South Korea Augmented Reality and Virtual Reality Market

According to a research report "South Korea Augmented Reality and Virtual Reality Industry 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 Market 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.

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.

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.

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