Metaverse Advertising - MENA

MENA

Highlights

Market size in the Metaverse Advertising market is projected to reach US$58.7m in 2024.
Market size is expected to show an annual growth rate (CAGR 2024-2030) of 26.84%, resulting in a projected market volume of US$244.4m by 2030.
With a projected market volume of US$602.2m in 2024, the largest market size is generated United States.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Metaverse Advertising market in MENA is experiencing significant growth and development due to several factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the expansion of this industry.

Customer preferences: Customers in the MENA region are increasingly embracing the concept of the metaverse and are actively engaging with virtual platforms. They are seeking immersive and interactive experiences that allow them to connect with brands and products in new and innovative ways. The younger demographic, in particular, is driving the demand for metaverse advertising as they are more tech-savvy and open to exploring virtual environments.

Trends in the market: One of the key trends in the Metaverse Advertising market in MENA is the integration of augmented reality (AR) and virtual reality (VR) technologies. Brands are leveraging these technologies to create immersive and interactive experiences for their customers. For example, virtual showrooms and virtual try-on experiences are becoming popular ways for customers to engage with products before making a purchase. Additionally, the use of virtual influencers and brand ambassadors is gaining traction as a way to reach and influence the target audience. Another trend in the market is the collaboration between brands and metaverse platforms. This partnership allows brands to leverage the existing user base of these platforms and reach a wider audience. By advertising within the metaverse, brands can tap into the engaged community and create brand awareness and loyalty.

Local special circumstances: The MENA region has a large and growing young population, which presents a unique opportunity for the Metaverse Advertising market. The youth in the region are early adopters of new technologies and are actively participating in virtual platforms. This demographic trend creates a favorable environment for the growth of metaverse advertising as brands can target this tech-savvy audience and create meaningful connections. Furthermore, the MENA region has a strong digital infrastructure and high internet penetration rates. This enables seamless access to virtual platforms and facilitates the adoption of metaverse advertising. The region also has a vibrant social media culture, which aligns well with the interactive nature of the metaverse.

Underlying macroeconomic factors: The MENA region is experiencing rapid economic growth and digital transformation, which is fueling the development of the Metaverse Advertising market. Governments in the region are investing heavily in technology and innovation, creating a supportive environment for the growth of virtual platforms and metaverse advertising. Additionally, the region has a thriving e-commerce sector, which provides a strong foundation for the integration of metaverse advertising into online shopping experiences. In conclusion, the Metaverse Advertising market in MENA is expanding due to customer preferences for immersive experiences, the integration of AR and VR technologies, collaborations between brands and metaverse platforms, the region's young and tech-savvy population, strong digital infrastructure, and supportive macroeconomic factors. As the metaverse continues to evolve, the market in MENA is expected to witness further growth and innovation.

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.

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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.