Metaverse

The value of the Metaverse market in Portugal is projected to reach US$180.1m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2030) of 40.49%, resulting in a projected market volume of US$1.4bn by 2030.
In 2024, the market value is projected to be US$23.0bn, with the majority of it being generated United States.
In terms of user numbers, the Metaverse market in Portugal is expected to have 4.7m users users by 2030.
The user penetration rate, which is the proportion of the population using the Metaverse market, is projected to be 15.0% in 2024 and is expected to increase to 46.5% by 2030.
The average value per user (ARPU) in Portugal is expected to be US$117.1.
Portugal is emerging as a hub for virtual reality gaming and immersive experiences in the Metaverse market.

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 Portugal is experiencing significant growth and development, driven by changing customer preferences and the global trend towards virtual experiences.

Customer preferences: Customers in Portugal are increasingly seeking immersive and interactive experiences, which has led to a growing demand for Metaverse platforms. These platforms allow users to create and explore virtual worlds, interact with other users, and engage in various activities such as gaming, socializing, and shopping. The ability to escape reality and engage in virtual experiences has become particularly appealing to Portuguese consumers, especially in light of the COVID-19 pandemic and the limitations it has imposed on physical interactions.

Trends in the market: One of the key trends in the Metaverse market in Portugal is the rise of virtual gaming. Gaming has always been popular in the country, and the transition to virtual gaming experiences has been seamless for many Portuguese gamers. Metaverse platforms offer a wide range of gaming options, from traditional video games to virtual reality (VR) experiences, allowing gamers to immerse themselves in virtual worlds and connect with other players. The increasing popularity of esports and competitive gaming events further contributes to the growth of the Metaverse market in Portugal. Another trend in the market is the integration of virtual shopping experiences. Portuguese consumers are embracing the convenience and novelty of shopping in virtual environments, where they can browse virtual stores, try on virtual clothing, and make purchases without leaving their homes. This trend is particularly evident in the fashion and beauty industries, where virtual try-on technologies and virtual showrooms are gaining traction. The ability to explore and shop in virtual spaces offers a unique and engaging shopping experience for Portuguese consumers.

Local special circumstances: Portugal has a strong technology infrastructure and a high level of digital literacy among its population. This provides a solid foundation for the development and adoption of Metaverse technologies in the country. Additionally, Portugal has a vibrant startup ecosystem and a supportive regulatory environment, which encourages innovation and entrepreneurship in the technology sector. These factors contribute to the growth of the Metaverse market in Portugal, as local companies and entrepreneurs are able to leverage their expertise and resources to create and promote Metaverse platforms and experiences.

Underlying macroeconomic factors: The Metaverse market in Portugal is also influenced by broader macroeconomic factors. The country has a relatively high internet penetration rate, which enables widespread access to Metaverse platforms and virtual experiences. Furthermore, Portugal has a strong tourism industry, and the integration of virtual tourism experiences in the Metaverse market presents significant opportunities for growth. Virtual tourism allows users to explore iconic landmarks and destinations from the comfort of their homes, providing a unique and accessible way to experience different cultures and places. As a result, the Metaverse market in Portugal is poised to benefit from the convergence of technology and tourism.

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.