Metaverse

The Metaverse market is expected to reach a value of US$329.5m in 2024, with a projected annual growth rate (CAGR 2024-2030) of 39.77%.
By 2030, the market volume is estimated to reach US$2.5bn.
in Belgium, as a country, is an active participant in this market segment.
In 2024, United States is projected to generate the most value in the Metaverse market, with a market volume of US$23.0bn.
This indicates the significant presence of the United States in this market segment.
Looking at the number of users, the Metaverse market is expected to have 6.7m users users by 2030.
In 2024, the user penetration rate is anticipated to be 19.3%, steadily increasing to 56.7% by 2030.
These figures demonstrate the growing popularity and adoption of the Metaverse market across the globe.
Furthermore, the average value per user (ARPU) is projected to amount to US$145.7.
This metric provides insights into the average value generated by each user in the Metaverse market.
Overall, the Metaverse market presents a promising growth opportunity, with in Belgium actively participating in this evolving market segment.
Belgium's Metaverse market is thriving with the integration of virtual reality and art, creating immersive experiences for users.

Definition:

The term metaverse refers to a virtual world or collection of virtual worlds that exist in a shared digital space and can be accessed by users through the internet. It typically includes virtual reality, augmented reality, and other immersive technologies. Its scope encompasses a wide range of possibilities and opportunities in education, entertainment, health and fitness, and even remote work, but it is commonly associated with eCommerce and gaming.

Structure:

The Metaverse market covers the markets eCommerce, Gaming, and Education. The eCommerce market covers all goods that can be purchased and distributed within and throughout the metaverse. Gaming encompasses all games that are either directly involved in classified metaverse apps or collaborative open-world games. Education covers the range of possibilities for consumers to experience courses, classes, field trips, and more in the metaverse. For a more detailed explanation of all the markets, see the respective market page.

Additional Notes:

The market comprises market sizes, users, average revenue per user, and penetration rates. Market sizes are generated through in-app purchases, advertising spending, and consumer spending on apps, games, items, products, and hardware such as headsets or glasses. Sales channel data shows both online and offline market sizes. Information on gaming, eCommerce, virtual assets, digital media, digital health, digital advertising, and education can also be found in the Digital Market Insights. Information on AR & VR hardware can also be found in the Advertising & Media Insights. Key players of the market include companies such as Meta, Roblox, Epic Games, and Decentraland.

Open-world games with social interaction, such as Fortnite
Ecommerce marketplaces, such as NIKELAND in Roblox
Virtual Assets used to buy goods in the metaverse, such as Ethereum
Education in form of online classes or certificates in the metaverse, such as Decentraland University

Non-related open-world games, such as World of Warcraft
Physical goods, service and products bought with cryptocurrencies, such as Fashion
Non-fungible Tokens bought as personal collectable, such as non-metaverse selection on OpenSea

Belgium, a country known for its rich history, chocolate, and waffles, is also witnessing the development and growth of the Metaverse market. As technology continues to advance, the concept of the Metaverse has captured the attention of both consumers and businesses alike.

Customer preferences in Belgium align with global trends in the Metaverse market. People are increasingly seeking immersive and interactive experiences that go beyond traditional forms of entertainment. The Metaverse offers a unique opportunity for individuals to escape into virtual worlds, connect with others, and engage in various activities such as gaming, socializing, and even shopping.

The convenience and flexibility of accessing the Metaverse from the comfort of one's own home have also contributed to its popularity. In terms of trends in the market, Belgium is witnessing a rise in the adoption of virtual reality (VR) and augmented reality (AR) technologies. These technologies serve as the foundation for creating immersive experiences within the Metaverse.

VR headsets and AR devices are becoming more accessible and affordable, allowing a wider audience to enter the virtual realm. This increased adoption is driving the development of Metaverse applications and content tailored to the Belgian market. Another notable trend in the Metaverse market in Belgium is the integration of blockchain technology.

Blockchain provides a decentralized and secure infrastructure for transactions within the Metaverse. This technology enables users to own and trade virtual assets, creating a new economy within the virtual world. The integration of blockchain also enhances the trust and transparency of transactions, attracting both individuals and businesses to participate in the Metaverse ecosystem.

Local special circumstances in Belgium contribute to the development of the Metaverse market. The country has a strong gaming culture, with a significant number of gamers and game developers. This existing infrastructure provides a solid foundation for the growth of the Metaverse market, as game developers can leverage their expertise to create immersive virtual experiences.

Additionally, Belgium's central location in Europe allows for easy access to neighboring countries, fostering collaboration and cross-border expansion within the Metaverse market. Underlying macroeconomic factors, such as the increasing digitalization of industries and the growing tech-savvy population, also play a role in the development of the Metaverse market in Belgium. The country has a high internet penetration rate, with a large portion of the population being active internet users.

This digital readiness creates a fertile ground for the adoption of Metaverse technologies and experiences. In conclusion, the Metaverse market in Belgium is experiencing growth and development driven by customer preferences for immersive experiences, the adoption of VR and AR technologies, the integration of blockchain, local gaming culture, and underlying macroeconomic factors. As the Metaverse continues to evolve, Belgium is poised to be a key player in this virtual world, offering unique experiences and opportunities to its residents and beyond.

Data coverage:

Figures are based on advertising spending, in-app spending, in-game spending, online and offline sales, consumer spending, app downloads, and investment and funding data.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use reports, third-party studies, and research companies. Next we use relevant key market indicators and data from country-specific associations such as GDP, consumer spending, and internet penetration rates. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the S-curve function and exponential trend smoothing are well suited to forecast digital products and services due to the non-linear growth of technology adoption. The main drivers are consumer spending per capita, level of digitalization, and cloud revenues.

Additional Notes:

The market is updated twice per year in case market dynamics change. Consumer Insights data is unbiased for representativeness.

This report presents a comprehensive analysis and additional information on the Advertising & Media market, in a PDF format.

Regarded as the next iteration of the internet, the metaverse is where the physical and digital worlds come together. As an evolution of social technologies, the metaverse allows digital representations of people, avatars, to interact with each other in a variety of settings. Whether it be at work, in an office, going to concerts or sports events, or even trying on clothes, the metaverse provides a space for endless, interconnected virtual communities using virtual reality (VR) headsets, augmented reality (AR) glasses, smartphone apps, or other devices.