Metaverse

In 2024, the projected value in the Metaverse market is set to reach US$624.4m.
This market is expected to exhibit an annual growth rate of 42.48% (CAGR 2024-2030), resulting in a projected market volume of US$5.2bn by 2030.
The United States is currently the leading generator of value in this market, with a projected market volume of US$23.0bn in 2024.
As for the number of users, it is anticipated to reach 39.4m users by 2030.
In 2024, user penetration is estimated to be 14.3%, and it is expected to increase to 44.4% by 2030.
The average value per user (ARPU) is projected to be US$50.5.
It is worth noting that these figures pertain to the Metaverse market as a whole, and not specifically to the country of Turkey.
However, Turkey's role and potential within this market should not be overlooked.
Turkey is experiencing a growing interest in the Metaverse, with companies exploring virtual reality and augmented reality technologies for various industries.

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

Turkish consumers are increasingly seeking immersive and interactive digital experiences, and the Metaverse offers just that. With its ability to merge virtual and physical worlds, the Metaverse provides users with a unique and engaging way to interact with digital content. This aligns with the growing demand for entertainment, socialization, and gaming experiences in Turkey.

Trends in the market further contribute to the development of the Metaverse market in Turkey. The adoption of advanced technologies such as virtual reality (VR) and augmented reality (AR) is gaining momentum in the country. This is driving the creation of virtual worlds and digital ecosystems that form the foundation of the Metaverse.

Additionally, the rise of blockchain technology is enabling secure and decentralized transactions within the Metaverse, further enhancing its appeal to Turkish consumers. Local special circumstances also play a role in the growth of the Metaverse market in Turkey. The country has a young and tech-savvy population that is eager to embrace new digital experiences.

This creates a fertile ground for the adoption of the Metaverse and its various applications, such as virtual events, virtual shopping, and virtual real estate. Furthermore, Turkey has a vibrant startup ecosystem and a growing number of tech companies that are actively exploring and investing in Metaverse technologies. Underlying macroeconomic factors contribute to the development of the Metaverse market in Turkey as well.

The country has a strong and resilient economy, which provides a solid foundation for investment and innovation in emerging technologies. Additionally, the government has been supportive of the tech sector and has implemented policies and initiatives to foster its growth. This creates a favorable environment for the development of the Metaverse market, attracting both domestic and international players.

In conclusion, the Metaverse market in Turkey is witnessing significant growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The increasing demand for immersive digital experiences, the adoption of advanced technologies, the young and tech-savvy population, and the supportive business environment all contribute to the flourishing Metaverse market in Turkey. As the market continues to evolve, it presents exciting opportunities for both consumers and businesses in the country.

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.