The gaming and ecommerce sectors have been at the forefront of metaverse technology adoption in recent years. However its application in other areas, particularly digital marketing, is set to surge in the coming years.
According to OnlyAccounts.io, the global metaverse advertising market is expected to grow by 315%, reaching 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 has already shown significant growth potential. Over the past two years, many major brands have entered the metaverse, offering virtual accessories that allow users to enhance 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 on the Open Sea NFT marketplace.
The arrival of these big names has been a turning point for the metaverse advertising industry, which is poised for rapid expansion in the coming years. This growth is fueled by several factors, including the increasing popularity of virtual reality and the rising consumer demand for immersive and interactive advertising experiences. Moreover, the metaverse enables brands to showcase their products and services in unique ways that traditional ads cannot, while also providing valuable insights into consumer behavior to refine their marketing strategies.
As more brands and consumers embrace metaverse advertising, the market is projected to reach a value of $1.8 billion in 2024, up from $1.6 billion last year. This growth trajectory is set to accelerate. According to a Statista Market Insights survey, the global metaverse advertising industry is expected to grow by 72%, reaching a value of $3.1 billion by 2026. By 2028, this figure is anticipated to rise to $5.7 billion and continue climbing. Statista predicts that this double-digit growth will persist until the end of the decade, culminating in a market size of $7.5 billion by 2030.
Triple-Digit Growth in Major Metaverse Advertising Markets by 2030
Globally, the US and China are the largest markets for metaverse advertising, generating 45% of the industry's total value. However, according to Statista, all five of the largest metaverse advertising markets are expected to experience remarkable triple-digit growth by the end of the decade.
The US market is forecasted to grow by 317%, reaching a value of $2.5 billion by 2030. Statistics indicate that the Chinese market will expand by 316% to reach $917 million during this period. Although these figures are significantly higher, Japan, Germany, and the UK are also expected to see impressive growth of 315% by 2030, with market sizes reaching $373 million, $318 million, and $283 million, respectively.
Source: https://www.adgully.com/global-metaverse-advertising-industry-to-reach-7-5b-by-2030-147356.html