Metaverse

The Metaverse market is anticipated to reach a value of US$313.1m in 2024.
This market is expected to exhibit an annual growth rate of 40.77% from 2024 to 2030, resulting in a projected market volume of US$2.4bn by 2030.
In Western Africa, the projected market volume is estimated to be US$23.0bn in 2024.
The United States stands as the primary generator of value in the Metaverse market, contributing significantly to the projected market volume.
Looking specifically at the number of users, it is expected to reach 21.2m users by 2030.
User penetration is projected to increase from 3.0% in 2024 to 8.1% by 2030.
The average value per user (ARPU) is forecasted to amount to US$45.0.
Western Africa is experiencing a surge in virtual reality adoption, with an increasing number of individuals embracing the Metaverse for social interactions and entertainment.

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 Western Africa is experiencing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Western Africa are increasingly seeking immersive and interactive digital experiences. They are drawn to the idea of exploring virtual worlds, socializing with others, and engaging in various activities within the Metaverse. This preference for virtual experiences is driven by the desire for escapism, entertainment, and the ability to connect with a global community.

Trends in the market: One of the key trends in the Metaverse market in Western Africa is the rise of virtual events and gatherings. As physical gatherings and events face restrictions and limitations, individuals and businesses are turning to virtual platforms within the Metaverse to host conferences, concerts, exhibitions, and social gatherings. This trend is driven by the convenience, cost-effectiveness, and limitless possibilities offered by virtual spaces. Another trend is the increasing adoption of virtual commerce. Western African consumers are embracing the concept of shopping within the Metaverse, where they can browse virtual stores, try on digital clothing, and purchase virtual goods and services. This trend is fueled by the convenience, personalization, and unique shopping experiences offered by virtual platforms.

Local special circumstances: Western Africa has a young and tech-savvy population, which contributes to the growth of the Metaverse market. The region has a high smartphone penetration rate and a growing internet user base, providing a solid foundation for the adoption of Metaverse technologies. Additionally, Western Africa has a vibrant creative and entertainment industry, which fuels the demand for virtual experiences and content creation within the Metaverse.

Underlying macroeconomic factors: The Metaverse market in Western Africa is also influenced by underlying macroeconomic factors. The region has been experiencing economic growth, leading to an increase in disposable income and consumer spending. This economic development enables individuals to invest in digital assets, virtual experiences, and Metaverse platforms. Furthermore, the region's governments and regulatory bodies are recognizing the potential of the Metaverse market and are creating favorable policies and regulations to support its growth. In conclusion, the Metaverse market in Western Africa is witnessing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As customers in the region seek immersive digital experiences, virtual events, and virtual commerce are becoming increasingly popular. The young and tech-savvy population, along with the region's economic growth, further contribute to the expansion of the Metaverse market in Western Africa.

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.