Metaverse

The projected value of the Metaverse market in 2024 is set to reach US$261.3m.
This market is expected to demonstrate a compound annual growth rate (CAGR 2024-2030) of 41.23%, resulting in a projected market volume of US$2.1bn by 2030.
Egypt is an active participant in this market segment.
In 2024, United States is projected to generate the highest market volume, estimated at US$23.0bn.
This showcases the significant contribution of the United States to the Metaverse market.
Looking ahead, the number of users in the Metaverse market is expected to reach 39.8m users by 2030.
This signifies a notable growth in user adoption.
User penetration, which is currently at 11.2% in 2024, is predicted to reach 31.8% by 2030.
Furthermore, the average value per user (ARPU) is projected to amount to US$20.4.
This metric provides insights into the economic value generated by each user in the Metaverse market.
Egypt is experiencing a surge in virtual reality adoption, with the Metaverse market witnessing a growing demand for immersive experiences among its tech-savvy population.

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

Egypt, a country rich in history and culture, is also witnessing the rapid development of the Metaverse market. As more and more people in Egypt embrace digital technologies, the demand for immersive virtual experiences is on the rise.

Customer preferences in Egypt are shifting towards virtual experiences that offer a sense of escapism and social interaction. With the Metaverse, individuals can explore virtual worlds, interact with other users, and engage in various activities such as gaming, shopping, and attending events. This appeals to a wide range of customers, including young gamers, tech enthusiasts, and individuals looking for new forms of entertainment.

In line with global trends, the Metaverse market in Egypt is experiencing significant growth. The adoption of virtual reality (VR) and augmented reality (AR) technologies is expanding, enabling more immersive and realistic virtual experiences. This has led to the emergence of virtual reality arcades, where people can try out VR games and experiences.

Additionally, there is a growing demand for virtual events and conferences, as they provide a convenient and cost-effective way to connect with others. One of the key factors driving the development of the Metaverse market in Egypt is the increasing availability of high-speed internet and affordable smartphones. As internet penetration continues to rise, more people have access to the necessary infrastructure to participate in the Metaverse.

This has created a larger user base and expanded the market potential for virtual experiences. Another contributing factor is the growing entrepreneurial spirit in Egypt. Startups and tech companies are recognizing the opportunities presented by the Metaverse and are developing innovative solutions to meet the demand.

This includes the creation of virtual reality content, development of virtual marketplaces, and the establishment of virtual reality training programs. Local special circumstances also play a role in the development of the Metaverse market in Egypt. The country has a young and tech-savvy population, with a high percentage of internet users.

This demographic is more likely to embrace new technologies and seek out virtual experiences. Additionally, Egypt's rich cultural heritage provides unique opportunities for the creation of virtual experiences that showcase the country's history and landmarks. Underlying macroeconomic factors, such as the government's focus on digital transformation and economic diversification, are also contributing to the growth of the Metaverse market in Egypt.

The government has been actively promoting the development of the digital economy and supporting the growth of the tech sector. This has created a favorable environment for startups and tech companies operating in the Metaverse space. In conclusion, the Metaverse market in Egypt is experiencing rapid growth due to changing customer preferences, the adoption of VR and AR technologies, the availability of high-speed internet, the entrepreneurial spirit of the tech sector, local special circumstances, and underlying macroeconomic factors.

As the market continues to evolve, we can expect to see further innovation and expansion in the Metaverse space in Egypt.

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.