United States Metaverse Market Intelligence Report 2023: Brands Across Industry Verticals are Seeking to Engage with Consumers through Innovative Metaverse Integrations and Activations
U.S. Metaverse Market
Dublin, May 02, 2023 (GLOBE NEWSWIRE) -- The "United States 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 United States is expected to grow by 44. 1% on an annual basis to reach US$51,435. 7 million in 2023.
The Metaverse industry is expected to grow steadily over the forecast period, recording a CAGR of 32. 9% during 2023-2030. The Metaverse Spend Value in the country will increase from US$35,688. 1 million in 2022 to reach US$375,700. 0 million by 2030.
A lot of innovation is taking place in the United States metaverse industry. Ahead of the 2022 holiday and FIFA World Cup season, an increasing number of brands revamped activities in the metaverse to better engage with their customers. The growing investment in emerging technology comes amid the rising popularity of the metaverse among United States consumers.
According to the Global Metaverse Survey (Q4 2022), over 28% of consumers in the US stated that they are somewhat or very familiar with the metaverse. Furthermore, 18% of the consumers want to use the metaverse to explore products in 3D. While the metaverse industry is still in its early stages of development, with most firms investing in the development of virtual world infrastructure, the sector outlook remains positive from the short to medium-term perspective.
Brands across industry verticals are seeking to engage with consumers through innovative metaverse integrations and activations in the United States
In the changing retail environment, brands are looking to leverage the metaverse technology to amplify their brand value, accelerate growth, expand their offerings, and reach new audiences. Ahead of the 2022 holiday and FIFA World Cup season, brands have launched innovative metaverse integrations and activations to better engage their audiences.
In October 2022, Cheetos, one of the leading brands in the United States, announced the launch of a new immersive metaverse experience, just in time for Halloween. Frito-Lay launched the Cheetos-themed digital suburban neighborhood, Centerville, which is developed inside Meta's Horizon Worlds. I
nside the metaverse, users can play games and earn points by completing tasks. Alongside the metaverse game, Frito-Lay also launched the first-ever Web3 campaign, which is driven by the 2022 FIFA World Cup. In partnership with PepsiCo and Atom, the metaverse platform, the Web3 campaign will allow FIFA fans in the United States to scan the QR code and join the Pass the Ball Challenge.
Several other brands, including Visa, Maybelline, PacSun, TCL Electronics, and Victoria's Secret and Co., have launched metaverse integration and activations for their customers. Maybelline, for instance, launched a non-shoppable virtual space that allows users to discover and explore products.
Furthermore, users can join events and play games in Maybelline Virtual Loft. Similarly, Visa, developed a hybrid experience for the upcoming 2022 FIFA World Cup, with the aim to educate people on how the firm is enabling money movement across the world in new ways.
From the short to medium-term perspective, the publisher expects more brands across industry verticals to keep investing in the metaverse segment to reach new audiences and for building a global brand.
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.
US-based retailers are making a move into the metaverse through the launch of a marketplace for collecting and trading virtual products
In their effort to attract Gen Z consumers and pitch themselves as the brand of the modern world, US-based retailers are launching their own innovative marketplaces in the country.
In November 2022, Nike, one of the leading US-based athletics retailers, announced the launch of a metaverse marketplace, .Swoosh. The marketplace will enable customers to collect and trade virtual products. The firm plans to launch a digital collection on the platform in 2023. Shoppers can try out and wear the virtual items in digital games and experiences.
In September 2022, Walmart also announced its move into the metaverse through a strategic collaboration with Roblox. The US-based retailer launched two metaverse experiences on the Roblox platform, Walmart Land and Universe of Play. While Walmart Land will feature entertainment, beauty, and fashion items, Universe of Play will showcase toys.
Over the next three to four years, the publisher expects more retailers in the United States to launch metaverse experiences to attract new audiences and drive engagement with the existing ones.
No. of Pages
2023 - 2030
Estimated Market Value (USD) in 2023
Forecasted Market Value (USD) by 2030
Compound Annual Growth Rate
United States Metaverse Market Size and Future Growth Dynamics by Key Performance Indicators
United States Metaverse - Business Spend by Sector Value Trend Analysis, 2021-2030
United States Business Spend on Metaverse by Use Case/Application, 2021-2030
United States NFT Spend by Sector Value Trend Analysis, 2021-2030
United States Business Spend on Metaverse by Technology
United States Spend on Metaverse by Platform
United States Ecommerce Spend on Metaverse by Sector (Gross Merchandise Value), 2021-2030
United States 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
United States 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
United States Consumer Spend on Metaverse by Device, 2021-2030
United States Consumer Spend on Metaverse by Hardware Devices, 2021-2030
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