Market Insights Advertising & Media Metaverse

Metaverse Advertising - GCC

The Metaverse Advertising market in the GCC region is expected to witness substantial growth in the coming years.
It is projected that by 2024, the market's value will reach a staggering US$17.0m.
Furthermore, the market is anticipated to exhibit a strong annual growth rate (CAGR 2024-2030) of 26.87%, leading to a projected market volume of US$71.0m by 2030.
In 2024, the market volume is estimated to be US$602.2m, with the majority of the value being generated United States.
The United States holds a prominent position in the Metaverse Advertising market, reflecting its robust presence and significant contribution to the overall market dynamics.
In the GCC, the Metaverse advertising market is rapidly growing, with a focus on immersive experiences and targeted campaigns to engage the tech-savvy population.

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Analyst Opinion

The Metaverse Advertising market in GCC is experiencing significant growth and development due to various factors.

Customer preferences: Customers in the GCC region are increasingly embracing the concept of the metaverse and its potential for advertising. The younger population, in particular, is highly tech-savvy and eager to explore new virtual experiences. They are drawn to the immersive and interactive nature of the metaverse, which provides a unique platform for brands to engage with their target audience. Additionally, customers in the GCC region are known for their high spending power and willingness to invest in innovative technologies and experiences.

Trends in the market: One of the key trends in the Metaverse Advertising market in GCC is the growing adoption of virtual reality (VR) and augmented reality (AR) technologies. These technologies enhance the immersive experience of the metaverse, allowing users to interact with virtual objects and environments in real-time. This opens up new possibilities for advertisers to create engaging and personalized experiences for their target audience. Brands in the GCC region are increasingly leveraging VR and AR in their advertising campaigns to stand out in the crowded digital landscape. Another trend in the market is the rise of influencer marketing within the metaverse. Influencers play a crucial role in shaping consumer preferences and driving brand awareness. In the metaverse, influencers can create virtual personas and interact with their followers in immersive environments. This provides a unique opportunity for brands to collaborate with influencers and reach their target audience in a more authentic and engaging way.

Local special circumstances: The GCC region is known for its strong focus on luxury and high-end products and services. This presents a unique opportunity for luxury brands to showcase their offerings in the metaverse. By creating virtual showrooms and interactive experiences, luxury brands can engage with their affluent customers in a more personalized and exclusive manner. This aligns with the preferences of the GCC consumers who value exclusivity and premium experiences.

Underlying macroeconomic factors: The GCC region has a thriving economy, driven by industries such as oil and gas, real estate, and tourism. This economic stability and high disposable income contribute to the growth of the Metaverse Advertising market. Companies in the region have the financial resources to invest in cutting-edge technologies and advertising campaigns within the metaverse. Additionally, the GCC region has a young and growing population, which further fuels the demand for immersive digital experiences. In conclusion, the Metaverse Advertising market in GCC is witnessing rapid growth and development due to customer preferences for immersive and interactive experiences, the adoption of VR and AR technologies, the rise of influencer marketing, the focus on luxury brands, and the region's strong economy. These factors create a favorable environment for brands to leverage the metaverse as a powerful advertising platform in the GCC region.

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.