Metaverse

The Metaverse market is projected to reach a value of US$39.5m in 2024.
This market is expected to show an annual growth rate (CAGR 2024-2030) of 41.28%, resulting in a projected market volume of US$314.2m by 2030.
In Lithuania, the projected market volume in 2024 is US$23.0bn.
The United States is the country generating the most value in the Metaverse market, with a projected market volume of US$23.0bn in 2024.
By 2030, the number of Metaverse market users is expected to reach 1.3m users.
In Lithuania, the user penetration is projected to be 15.2% in 2024, and it is expected to increase to 49.7% by 2030.
The average value per user (ARPU) is expected to be US$96.5.
Lithuania's Metaverse market is flourishing with innovative virtual reality experiences that showcase the country's rich cultural heritage and attract global audiences.

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 Lithuania is experiencing steady growth and development, driven by customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in Lithuania are increasingly favoring immersive and interactive digital experiences.

As technology advances and becomes more accessible, consumers are seeking out virtual environments that allow them to engage with others, explore new worlds, and participate in various activities. The Metaverse provides an ideal platform for these preferences, offering a virtual reality experience that combines elements of gaming, social networking, and e-commerce. The ability to customize avatars, interact with virtual objects, and connect with friends and communities within the Metaverse is appealing to Lithuanian consumers who are looking for unique and engaging online experiences.

Trends in the Metaverse market in Lithuania are aligned with global trends, but with local nuances. One of the key trends is the integration of blockchain technology into the Metaverse. Blockchain provides a decentralized and secure infrastructure for virtual transactions, ownership of virtual assets, and the creation of unique digital identities.

This trend is gaining traction in Lithuania, as blockchain technology is already being adopted in various sectors, including finance and supply chain management. The integration of blockchain into the Metaverse allows for the creation of a transparent and trustworthy virtual economy, where users can trade virtual assets and participate in virtual events with confidence. Another trend in the Metaverse market in Lithuania is the emergence of virtual marketplaces and virtual real estate.

Virtual marketplaces provide a platform for users to buy, sell, and trade virtual assets, such as digital art, virtual fashion items, and virtual real estate. This trend is fueled by the growing interest in non-fungible tokens (NFTs) and virtual collectibles. In Lithuania, virtual marketplaces are gaining popularity as users recognize the potential for financial gains and investment opportunities within the Metaverse.

Additionally, virtual real estate is becoming a sought-after commodity, as users seek to own virtual land and create their own virtual spaces and experiences. Local special circumstances in Lithuania contribute to the development of the Metaverse market. The country has a strong technology sector, with a skilled workforce and a supportive ecosystem for innovation and entrepreneurship.

This provides a fertile ground for the development of Metaverse-related technologies and startups. Furthermore, Lithuania has a high internet penetration rate and a tech-savvy population, which creates a favorable environment for the adoption of Metaverse platforms and applications. Underlying macroeconomic factors also play a role in the growth of the Metaverse market in Lithuania.

The country has a stable and growing economy, supported by a favorable business environment and government policies that promote innovation and digital transformation. Additionally, the COVID-19 pandemic has accelerated the adoption of digital technologies and online platforms, including the Metaverse. As people have been confined to their homes and seeking alternative forms of entertainment and social interaction, the Metaverse has emerged as a viable solution.

In conclusion, the Metaverse market in Lithuania is experiencing growth and development driven by customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The increasing demand for immersive and interactive digital experiences, the integration of blockchain technology, the emergence of virtual marketplaces and virtual real estate, and the supportive local environment are all contributing to the expansion of the Metaverse market in Lithuania.

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.