Metaverse eCommerce - Egypt | Statista Market Forecast

The Metaverse eCommerce market is anticipated to reach a value of US$61.9m by 2024.
This market is expected to exhibit a Compound Annual Growth Rate (CAGR) of 46.29% from 2024 to 2030, resulting in a projected market volume of US$606.3m by 2030.
Notably, in Egypt is a significant player in this market.
China leads the Metaverse eCommerce market with a projected market volume of US$10.2bn in 2024.
This showcases the country's dominance in this sector.
Looking at the number of users, it is estimated that the Metaverse eCommerce market will have approximately 11.6m users users by 2030.
The user penetration rate is projected to increase from 2.9% in 2024 to 9.2% by 2030, indicating a growing interest and adoption of this market in Egypt.
Furthermore, the average value per user (ARPU) is expected to be US$18.7, showcasing the potential revenue generated by each user in the Metaverse eCommerce market in Egypt.
Egypt's Metaverse eCommerce market is experiencing a surge in virtual real estate transactions, driven by the country's rich historical and cultural heritage.

Definition:

The eCommerce market refers to the buying and selling of goods and services within virtual reality environments, such as virtual worlds, social VR platforms, and other immersive digital spaces. These can include virtual storefronts, digital marketplaces, and other online shopping experiences that allow users to purchase real-world products or virtual items using virtual currencies and/or real-world money. Metaverse eCommerce can also include virtual shopping experiences, where users can explore and interact with virtual stores, try on virtual clothing and accessories, and make purchases through virtual cash or real-world money.

Structure:

The eCommerce market also covers the markets Beauty, Health, Personal & Household Care, Toys, Hobbys, DIY & Media, Furniture, Electronics, Fashion, and Food & Beverages. All of them refer to the specific goods that can be bought in the metaverse.

Additional Notes:

The market comprises market sizes, users, average revenue per user, and penetration rates. Market sizes are generated through in-app purchases and consumer spending on items, products, and hardware such as headsets and glasses. Market numbers for eCommerce are also featured in the Digital Market Insights. Key players in the market include companies, such as IKEA, Virtual Realms, and Holition. For more information on the data displayed, use the info button right next to the boxes.

Marketplaces in the metaverse, such as Decentraland's Marketplace
Items bought for avatars used in the metaverse, such as Costumes or Skins
Fashion for avatars, such as Gucci stores
Electronics, such as AR and VR hardware

Physical items used for the metaverse, such as Oculus Quest
Purchase of games that are considered metaverse, such as Roblox or Sandbox

The Metaverse eCommerce market in Egypt is witnessing significant growth and development, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Metaverse eCommerce market in Egypt are shifting towards immersive and interactive online shopping experiences.

Customers are increasingly seeking virtual reality (VR) and augmented reality (AR) technologies that allow them to explore products and make informed purchasing decisions. This preference for immersive experiences is fueled by the desire for convenience and the ability to visualize products in a realistic manner before making a purchase. Additionally, customers in Egypt are showing a growing interest in personalized and customized shopping experiences, where they can create virtual avatars and interact with virtual stores and brands.

The market is also witnessing several trends that are driving its growth. One of the key trends is the integration of social media platforms with the Metaverse eCommerce market. This integration allows customers to share their shopping experiences, seek recommendations from friends and influencers, and engage in virtual social interactions while shopping.

Furthermore, there is a growing trend of virtual events and exhibitions in the Metaverse eCommerce market in Egypt, where brands and retailers showcase their products and services in a virtual environment. These events provide an opportunity for customers to explore and interact with a wide range of products, creating a sense of excitement and exclusivity. Local special circumstances in Egypt are also contributing to the development of the Metaverse eCommerce market.

Egypt has a large and digitally-savvy population, with a high smartphone penetration rate and increasing internet access. This enables a larger customer base to engage with Metaverse eCommerce platforms and drives the demand for immersive online shopping experiences. Additionally, the COVID-19 pandemic has accelerated the adoption of online shopping in Egypt, leading to a surge in demand for Metaverse eCommerce platforms that offer a safe and convenient shopping experience.

Underlying macroeconomic factors, such as the growth of the digital economy and the government's focus on digital transformation, are further fueling the development of the Metaverse eCommerce market in Egypt. The government has been implementing initiatives to promote digital innovation and entrepreneurship, creating a favorable environment for the growth of Metaverse eCommerce platforms. Furthermore, the increasing investment in digital infrastructure and the expansion of high-speed internet coverage are facilitating the adoption of Metaverse technologies in Egypt.

In conclusion, the Metaverse eCommerce market in Egypt is experiencing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards immersive and interactive online shopping experiences, integration with social media platforms, and the adoption of virtual events are driving the market's growth. Egypt's large and digitally-savvy population, the impact of the COVID-19 pandemic, and the government's focus on digital transformation are further contributing to the development of the Metaverse eCommerce market in the country.

Data coverage:

Figures are based on in-app spending, consumer spending, in-game 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.

Before Mark Zuckerberg announced Facebook’s name change to Meta to the surprise and sniggers of social media users, the metaverse was a niche and futuristic concept familiar to the tech and science-fiction aficionados. Yet now, it has become the catchphrase that sets the scene for the next stage of the internet. Facebook’s rebranding of Meta as one of the building blocks of the metaverse was powerful enough to trigger immediate response from the world’s biggest retail and consumer brands. In the week following Zuckerberg’s Meta presentation, Nike made patent applications for a number of its logos and slogans, and in December 2021 acquired the virtual sneakers company RTFKT. Nike is one of the growing number of retail brands that are silently preparing their launch into the metaverse where fashion is flaunted not as physical goods but as virtual assets. According to a study, Nike applied for 12 IoT patents in the three months running up to May 2022.