Market


About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com

Loading...
Loading...
Posted In: EconomicsAnalyst RatingsPress ReleasesAdvisoryAnalyst Recommendations
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...