The Metaverse market in BRICS countries is experiencing significant growth and development as consumers increasingly embrace virtual reality and augmented reality technologies. This emerging market offers a range of opportunities for businesses to tap into the growing demand for immersive digital experiences.
Customer preferences: Customers in BRICS countries are showing a strong preference for immersive digital experiences, with a particular focus on gaming, social networking, and e-commerce. The younger generation, in particular, is driving the demand for virtual reality and augmented reality technologies, as they seek more interactive and engaging forms of entertainment. Additionally, the COVID-19 pandemic has accelerated the adoption of virtual experiences, as people turned to online platforms for work, education, and socializing.
Trends in the market: One of the key trends in the Metaverse market in BRICS countries is the rapid growth of the gaming sector. Gaming has become a major form of entertainment, and virtual reality and augmented reality technologies are enhancing the gaming experience by providing more immersive and realistic gameplay. This trend is driving the demand for gaming consoles, virtual reality headsets, and other related hardware and software. Another trend in the market is the integration of virtual reality and augmented reality technologies into social networking platforms. People are increasingly using virtual reality and augmented reality to connect with others in a more immersive and interactive way. This trend is creating new opportunities for businesses to develop virtual social spaces and virtual events, where people can meet, socialize, and engage in various activities. E-commerce is also experiencing a transformation in the Metaverse market. Virtual reality and augmented reality technologies are being used to create virtual shopping experiences, allowing customers to browse and purchase products in a more immersive and personalized way. This trend is particularly appealing to tech-savvy consumers who are looking for unique and innovative shopping experiences.
Local special circumstances: Each BRICS country has its own unique set of circumstances that are influencing the development of the Metaverse market. For example, Brazil has a large and vibrant gaming community, which is driving the demand for virtual reality and augmented reality technologies in the country. Russia, on the other hand, has a strong tradition of innovation in the technology sector, which is fueling the growth of the Metaverse market.
Underlying macroeconomic factors: The rapid growth of the Metaverse market in BRICS countries is also influenced by underlying macroeconomic factors. The BRICS countries have a young and tech-savvy population, which is driving the demand for virtual reality and augmented reality technologies. Additionally, these countries have been investing heavily in the development of digital infrastructure, which is creating an enabling environment for the growth of the Metaverse market. In conclusion, the Metaverse market in BRICS countries is experiencing significant growth and development, driven by customer preferences for immersive digital experiences, such as gaming, social networking, and e-commerce. The integration of virtual reality and augmented reality technologies into various sectors is creating new opportunities for businesses to tap into this emerging market. With the underlying macroeconomic factors and local special circumstances supporting the growth of the Metaverse market, BRICS countries are poised to become key players in the global Metaverse industry.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
