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 per cent and reach a value of $7.5 billion (€6.99bn) 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 per cent 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 US and China represent the largest markets for metaverse advertising, generating 45 per cent 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 per cent and reach a $2.5 billion value by 2030. Statistics show the Chinese market will grow by 316 per cent and hit a $917 million value in this period. Although far below these figures, Japan, Germany, and the UK will also see an impressive 315 per cent growth by 2030, helping them reach market sizes of $373 million, $318 million, and $283 million, respectively.
This news is republished from another source.
