Metaverse

The Metaverse market is anticipated to reach a value of US$403.2m in 2024.
This market is projected to experience a steady annual growth rate (CAGR 2024-2030) of 40.96%, which would result in a market volume of US$3.2bn by 2030.
It is worth noting that United States generates the highest value in this market, with a projected market volume of US$23.0bn in 2024.
In terms of user base, the number of users in the Metaverse market is expected to reach 70.6m users by 2030.
The user penetration rate, which measures the proportion of the population using the Metaverse market, is predicted to be 11.5% in 2024 and is projected to increase to 32.8% by 2030.
This indicates a significant growth in the adoption of the Metaverse market among the population.
Furthermore, the average value per user (ARPU) is expected to amount to US$17.6.
This metric provides insights into the average value generated by each user in the Metaverse market.
It is important to note that these projections and figures pertain to the global Metaverse market, including the Northern African region.
In Northern Africa, the Metaverse market is rapidly expanding as virtual reality technology gains popularity among the youth.

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

The region has a young and tech-savvy population that is increasingly interested in immersive digital experiences. The desire for social interaction, entertainment, and virtual exploration is driving the demand for Metaverse platforms and applications. Additionally, the COVID-19 pandemic has accelerated the adoption of digital technologies, including virtual reality and augmented reality, as people seek alternative ways to socialize and engage in activities.

Trends in the market indicate a growing interest and investment in the Metaverse space in Northern Africa. Companies and developers are creating virtual worlds, gaming platforms, and social experiences that cater to the unique needs and preferences of the local population. The market is witnessing the emergence of virtual events, virtual marketplaces, and virtual education platforms, offering opportunities for businesses to reach and engage with customers in innovative ways.

Furthermore, the integration of blockchain technology in the Metaverse ecosystem is gaining traction, providing secure and transparent transactions within virtual environments. Local special circumstances, such as limited physical infrastructure and geographical constraints, are also driving the development of the Metaverse market in Northern Africa. The region faces challenges in terms of connectivity and access to traditional entertainment and leisure options.

As a result, the Metaverse offers a promising solution by providing virtual experiences that can be accessed from anywhere with an internet connection. This accessibility and convenience factor is attracting both users and investors to the Metaverse market. Underlying macroeconomic factors are contributing to the growth of the Metaverse market in Northern Africa.

The region has a growing economy and a rising middle class, which is driving consumer spending on digital products and services. Additionally, governments in the region are recognizing the potential of the Metaverse industry and are implementing supportive policies and initiatives to foster its growth. This includes investments in digital infrastructure, research and development, and talent development.

In conclusion, the Metaverse market in Northern Africa is experiencing significant growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The region's young and tech-savvy population, along with the increased adoption of digital technologies, is driving the demand for immersive virtual experiences. The emergence of virtual events, gaming platforms, and social experiences tailored to the local population's needs is further fueling the market's growth.

Additionally, the region's limited physical infrastructure and geographical constraints make the Metaverse an attractive solution for entertainment and leisure. The growing economy, rising middle class, and supportive government policies are also contributing to the market's expansion. Overall, the Metaverse market in Northern Africa is poised for continued growth and presents significant opportunities for businesses and investors.

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.