Metaverse

The projected value in the Metaverse market for Hungary is expected to reach US$110.0m in 2024.
It is projected to show an annual growth rate (CAGR 2024-2030) of 41.54%, resulting in a projected market volume of US$884.1m by 2030.
Hungary is a key player in this market, with a projected market volume of US$23.0bn in 2024.
In terms of user base, the number of users in Hungary is expected to amount to 5.1m users by 2030.
User penetration, which is the percentage of the population using the Metaverse market, will be 16.2% in 2024 and is expected to hit 52.7% by 2030.
This indicates a significant increase in adoption and usage of the Metaverse market among the Hungarian population.
Furthermore, the average value per user (ARPU) in Hungary is expected to amount to US$67.8.
This metric provides insights into the average revenue generated by each user in the Metaverse market.
Overall, in Hungary is poised to experience growth and significant market potential in the Metaverse market, with projections indicating a positive trajectory for both value and user adoption.
Hungary is seeing a surge in Metaverse adoption, with companies in Budapest leading the way in developing immersive virtual reality 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 Hungary is experiencing significant growth and development, driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Hungary are playing a crucial role in the development of the Metaverse market.

Hungarians are increasingly seeking immersive and interactive digital experiences, which aligns with the concept of the Metaverse. This preference for virtual experiences is driven by the desire for escapism, entertainment, and the ability to connect with others in a virtual environment. Additionally, the younger generation in Hungary, who are more tech-savvy and digitally native, are particularly drawn to the possibilities offered by the Metaverse.

Trends in the market further contribute to the growth of the Metaverse in Hungary. The increasing availability of high-speed internet and advanced technology infrastructure enables Hungarians to access and participate in the Metaverse seamlessly. This accessibility allows for a wider adoption of Metaverse platforms and applications, creating a thriving ecosystem for virtual experiences.

Furthermore, the rise of virtual reality (VR) and augmented reality (AR) technologies enhances the immersive nature of the Metaverse, providing users with a more realistic and engaging digital environment. Local special circumstances in Hungary also contribute to the development of the Metaverse market. The country has a vibrant tech and gaming industry, with a growing number of startups and developers focusing on virtual reality, augmented reality, and gaming technologies.

This local expertise and innovation drive the creation of Metaverse platforms and content tailored to the Hungarian market, catering to the specific needs and preferences of local users. Additionally, Hungary's central location in Europe makes it an attractive market for international Metaverse companies looking to expand their presence in the region. Underlying macroeconomic factors further support the growth of the Metaverse market in Hungary.

The country has a strong and stable economy, which provides a favorable environment for investment and innovation. This economic stability, coupled with government support for the tech industry, encourages the development of Metaverse-related businesses and infrastructure. Additionally, Hungary has a high internet penetration rate and a tech-savvy population, creating a receptive market for Metaverse products and services.

In conclusion, the Metaverse market in Hungary is experiencing significant growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The desire for immersive digital experiences, advancements in technology, local expertise, and a favorable economic environment all contribute to the thriving Metaverse ecosystem in Hungary.

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.