Market Insights Advertising & Media Metaverse

Metaverse Digital Media - Australia

Australia

The projected value in the Metaverse Digital Media market in 2024 is expected to reach €9.8m.
This market segment is expected to show an annual growth rate (CAGR 2024-2030) of 14.84%, resulting in a projected market volume of €22.6m by 2030.
It is worth noting that United States generates the most value in this market, with a projected market volume of €180.9m in 2024.
In Australia, the projected number of users in the Metaverse Digital Media market is expected to amount to 71.1k users by 2030.
The user penetration rate is projected to be 0.2% in 2024 and is expected to reach 0.2% by 2030.
Additionally, the average value per user (ARPU) is projected to amount to €214.2.
The Metaverse Digital Media market in Australia is flourishing, with a strong emphasis on immersive virtual reality experiences.

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Analyst Opinion

The Metaverse Digital Media market in Australia is experiencing significant growth and development, driven by customer preferences for immersive and interactive digital experiences.

Customer preferences: Customers in Australia are increasingly seeking out immersive digital experiences that allow them to interact with virtual environments and connect with others in new and innovative ways. This is driving the demand for Metaverse Digital Media, which offers a range of virtual reality, augmented reality, and mixed reality experiences. The ability to explore virtual worlds, play games, attend virtual events, and socialize with others in a virtual setting is appealing to a wide range of customers, from gamers to professionals to social media users.

Trends in the market: One of the key trends in the Metaverse Digital Media market in Australia is the rise of virtual reality gaming. Virtual reality gaming allows players to fully immerse themselves in a virtual world, providing a more interactive and engaging gaming experience. This trend is being driven by advancements in virtual reality technology, which are making virtual reality gaming more accessible and affordable for consumers. As a result, we are seeing an increase in the number of virtual reality gaming platforms and games available in the Australian market. Another trend in the Metaverse Digital Media market in Australia is the use of augmented reality in marketing and advertising. Augmented reality allows brands to create interactive and immersive experiences for their customers, such as virtual try-on experiences or virtual tours of products. This trend is being driven by the increasing popularity of mobile devices and the development of augmented reality apps that can be easily accessed by consumers. Brands in Australia are leveraging augmented reality to enhance their marketing campaigns and engage with their target audience in new and exciting ways.

Local special circumstances: Australia has a strong gaming culture, with a large and dedicated gaming community. This has created a favorable environment for the growth of the Metaverse Digital Media market, as there is a ready market of enthusiastic gamers who are eager to embrace new technologies and experiences. Additionally, Australia has a well-developed technology infrastructure, which supports the adoption and use of Metaverse Digital Media.

Underlying macroeconomic factors: The growth of the Metaverse Digital Media market in Australia is also being supported by favorable macroeconomic factors. Australia has a strong economy, with a high level of disposable income and a tech-savvy population. This means that consumers have the financial means and the interest to invest in Metaverse Digital Media experiences. Additionally, the Australian government has been supportive of the technology sector, providing funding and incentives for the development of new technologies and digital media platforms. This has created a favorable environment for the growth of the Metaverse Digital Media market in Australia.

Methodology

Data coverage:

Figures are based on in-app spending, consumer spending.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use reports, third-party studies, and research companies. Next, we use relevant key market indicators and data from country-specific associations such as GDP, consumer spending, and internet penetration rates. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the S-curve function and exponential trend smoothing are well suited to forecast digital products and services due to the non-linear growth of technology adoption. The main drivers are consumer spending per capita, level of digitalization, and cloud revenues.

Additional Notes:

The market is updated twice per year in case market dynamics change. Consumer Insights data is unbiased for representativeness.