Metaverse

The Metaverse market is expected to reach a value of US$1.5bn in 2024, with a projected annual growth rate (CAGR 2024-2030) of 40.04%.
This growth is expected to result in a market volume of US$11.0bn by 2030.
In Canada, the market is projected to reach a value of US$23.0bn in 2024, making it one of the top contributors to the overall market.
The number of users in the Metaverse market is expected to reach 27.3m users by 2030.
The user penetration rate is projected to be 23.3% in 2024 and is expected to increase to 66.5% by 2030.
Furthermore, the average value per user (ARPU) is expected to be US$160.1.
The adoption of virtual reality in Canada's Metaverse market is rapidly growing, with a strong emphasis on immersive gaming experiences.

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

The Metaverse market in Canada is experiencing significant growth and development, driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Canada are playing a crucial role in the development of the Metaverse market.

Canadians have a strong affinity for technology and are early adopters of new digital trends. They are highly engaged in online activities and have a high smartphone penetration rate. This tech-savvy population is embracing the concept of the Metaverse, which offers immersive and interactive experiences.

Canadians are seeking new ways to connect, socialize, and engage with others, and the Metaverse provides a platform for these virtual interactions. Trends in the market are also contributing to the growth of the Metaverse in Canada. The COVID-19 pandemic has accelerated the adoption of digital technologies and virtual experiences.

With restrictions on physical gatherings and travel, people are turning to virtual platforms to fulfill their entertainment, social, and business needs. The Metaverse offers a unique opportunity to create virtual worlds and environments where people can gather, explore, and interact. This trend is driving the demand for Metaverse-related products and services in Canada.

Local special circumstances in Canada further contribute to the development of the Metaverse market. Canada is home to a thriving tech industry and has a strong ecosystem for innovation and entrepreneurship. The country has a highly educated workforce and a supportive government that encourages technological advancements.

This favorable environment fosters the growth of startups and attracts investment in the Metaverse sector. Canadian companies are actively developing Metaverse technologies and platforms, creating a vibrant and competitive market. Underlying macroeconomic factors also play a significant role in the development of the Metaverse market in Canada.

The country has a stable economy and a high standard of living, which enables Canadians to invest in digital experiences and technologies. Additionally, the government's focus on digital transformation and innovation contributes to the growth of the Metaverse sector. Investments in infrastructure, research, and development create an environment conducive to the expansion of the Metaverse market.

In conclusion, the Metaverse market in Canada is experiencing rapid growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Canadians' affinity for technology, the acceleration of virtual experiences during the pandemic, the country's supportive ecosystem for innovation, and the stable macroeconomic environment all contribute to the flourishing Metaverse market in Canada.

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.