By Lee Suh-yoon
Korea’s virtual reality (VR) and augmented reality (AR) market is expected to grow fourfold to 5.7 trillion won ($5.3 billion) by 2020, according to the Korea VR Industry Association.
This estimate includes not only VR content and platform services but also hardware such as VR headsets.
The VR market reached 1.4 trillion won ($1.2 billion) last year.
The gaming industry, in particular, has led the rapid growth of the VR market, with over 200 VR arcades opening in the country since 2016.
KT and GS Retail recently partnered to open a VR arcade called “Vright” in Sinchon.
The two companies are showcasing over 50 types of VR products and content.
They also plan to open 200 more VR venues by 2020.
The technology is increasingly being applied to other industries, including retail, education and entertainment.
PyeongChang Olympic Plaza showcased the “Live Holo Concerts,” a 3D holographic projection of K-pop stars such as Psy and G-Dragon, along with various other VR attractions.
SK Telecom, Korea’s biggest mobile operator, also unveiled its “Social Virtual Reality” at the 2018 Mobile World Congress in Barcelona last week, where users could chat with each other’s avatars while watching K-pop videos or baseball games together.
For many industries, however, the application of VR technology is still at a nascent or development stage.
Analysts forecast this will change once VR headsets become more lightweight and wireless.
The production and distribution of VR content is expected to increase exponentially by adopting 5G networks, which will be commercially available to consumers early next year.