Although the gaming and ecommerce sectors have seen the most significant adoption of the metaverse technology in recent years, its use in other markets like digital marketing will explode in the future.
According to data presented by OnlyAccounts.io, the global metaverse advertising industry is expected to grow by 315% and reach a value of $7.5 billion by 2030.
Six Years of Double-Digit Market Growth
The metaverse advertising industry is currently in its early stages, but it has already shown promising signs of growth.
Over the past two years, many huge brands have entered the metaverse and started selling virtual accessories so users can develop their avatars. For example, Nike has successfully launched branded sports apparel and footwear in Roblox, and Adidas has seen success with its branded virtual gear in the Open Sea NFT marketplace.
However, the entrance of these big names has also marked a turning point for the metaverse advertising industry, which is set to explode in the following years.
This growth is driven by several factors, including the increasing popularity of virtual reality and the growing consumer demand for immersive and interactive advertising experiences. On the other hand, metaverse allows brands to showcase their services and products in a way that traditional ads cannot, while providing valuable insights into consumer behavior, which can help them improve their marketing strategies.
With more brands and consumers embracing metaverse ads, the entire market is expected to hit a $1.8 billion value in 2024, up from $1.6 billion last year. But that is nothing compared to the growth expected in the following years.
According to a Statista Market Insights survey, the global metaverse advertising industry is expected to increase by 72% and hit $3.1 billion value by 2026.
By the end of 2028, this figure will jump to $5.7 billion and continue rising. Statista expects the double-digit growth to continue until the end of a decade, resulting in a market size of $7.5 billion by 2030.
All the Largest Metaverse Advertising Markets to See Triple-Digit Growth by 2030
In global comparison, the United States and China represent the largest markets for metaverse advertising, generating 45% of the total industry value.
However, according to Statista, all five largest metaverse advertising markets will see an impressive triple-digit growth by the end of a decade.
The US market is forecasted to grow by 317% and reach a $2.5 billion value by 2030.
Statistics show the Chinese market will grow by 316% and hit a $917 million value in this period.
Although far below these figures, Japan, Germany, and the United Kingdom will also see an impressive 315% growth by 2030, helping them reach market sizes of $373 million, $318 million, and $283 million, respectively.
Market Size to Grow by an Average of $100 Billion Per Year
The increasing adoption of virtual reality (VR), augmented reality (AR), and mixed reality (MR) technologies, the rising demand for immersive user experiences across sectors and significant investments by major companies like Meta and Microsoft in developing metaverse infrastructure, have created the perfect ground for the metaverse market growth.
Since 2022, the entire industry has grown by 63% and hit a $75 billion value. And while this is quite an impressive increase in just two years, the market projections show much bigger growth rates in the following years.
According to Statista Market Insights survey, the size of the global metaverse market is expected to grow by an average of $100 billion per year and hit more than half a trillion dollars by 2030. This means the metaverse market will increase by 575% in the next six years.
Statistics show metaverse ecommerce and gaming will make up almost 75% of that value. The metaverse ecommerce segment is forecasted to grow by 587% and hit a $210 billion value by 2030, up from $30.6 billion this year. The metaverse gaming segment will see an impressive 70% growth in this period, with its value jumping from $20.9 billion to $168 billion.
Statistics show that the metaverse health and fitness market will grow by 560% in the next six years and hit a value of $56.1 billion. Metaverse workplaces follow with a 465% six-year growth and a market size of $27.7 billion by 2030.
The Statista survey also showed metaverse education will grow the most of all market segments, rising by a whopping 887% and reaching a value of close to $25 billion by 2030.
Metaverse to Reach 2.6 Billion People by 2030, 4x more than the Earlier Forecast
With tech giants like Meta and Microsoft continuing to pour money into metaverse projects, it's evident that metaverse is poised to become a large and lucrative business that will reach more users than ever in the following years.
According to Statista's forecast, the total number of users in the metaverse landscape is projected to hit almost 2.6 billion by the end of the decade, four times more than the earlier forecast and three times more than this year.
The total addressable market or the revenue opportunity for metaverse products and services in the conservative scenario, where 15% of the digital economy shifts to the metaverse, is expected to hit $1.9 trillion in this period. In the optimistic scenario, where 35% of the digital economy shifts to the metaverse, this value jumps to $4.4 trillion.
Source: Altindex.com
