Metaverse

The Metaverse market is projected to reach a value of US$1.2bn in 2024, with an expected annual growth rate (CAGR 2024-2030) of 39.19%.
This growth is anticipated to result in a market volume of US$8.9bn by 2030.
In the country of Nordics, the market is projected to have a value of US$23.0bn in 2024, making it one of the top contributors to the Metaverse market.
Furthermore, the number of users in the Metaverse market is expected to reach 20.7m users by 2030.
In 2024, user penetration is estimated to be 25.4%, and this is projected to increase to 71.9% by 2030.
This indicates a significant growth potential for user engagement and adoption of the Metaverse market in the Nordics.
Additionally, the average value per user (ARPU) is expected to be US$171.9, reflecting the potential revenue that can be generated from each user in the Metaverse market.
The Nordics market has the opportunity to capitalize on this ARPU and generate substantial value from its user base.
In summary, the Metaverse market is poised for significant growth, and the Nordics region is expected to play a prominent role in this expansion.
With its strong market volume and increasing user penetration, the Nordics has the potential to become a key player in the Metaverse market.
The Nordics have emerged as a frontrunner in the Metaverse market, with a strong emphasis on sustainability and inclusivity.

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

The population in this region has a high level of digital literacy and is known for embracing new technologies. There is a strong demand for immersive and interactive experiences, which aligns well with the concept of the Metaverse. Additionally, the Nordics have a thriving gaming culture, with a large number of gamers and esports enthusiasts.

This creates a fertile ground for the adoption and growth of the Metaverse market. Trends in the market further contribute to the development of the Metaverse in the Nordics. One prominent trend is the increasing popularity of virtual reality (VR) and augmented reality (AR) technologies.

These technologies enable users to immerse themselves in virtual worlds and interact with digital content in a more realistic and engaging manner. The Nordics have seen a surge in VR and AR applications across various industries, including gaming, entertainment, and education. This trend is driving the demand for Metaverse platforms that can provide seamless and immersive experiences.

Local special circumstances in the Nordics also contribute to the growth of the Metaverse market. The region has a strong focus on sustainability and environmental consciousness. This has led to the emergence of eco-friendly initiatives and a preference for digital solutions that reduce the need for physical travel and infrastructure.

The Metaverse offers a sustainable alternative to traditional forms of entertainment and communication, as it allows users to connect and engage in virtual spaces without the need for physical transportation. This aligns well with the values and priorities of the Nordics, further driving the adoption of the Metaverse. Underlying macroeconomic factors also play a role in the development of the Metaverse market in the Nordics.

The region has a strong economy and high disposable income levels, which enable individuals and businesses to invest in new technologies and experiences. Additionally, the Nordic countries have a supportive regulatory environment and infrastructure that fosters innovation and entrepreneurship. This creates a conducive ecosystem for Metaverse startups and companies to thrive and expand their operations.

In conclusion, the Metaverse market in the Nordics is experiencing significant growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The region's digital-savvy population, demand for immersive experiences, and focus on sustainability are driving the adoption of the Metaverse. Additionally, the supportive regulatory environment and strong economy provide a favorable landscape for the growth of Metaverse companies in the Nordics.

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.