Metaverse

The projected value of the Metaverse market in 2024 is expected to reach US$313.1m.
This market is projected to experience an annual growth rate of 40.77% from 2024 to 2030, resulting in a projected market volume of US$2.4bn by 2030.
in Nigeria, as a country, is also expected to be a part of this growing market.
In 2024, United States is projected to generate the highest market volume, amounting to US$23.0bn.
This indicates the significant presence and influence of the United States in the Metaverse market.
Looking at the number of users in the Metaverse market, it is expected to reach 21.2m users by 2030.
This signifies a growing user base, including users from in Nigeria.
User penetration in the market is projected to be 3.0% in 2024 and is expected to increase to 8.1% by 2030.
Furthermore, the average value per user (ARPU) in the Metaverse market is projected to be US$45.0.
This indicates the potential revenue that can be generated per user in this market.
in Nigeria, with its growing presence in the market, can benefit from this average value per user.
Nigeria's Metaverse market is witnessing a surge in virtual reality gaming, with an increasing number of Nigerian gamers embracing immersive digital experiences.

Definition:

The term metaverse refers to a virtual world or collection of virtual worlds that exist in a shared digital space and can be accessed by users through the internet. It typically includes virtual reality, augmented reality, and other immersive technologies. Its scope encompasses a wide range of possibilities and opportunities in education, entertainment, health and fitness, and even remote work, but it is commonly associated with eCommerce and gaming.

Structure:

The Metaverse market covers the markets eCommerce, Gaming, and Education. The eCommerce market covers all goods that can be purchased and distributed within and throughout the metaverse. Gaming encompasses all games that are either directly involved in classified metaverse apps or collaborative open-world games. Education covers the range of possibilities for consumers to experience courses, classes, field trips, and more in the metaverse. For a more detailed explanation of all the markets, see the respective market page.

Additional Notes:

The market comprises market sizes, users, average revenue per user, and penetration rates. Market sizes are generated through in-app purchases, advertising spending, and consumer spending on apps, games, items, products, and hardware such as headsets or glasses. Sales channel data shows both online and offline market sizes. Information on gaming, eCommerce, virtual assets, digital media, digital health, digital advertising, and education can also be found in the Digital Market Insights. Information on AR & VR hardware can also be found in the Advertising & Media Insights. Key players of the market include companies such as Meta, Roblox, Epic Games, and Decentraland.

Open-world games with social interaction, such as Fortnite
Ecommerce marketplaces, such as NIKELAND in Roblox
Virtual Assets used to buy goods in the metaverse, such as Ethereum
Education in form of online classes or certificates in the metaverse, such as Decentraland University

Non-related open-world games, such as World of Warcraft
Physical goods, service and products bought with cryptocurrencies, such as Fashion
Non-fungible Tokens bought as personal collectable, such as non-metaverse selection on OpenSea

The Metaverse market in Nigeria is experiencing significant growth and development, driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Nigeria are playing a crucial role in the development of the Metaverse market.

Nigerians have shown a strong interest in virtual reality (VR) and augmented reality (AR) technologies, which are key components of the Metaverse. The younger generation, in particular, is embracing these immersive technologies, seeking new and exciting experiences. Additionally, there is a growing demand for virtual social interactions and entertainment, as Nigerians look for ways to connect with others and explore virtual worlds.

Trends in the market are also contributing to the growth of the Metaverse in Nigeria. The increasing availability and affordability of VR and AR devices have made these technologies more accessible to the Nigerian population. This has led to a rise in the number of users and a greater demand for Metaverse experiences.

Furthermore, the COVID-19 pandemic has accelerated the adoption of virtual technologies, as people turned to online platforms for work, education, and entertainment. This shift has created a favorable environment for the Metaverse market to thrive. Local special circumstances in Nigeria further support the development of the Metaverse market.

Nigeria has a large and youthful population, with a high level of digital literacy. This tech-savvy population is eager to embrace new technologies and explore innovative digital experiences. Additionally, Nigeria has a vibrant creative industry, including film, music, and gaming, which provides a strong foundation for the development of Metaverse content and applications.

The country's entrepreneurial spirit and growing startup ecosystem also contribute to the emergence of innovative Metaverse solutions. Underlying macroeconomic factors are driving the growth of the Metaverse market in Nigeria. The country's economy is experiencing steady growth, with a rising middle class and increasing disposable income.

This creates a favorable consumer market for Metaverse products and services. Additionally, the government has recognized the potential of the digital economy and has taken steps to support its development. Policies and initiatives aimed at promoting digital innovation and entrepreneurship provide a conducive environment for the Metaverse market to flourish.

In conclusion, the Metaverse market in Nigeria is experiencing rapid growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The increasing interest in immersive technologies, the availability of affordable devices, the impact of the COVID-19 pandemic, the tech-savvy population, the vibrant creative industry, and the supportive macroeconomic environment all contribute to the thriving Metaverse market in Nigeria. As the market continues to evolve, we can expect further advancements and innovations in the Metaverse space in Nigeria.

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.

This report presents a comprehensive analysis and additional information on the Advertising & Media market, in a PDF format.

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.