Metaverse

The Metaverse market is poised for significant growth, with a projected value of US$352.4m in 2024.
This value is expected to experience an annual growth rate of 40.33% from 2024 to 2030, resulting in a projected market volume of US$2.7bn by 2030.
It is worth noting that United States currently dominates this market segment, with a projected market volume of US$23.0bn in 2024.
Looking ahead, the number of users in the Metaverse market is expected to reach 31.2m users by 2030.
User penetration, which measures the percentage of the population using the Metaverse market, is projected to be 14.2% in 2024 and is expected to rise to 43.3% by 2030.
In terms of average value per user (ARPU), it is anticipated to be US$34.4.
This metric represents the average value generated by each user in the Metaverse market.
These projections highlight the immense growth potential of the Metaverse market, with United States playing a significant role.
It will be interesting to see how other countries, including in Thailand, contribute to this evolving landscape.
Thailand's Metaverse market is experiencing rapid growth, driven by a tech-savvy population and a vibrant gaming culture.

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 Thailand is experiencing rapid growth and development, driven by the increasing demand for immersive virtual experiences and the advancement of technology. Customer preferences in the Metaverse market in Thailand are shifting towards more interactive and immersive experiences.

Thai consumers are increasingly seeking out virtual reality (VR) and augmented reality (AR) applications that allow them to explore virtual worlds, interact with digital objects, and connect with others in a virtual environment. This preference for immersive experiences is fueled by the desire for escapism, entertainment, and social interaction. One of the key trends in the Metaverse market in Thailand is the rise of virtual events and entertainment.

With the COVID-19 pandemic restricting physical gatherings, virtual events have gained popularity as an alternative way to connect and engage with others. Thai consumers are embracing virtual concerts, conferences, and exhibitions, where they can participate and interact with others in a virtual environment. This trend is expected to continue even after the pandemic, as virtual events offer convenience, accessibility, and unique experiences.

Another trend in the Metaverse market in Thailand is the integration of e-commerce and virtual reality. Thai consumers are increasingly using VR platforms to shop for products and services in a more immersive and interactive way. Virtual showrooms and virtual try-on experiences are becoming popular, allowing consumers to visualize and experience products before making a purchase.

This trend is driven by the desire for a more personalized and engaging shopping experience. Local special circumstances in Thailand contribute to the development of the Metaverse market. The country has a growing tech-savvy population and a strong digital infrastructure, which provides a solid foundation for the adoption of Metaverse technologies.

Additionally, the Thai government has shown support for the development of the digital economy, including the Metaverse market, through various initiatives and policies. This supportive environment encourages innovation and investment in the sector. Underlying macroeconomic factors also play a role in the growth of the Metaverse market in Thailand.

The country's strong economic growth, increasing disposable income, and rising internet penetration rate contribute to the expansion of the market. As more Thai consumers have access to the internet and disposable income to spend on digital experiences, the demand for Metaverse applications and services is expected to continue growing. In conclusion, the Metaverse market in Thailand is experiencing significant growth and development, driven by customer preferences for immersive experiences, the rise of virtual events and entertainment, the integration of e-commerce and virtual reality, local special circumstances, and underlying macroeconomic factors.

As technology continues to advance and consumer demand for immersive virtual experiences grows, the Metaverse market in Thailand is expected to thrive in the coming years.

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.