Metaverse - New Zealand

New Zealand

The Metaverse market is expected to reach a value of US$188.8m in 2024.
This projection indicates a steady annual growth rate (CAGR 2024-2030) of 40.80%, which would result in a market volume of US$1,471.0m by 2030.
It is worth noting that in the United States is the primary generator of value in this market, with a projected market volume of US$23.0bn in 2024.
Looking at the number of users, it is estimated that there will be approximately 3,581.0k users users in the Metaverse market by 2030.
In terms of user penetration, it is anticipated to be 22.2% in 2024 and is expected to increase to 65.2% by 2030.
Moreover, the average value per user (ARPU) is projected to be US$161.2.
These figures highlight the significant potential and growth opportunities in the Metaverse market, including in New Zealand.
New Zealand's Metaverse market is experiencing rapid growth, driven by the country's tech-savvy population and innovative virtual reality startups.

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Analyst Opinion

The Metaverse market in New Zealand is experiencing significant growth and development.

Customer preferences: Customers in New Zealand are increasingly interested in immersive virtual experiences, which has fueled the demand for Metaverse platforms. The younger generation, in particular, is drawn to the idea of exploring virtual worlds and interacting with others in a digital environment. Additionally, the COVID-19 pandemic has accelerated the adoption of virtual technologies, as people seek alternative ways to socialize and engage in activities.

Trends in the market: One of the key trends in the Metaverse market in New Zealand is the rise of virtual reality (VR) and augmented reality (AR) applications. VR headsets and AR-enabled devices have become more accessible and affordable, allowing users to immerse themselves in virtual environments. This has led to the development of Metaverse platforms that offer a range of experiences, from gaming and entertainment to education and business applications. Another trend in the market is the integration of blockchain technology. Blockchain provides a decentralized and secure infrastructure for virtual economies within the Metaverse. It enables the creation and trade of virtual assets, such as digital currencies, virtual real estate, and unique virtual items. This has opened up new opportunities for creators, businesses, and investors in the Metaverse space.

Local special circumstances: New Zealand's strong tech ecosystem and innovative culture have contributed to the growth of the Metaverse market. The country is home to a number of startups and tech companies that are at the forefront of developing Metaverse platforms and applications. Additionally, New Zealand has a thriving gaming industry, which has paved the way for the adoption of virtual technologies and the creation of immersive experiences. Furthermore, New Zealand's natural landscapes and unique cultural heritage provide inspiration for virtual worlds and experiences. The country's stunning scenery, from mountains to beaches, can be recreated in the Metaverse, offering users a chance to explore virtual versions of New Zealand's iconic locations.

Underlying macroeconomic factors: The growth of the Metaverse market in New Zealand is also influenced by macroeconomic factors. The country has a stable economy and a high level of digital connectivity, which provides a solid foundation for the development and adoption of virtual technologies. Additionally, the government has been supportive of the tech industry, providing funding and incentives for innovation and entrepreneurship. Furthermore, New Zealand's tourism industry has been impacted by the COVID-19 pandemic, leading to a shift in focus towards virtual tourism. The Metaverse offers a way for tourists to experience New Zealand's attractions remotely, providing a potential boost to the local economy. In conclusion, the Metaverse market in New Zealand is experiencing growth due to customer preferences for immersive virtual experiences, the rise of VR and AR applications, the integration of blockchain technology, the country's strong tech ecosystem and innovative culture, and underlying macroeconomic factors such as a stable economy and government support. This presents opportunities for businesses and creators to tap into the growing market and offer unique virtual experiences to customers.

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.