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Metaverse - MENA

MENA
  • Market size in the Metaverse market is projected to reach US$1.9bn in 2024.
  • Market size is expected to show an annual growth rate (CAGR 2024-2030) of 41.06%, resulting in a projected market volume of US$14.8bn by 2030.
  • With a projected market volume of US$23.0bn in 2024, the largest market size is generated United States.
  • In the Metaverse market, the number of users is expected to amount to 141.0m users by 2030.
  • User penetration will be 13.2% in 2024 and is expected to hit 38.4% by 2030.
  • The average Market size per user (ARPU) is expected to amount to US$41.4.

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.

In-Scope

  • 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

Out-Of-Scope

  • 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
Metaverse: market data & analysis - Cover

Market Insights report

Metaverse: market data & analysis

Study Details

    Market Size

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Metaverse market in MENA is experiencing significant growth and development, driven by the increasing demand for immersive virtual experiences and the rapid advancements in technology. Customer preferences in the Metaverse market in MENA are shifting towards more interactive and engaging virtual experiences.

    Users in this region are increasingly looking for platforms that offer a wide range of activities and opportunities for social interaction. They are also seeking personalized and customizable experiences that allow them to express their individuality and creativity. Additionally, there is a growing interest in virtual commerce and the ability to use virtual currencies within the Metaverse.

    Trends in the Metaverse market in MENA include the emergence of virtual reality (VR) and augmented reality (AR) technologies, which are enabling more immersive and realistic virtual experiences. These technologies are being utilized in various industries, such as gaming, entertainment, education, and retail, to create unique and engaging virtual environments. There is also a growing trend towards cross-platform integration, allowing users to seamlessly transition between different virtual worlds and applications.

    Local special circumstances in the MENA region contribute to the development of the Metaverse market. One of the key factors is the young and tech-savvy population in this region, who are early adopters of new technologies and are driving the demand for virtual experiences. Additionally, the MENA region has a rich cultural heritage and a vibrant arts and entertainment industry, which provides a unique opportunity to create virtual experiences that showcase the region's history, traditions, and creativity.

    Underlying macroeconomic factors, such as the increasing investment in technology infrastructure and the growing digital economy in the MENA region, are also driving the development of the Metaverse market. Governments and private sector companies in the region are recognizing the potential economic benefits of the Metaverse and are investing in the necessary infrastructure and support systems. This includes the development of high-speed internet connectivity, the establishment of innovation hubs and startup incubators, and the implementation of supportive regulations and policies.

    In conclusion, the Metaverse market in MENA is experiencing rapid growth and development, driven by customer preferences for immersive virtual experiences, advancements in technology, local special circumstances, and underlying macroeconomic factors. The region's young and tech-savvy population, rich cultural heritage, and growing digital economy provide a fertile ground for the expansion of the Metaverse market. As technology continues to evolve and customer expectations continue to evolve, the Metaverse market in MENA is expected to further expand and diversify in the coming years.

    Reach

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Global Comparison

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Methodology

    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.

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    Metaverse - Statistics & Facts

    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.
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