Market Insights Advertising & Media Metaverse

Metaverse Advertising - Australia

Australia

The Metaverse Advertising market in Australia is expected to reach a value of US$33.8m by 2024.
It is projected to experience a compound annual growth rate (CAGR) of 26.81% from 2024 to 2030, resulting in a market volume of US$140.7m by 2030.
The United States leads the market with a projected volume of US$602.2m in 2024.
Australia's Metaverse advertising market is experiencing rapid growth, driven by the country's tech-savvy population and strong digital infrastructure.

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Analyst Opinion

The Metaverse Advertising market in Australia is experiencing significant growth and development due to several key factors.

Customer preferences: Customers in Australia are increasingly embracing the concept of the metaverse and are actively engaging with virtual worlds and online platforms. This shift in customer preferences can be attributed to the growing popularity of online gaming, social media, and virtual reality experiences. As a result, advertisers are recognizing the potential of the metaverse as a powerful advertising platform to reach and engage with their target audience.

Trends in the market: One of the key trends in the Australian Metaverse Advertising market is the integration of augmented reality (AR) and virtual reality (VR) technologies. Advertisers are leveraging these technologies to create immersive and interactive advertising experiences within virtual worlds. This trend is driven by the desire to captivate and engage customers in a unique and memorable way, ultimately increasing brand awareness and driving sales. Another trend in the market is the rise of influencer marketing within the metaverse. Influencers, who have gained a significant following within virtual worlds, are now being utilized by advertisers to promote their products and services. This form of advertising is effective in reaching a highly targeted and engaged audience, as influencers have built trust and credibility within the metaverse community.

Local special circumstances: Australia has a strong gaming culture, with a large and active gaming community. This provides a fertile ground for the growth of the Metaverse Advertising market, as gamers are already accustomed to interacting with virtual worlds and are receptive to advertising within these spaces. Additionally, Australia has a high smartphone penetration rate, which further facilitates customer engagement with the metaverse through mobile devices.

Underlying macroeconomic factors: The Australian economy is experiencing steady growth, with a strong focus on technology and innovation. This creates an environment conducive to the development and adoption of metaverse technologies. Furthermore, the COVID-19 pandemic has accelerated the shift towards digital platforms and virtual experiences, as people increasingly turn to online spaces for work, entertainment, and socializing. This has further fueled the growth of the Metaverse Advertising market in Australia. In conclusion, the Metaverse Advertising market in Australia is thriving due to the changing customer preferences, the integration of AR and VR technologies, the rise of influencer marketing, the local gaming culture, and the underlying macroeconomic factors. As the metaverse continues to evolve and expand, the advertising industry in Australia is poised to leverage this emerging platform to effectively reach and engage with customers in new and exciting ways.

Methodology

Data coverage:

Figures are based on advertising spending and exclude agency commissions, rebates, production costs, and taxes.

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.