Metaverse

The projected value of the Metaverse market in 2024 is estimated to reach US$258.1m.
This market is expected to experience a steady annual growth rate of 39.46% from 2024 to 2030, resulting in a projected market volume of US$1.9bn by 2030.
It is worth noting that United States is currently the leading generator of value in the Metaverse market, with a projected market volume of US$23.0bn in 2024.
Looking ahead, the number of users in the Metaverse market is expected to reach 18.6m users by 2030.
User penetration, which stands at 12.0% in 2024, is projected to increase significantly to 34.3% by 2030.
Furthermore, the average value per user (ARPU) is expected to amount to US$41.1.
These figures demonstrate the immense potential and growth opportunities within the Metaverse market, both globally and in Colombia.
Colombia's Metaverse market is rapidly expanding, fueled by a vibrant tech ecosystem and a growing interest in immersive virtual 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 Colombia is experiencing significant growth and development, driven by the increasing demand for immersive and interactive digital experiences.

Customer preferences: Colombian consumers are increasingly embracing digital technologies and seeking out new ways to engage with content and connect with others. The Metaverse offers a unique and immersive experience that allows users to interact with virtual environments and other users in real-time. This appeals to a wide range of customers, from gamers looking for more immersive gameplay to social media users seeking new ways to connect with friends and family.

Trends in the market: One of the key trends in the Metaverse market in Colombia is the growing popularity of virtual reality (VR) and augmented reality (AR) technologies. These technologies enable users to enter and interact with virtual worlds, creating a more immersive and engaging experience. As VR and AR devices become more affordable and accessible, more Colombians are embracing these technologies and exploring the possibilities of the Metaverse. Another trend in the market is the rise of virtual events and entertainment. With the COVID-19 pandemic limiting in-person gatherings, many businesses and organizations have turned to virtual events to connect with their audiences. This has created new opportunities for the Metaverse market, as virtual events can offer a more interactive and engaging experience than traditional online platforms.

Local special circumstances: Colombia has a vibrant and growing gaming industry, which has contributed to the development of the Metaverse market. The country has a large population of young people who are enthusiastic gamers and early adopters of new technologies. This has created a strong demand for Metaverse experiences and virtual reality gaming in Colombia. Additionally, the Colombian government has recognized the potential of the Metaverse market and has taken steps to support its growth. The government has implemented policies and initiatives to promote digital innovation and entrepreneurship, creating a favorable environment for Metaverse companies to thrive.

Underlying macroeconomic factors: Colombia has experienced steady economic growth in recent years, which has contributed to the increasing adoption of digital technologies. As more Colombians gain access to smartphones and high-speed internet, the demand for immersive digital experiences such as the Metaverse is expected to continue to grow. Furthermore, the COVID-19 pandemic has accelerated the digital transformation in Colombia, with more people relying on digital platforms for work, education, and entertainment. This shift in behavior has created a fertile ground for the Metaverse market to expand and flourish. In conclusion, the Metaverse market in Colombia is experiencing rapid growth and development, driven by customer preferences for immersive and interactive digital experiences. The rise of virtual reality and augmented reality technologies, the popularity of virtual events, and the support of the Colombian government are key factors contributing to the market's expansion. With a vibrant gaming industry and a favorable macroeconomic environment, Colombia is well-positioned to capitalize on the opportunities presented by the Metaverse.

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.