DUBLIN, May 5, 2023 /PRNewswire/ — The “Global Metaverse Market Intelligence and Future Growth Dynamics Databook – 100+ KPIs Covering Market Size by Sector X Use cases X Technology, Business and Consumer Spend, NFT Spend – Q1 2023” report has been added to ResearchAndMarkets.com’s offering.
Global Metaverse industry is expected to grow by 44.8% on an annual basis to reach US$205.3 billion in 2023.
The Metaverse industry is expected to grow steadily over the forecast period, recording a CAGR of 33.5% during 2023-2030. The Metaverse Spend Value in the country will increase from US$141.8 billion in 2022 to reach US$1,549.5 billion by 2030.
The global metaverse ecosystem has been growing rapidly in Indonesia amid the rising interest in emerging technology. Both government entities, as well as private corporations, have launched several different metaverse projects to support the digital economy. The resulting investment in the sector is driving industry growth and the trend is expected to further continue from the short to medium-term perspective.
Firms are expected to invest billions of dollars toward the development of metaverse infrastructure
Dubbed the next big innovation and the future of the internet, big tech giants are continuing to fund billions into the market, even though their projects have not accumulated the expected adoption among consumers.
Meta, formerly known as Facebook, announced that the firm will continue to invest in the development of metaverse infrastructure, with spending expected to reach approximately US$100 billion over the next five years. The announcement comes at a time when the firm has experienced a dramatic downturn in its revenue. The declining ad revenue, increasing competition, and other macroeconomic factors meant that the firm reported a revenue decline for the second straight quarter, and the trend is expected to further continue in Q4 2022.
Meta is also focusing on strategic acquisition opportunities to further its metaverse ambitions. In November 2022, Meta announced that the firm had acquired a United Kingdom-based Audio Analytic, the firm that builds AI-driven sound recognition software. Furthermore, in September 2022, Meta also acquired Loft, a Berlin-based haptic startup, that develops small and discrete wearable devices. These acquisitions are part of the firm’s strategy to create an ecosystem that can enhance the customer experience in the metaverse.
The publisher expects Meta to enter into more such strategic acquisition deals over the next three to four years, as it continues to make a push into the future of the internet. This will keep driving investment in the sector from the short to medium-term perspective.
UK-based innovative metaverse startups are raising funding rounds to develop infrastructure
At present, the virtual worlds seem to offer limited experience. However, for the mass adoption of the metaverse, wide-scale infrastructure is required that can drive the future of the internet. To develop the infrastructure, startups are raising capital from private equity and venture capital firms.
In October 2022, Improbable, a United Kingdom-based metaverse startup, announced that the firm had raised US$100 million at a US$3 billion valuation. Founded in 2012, the firm develops metaverse infrastructure, thereby allowing institutions, businesses, and developers, among others to create and build their virtual worlds. The firm also works with militaries in the United Kingdom and the United States to offer simulation experiences. The firm is planning to use the funding round to further develop metaverse infrastructure for its clients.
In September 2022, Hadean, another metaverse startup in the United Kingdom, announced that the firm had raised US$30 million in a Series A funding round, which was led by Molten Ventures. The firm is also planning to use the fresh capital to build out its metaverse infrastructure, thereby providing creators the tools to build virtual worlds. The firm has already signed multi-year agreements with firms in the entertainment business. These include Mine craft, Sony, and Pixelynx, among several others.
The publisher expects these startups to keep raising funding rounds over the next three to four years, as the demand for robust metaverse infrastructure continues to grow in the United Kingdom and the global market.
Investment from the government will drive the growth of the metaverse industry in China
In China, many provinces have announced a metaverse development plan, amid the growing prospects of the emerging technology. As part of the initiative, government investment in the sector is expected to increase significantly.
At least six provincial governments, along with local authorities in 10 cities in China, have issued their metaverse development plans. Guangzhou, Wuhan, and Hangzhou, along with the eastern province of Shandong, have announced plans to offer subsidies for emerging research projects and platforms-related to metaverse. These subsidies range from 2 million yuan to 200 million yuan.
In September 2022, the central province of Henan also joined the metaverse bandwagon in China. The province is planning to build a 30-billion-yuan metaverse industry. In June 2022, the Shanghai government announced a 10-billion-yuan fund for the development of the metaverse industry. By 2025, Shanghai aims to build a 350-billion-yuan metaverse industry in the city.
In the wake of the increasing hype around the metaverse, more provinces are expected to announce their metaverse industry development plan and subsidies to support domestic metaverse firms. Alongside the local authorities and government institutions, Chinese universities are also investing heavily in the sector. These institutions are opening new virtual departments to lead the next iteration of technological innovation in the Chinese metaverse sector.
This report provides a comprehensive view of the size, and dynamics of the metaverse industry at Global and country level, covering over 100 KPIs for each country and region. It details market opportunities across key sectors – retail industry, technology & telecommunications, financial services, manufacturing, travel and hospitality, media & entertainment, training & education, real estate, and health & wellness. It provides analysis in terms of business spend as well as consumer spend.
No. of Pages
2023 – 2030
Estimated Market Value (USD) in 2023
Forecasted Market Value (USD) by 2030
Compound Annual Growth Rate
A Bundled Offering Combining 19 Reports
Global Metaverse Market Intelligence and Future Growth Dynamics DatabookArgentina Metaverse Market Intelligence and Future Growth Dynamics DatabookAustralia Metaverse Market Intelligence and Future Growth Dynamics DatabookBrazil Metaverse Market Intelligence and Future Growth Dynamics DatabookCanada Metaverse Market Intelligence and Future Growth Dynamics DatabookChina Metaverse Market Intelligence and Future Growth Dynamics DatabookFrance Metaverse Market Intelligence and Future Growth Dynamics DatabookGermany Metaverse Market Intelligence and Future Growth Dynamics DatabookIndia Metaverse Market Intelligence and Future Growth Dynamics DatabookIndonesia Metaverse Market Intelligence and Future Growth Dynamics DatabookItaly Metaverse Market Intelligence and Future Growth Dynamics DatabookMexico Metaverse Market Intelligence and Future Growth Dynamics DatabookPhilippines Metaverse Market Intelligence and Future Growth Dynamics DatabookRussia Metaverse Market Intelligence and Future Growth Dynamics DatabookSouth Africa Metaverse Market Intelligence and Future Growth Dynamics DatabookThailand Metaverse Market Intelligence and Future Growth Dynamics DatabookUnited Arab Emirates Metaverse Market Intelligence and Future Growth Dynamics DatabookUnited Kingdom Metaverse Market Intelligence and Future Growth Dynamics DatabookUnited States Metaverse Market Intelligence and Future Growth Dynamics Databook
For more information about this report visit https://www.researchandmarkets.com/r/qac1le
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