Europe Metaverse Market Intelligence Report 2023: Market is Expected to Grow by 44.6% to Reach $36.8 Billion in 2023 - Forecasts to 2030
European Metaverse Market
Dublin, May 09, 2023 (GLOBE NEWSWIRE) -- The "Europe 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.
The Metaverse industry in Europe is expected to grow by 44.6% on an annual basis to reach US$36.8 billion in 2023.
The Metaverse industry is expected to grow steadily over the forecast period, recording a CAGR of 32.0% during 2023-2030. The Metaverse Spend Value in the country will increase from US$25.4 billion in 2022 to reach US$256.6 billion by 2030.
This report provides a comprehensive view of the size, and dynamics of the metaverse industry at Europe 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.
Across Europe, consumers are willing to know about the metaverse and its various applications. From socializing to online shopping and attending entertainment events such as concerts in the metaverse, consumers are open to conducting varied activities inside the virtual world.
These trends have resulted in many major brands innovating with customer experiences and driving the future growth of their businesses. As firms continue to build the future of the internet, investment in the sector is expected to grow significantly from the short to medium-term perspective. While the sector is still in its early stages of development, the publisher maintains a robust growth outlook for the industry over the next three to four years.
French metaverse startups are raising funds to accelerate the development of their platform
More brands and businesses are seeking to leverage the capabilities of metaverse to reach their potential customers in France. However, the lack of skills and expertise in the segment has become a major barrier for many brands. Targeting such businesses, startups are developing platforms that can assist brands and businesses to build and manage their presence in the metaverse with limited knowledge. To further accelerate the development of their platform, these startups are raising funding rounds.
In October 2022, METAV.RS, the Paris-based metaverse startup, announced that the firm had raised €3 million to accelerate the development of its metaverse content management platform. The €3 million seed funding round was led by Jsquare, a Singapore-based Web3 fund. Founded in 2022, the firm aims to make the metaverse more accessible to businesses in the country, while enabling them to manage their presence in the virtual world in a more effective way.
The no-coded platform provides brands with integrated apps that enable them to manage the virtual worlds in a seamless manner. Furthermore, the firm aims to provide marketing teams with the ability to integrate content simply and easily in the metaverse. The platform is also compatible with e-commerce platforms, thereby ensuring that brands across different industries can use the services.
From the short to medium-term perspective, the publisher expects METAV.RS to expand its presence in the global market. It currently has offices in Hong Kong and Seoul, where the industry is experiencing strong growth.
Fashion brands are forging strategic alliances to create metaverse experiences for their customers in the United Kingdom
Like non-fungible tokens, fashion brands are also seeking to boost their presence in the metaverse to leverage the consumer attraction towards emerging technology in the United Kingdom. For instance,
In November 2022, Burberry, a United Kingdom-based fashion brand, announced that the firm entered into a strategic collaboration with Mine craft. Under the partnership, Burberry has created in-game adventures for its customers in Mine craft's metaverse.
Furthermore, there are 15 downloadable skins that allow players to dress their characters. The skins have been made available on the Mine craft Marketplace, starting November 1. Along with the in-game adventure, Burberry will also drop a capsule collection of clothing, which features 8-bit graphics that are inspired by the Mine craft universe.
As the interest among consumers continues to grow in the United Kingdom, the publisher expects more brands to launch innovative metaverse experiences for their customers from the short to medium-term perspective.
Germany-based sports brands are launching metaverse experiences for their shoppers in the country
The competition in the retail space has intensified over the last few years. As a result, firms are innovating with customer shopping journey to gain competitive advantage over others. The emergence of metaverse has presented German brands with a way to create immersive shopping experiences.
In September 2022, Puma, a German sports firm, announced the launch of its metaverse platform, Black Station, which aims to offer an immersive experience to shoppers. Notably, the platform features exclusive non-fungible tokens with limited edition redeemable physical sneakers.
Before Puma forayed into the metaverse world, Germany's Adidas Originals also launched avatars for the metaverse. In April 2022, the firm introduced a personality-based AI-generated avatar creation platform in collaboration with Ready Player Me. Users can create and animate their avatars, while also digitally trying on and purchasing the sneakers from the metaverse collection.
From the short to medium-term perspective, more consumer-focused brands are expected to foray into the metaverse, as the demand for innovative experiences continues to grow among shoppers across the country.
A Bundled Offering: 13 Reports - 1 Regional and 12 Country Level
Europe Metaverse Market Intelligence and Future Growth Dynamics Databook
Austria Metaverse Market Intelligence and Future Growth Dynamics Databook
Belgium Metaverse Market Intelligence and Future Growth Dynamics Databook
Denmark Metaverse Market Intelligence and Future Growth Dynamics Databook
Finland Metaverse Market Intelligence and Future Growth Dynamics Databook
France Metaverse Market Intelligence and Future Growth Dynamics Databook
Germany Metaverse Market Intelligence and Future Growth Dynamics Databook
Italy Metaverse Market Intelligence and Future Growth Dynamics Databook
Poland Metaverse Market Intelligence and Future Growth Dynamics Databook
Russia Metaverse Market Intelligence and Future Growth Dynamics Databook
Spain Metaverse Market Intelligence and Future Growth Dynamics Databook
Switzerland Metaverse Market Intelligence and Future Growth Dynamics Databook
United Kingdom Metaverse Market Intelligence and Future Growth Dynamics Databook
No. of Pages
2023 - 2030
Estimated Market Value (USD) in 2023
Forecasted Market Value (USD) by 2030
Compound Annual Growth Rate
Scope for Each Report
Metaverse Market Size and Future Growth Dynamics by Key Performance Indicators
Metaverse - Business Spend by Sector Value Trend Analysis, 2021-2030
Total Business Spend on Metaverse by Use Case/Application, 2021-2030
Total NFT Spend by Sector Value Trend Analysis, 2021-2030
Business Spend on Metaverse by Technology
Spend on Metaverse by Platform
Ecommerce Spend on Metaverse by Sector (Gross Merchandise Value), 2021-2030
NFT Market Size and Future Growth Dynamics by Key Performance Indicators
NFT -Total Sales Spend Value Trend Analysis, 2021-2030
NFT - Total Sales Spend Volume Trend Analysis, 2021-2030
NFT - Average Value Per Transaction Trend Analysis, 2021-2030
NFT Market Size and Forecast by Key Assets, 2021-2030
NFT Collectibles and Art Trend Analysis, 2021-2030
NFT Real Estate Trend Analysis, 2021-2030
NFT Sports Trend Analysis, 2021-2030
NFT Gaming Trend Analysis, 2021-2030
NFT Utility Trend Analysis, 2021-2030
NFT Fashion and Luxury Trend Analysis, 2021-2030
Other Assets Trend Analysis, 2021-2030
Consumer Spend on Metaverse by Device, 2021-2030
Consumer Spend on Metaverse by Hardware Devices, 2021-2030
For more information about this report visit https://www.researchandmarkets.com/r/gl494j
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