According to the publisher, the Metaverse industry in South Africa is expected to grow by 47.4% on an annual basis to reach US$2,288.7 million in 2023.
The Metaverse industry is expected to grow steadily over the forecast period, recording a CAGR of 29.9% during 2023-2030. The Metaverse Spend Value in the country will increase from US$1,552.9 million in 2022 to reach US$14,308.2 million by 2030.
Metaverse is gaining strong prominence among brands as well as consumers in South Africa. From retailers to financial services providers, businesses across industry verticals are seeking to boost their presence in the metaverse. This has resulted in a growing demand for virtual land in South Africa.
The growing interest among large domestic firms has accelerated the growth of the industry in South Africa, meaning that the country is leading the market across the African continent. The interest among startups is also growing in the country, as they seek to leverage technology to develop innovative projects. While the technology is still in its early stages of development, the metaverse has the potential to transform the digital media market in South Africa over the next three to four years.
This report provides a comprehensive view of the size, and dynamics of the metaverse industry in South Africa along with market trends covering over 100 KPIs. 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.
The Metaverse industry is expected to grow steadily over the forecast period, recording a CAGR of 29.9% during 2023-2030. The Metaverse Spend Value in the country will increase from US$1,552.9 million in 2022 to reach US$14,308.2 million by 2030.
Metaverse is gaining strong prominence among brands as well as consumers in South Africa. From retailers to financial services providers, businesses across industry verticals are seeking to boost their presence in the metaverse. This has resulted in a growing demand for virtual land in South Africa.
Large telecom giants are launching metaverse platforms and events to drive the popularity of the virtual world across Africa
The metaverse has gained rapid momentum in South Africa, with the interest among consumers significantly. To leverage and capitalize on this growing interest among consumers, businesses have also increased their investment in the space. For instance,- MTN Group, the South Africa-based leading telecom operator in the region, launched a new metaverse platform Altman, and is hosting a music concert in November 2022. The launch of the platform and event is part of the firm's strategy to unlock the potential of immersive experiences by driving the popularity of the metaverse among its strong network of 34.5 million subscribers in Africa.
- The firm entered into a strategic collaboration with The Mic: Africa to host the first music concert inside the metaverse in Africa. From the short to medium-term perspective, the firm is expected to host more events including gaming events and others. In February 2022, the firm bought 144 plots of virtual land in Ubuntuland, which is created by Mann Made, a South Africa-based virtual reality firm.
Brands across industrial verticals are entering the metaverse to create an engaging experience for their customers
From financial service providers to retailers, more and more brands are boosting their presence in the metaverse, which is also driving investment in the metaverse industry. To create innovative experiences, these brands are forging alliances and buying land inside the metaverse. For instance,- In September 2022, Nedbank, one of the leading financial services providers in the country, announced that the firm bought a 12 x 12 land in Ubuntuland. Through the acquisition of metaverse land, the firm is planning to develop innovative experiences for its customers, which go beyond banking. In November 2022, the firm also announced a Golf Challenge inside the metaverse. Visitors can play games, participate in a treasure hunt, and take part in trivia quizzes.
- In November 2022, Game, the South African retailer, also announced its foray into the metaverse. The firm partnered with Roblox to launch a Game-branded Roblox game. Expected to launch on November 21, the event will allow gamers in the country to win R70,000 vouchers leading up to Black Friday and Cyber Monday. Through its partnership with Roblox, the retailer is seeking to reach new audiences in South Africa, thereby targeting accelerated growth.
South Africa leads the metaverse market across the African continent
In South Africa, many of the leading domestic firms such as MTN Group and Nedbank have shown interest in the emerging metaverse space. Alongside these players, World Data Lab and M&C Saatchi Abel have also bought land on Ubuntuland, the metaverse marketplace. These firms are developing and offering immersive services to their customers in the metaverse.The growing interest among large domestic firms has accelerated the growth of the industry in South Africa, meaning that the country is leading the market across the African continent. The interest among startups is also growing in the country, as they seek to leverage technology to develop innovative projects. While the technology is still in its early stages of development, the metaverse has the potential to transform the digital media market in South Africa over the next three to four years.
This report provides a comprehensive view of the size, and dynamics of the metaverse industry in South Africa along with market trends covering over 100 KPIs. 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.
- Business spend: Market estimates and forecasts to assess opportunities by business spend on metaverse by sector, application/use cases, technology, and platform.
- Consumer spend: Breaks down consumer spend on metaverse by key component segments such as append on e-commerce, NFT purchase, by devices, and hardware devices to provide detailed assessment across the metaverse industry.
- NFT industry segments: Provides value, volume, and average value per transaction across 7 key assets in the NFT market. This includes collectibles and art, real estate, sports, utility, gaming, fashion and luxury, and others.
Scope
This report provides a detailed data-driven analysis of metaverse industry, covering a range of segments and highlighting growth areas across verticals. With over 100 KPIs at the country level, this report provides a comprehensive understanding of metaverse market dynamics. In addition, it provides a comprehensive understanding of NFT market dynamics and future forecasts.South Africa Metaverse Market Size and Future Growth Dynamics by Key Performance Indicators
- Total Spend Value Trend Analysis
- Business Spend Value Trend Analysis
- Consumer Spend Value Trend Analysis
South Africa Metaverse - Business Spend by Sector Value Trend Analysis, 2021-2030
- Retail Industry
- Technology & Telecommunications Industry
- Financial Services Industry
- Manufacturing Industry
- Travel and Hospitality Industry
- Media & Entertainment Industry
- Training & Education Industry
- Real Estate Industry
- Health & Wellness Industry
- Other
South Africa Business Spend on Metaverse by Use Case/Application, 2021-2030
- Retail (Marketing & Advertising, Commerce, Operations & Training)
- Technology & Telecommunications (Marketing & Advertising, Commerce, Operations & Training)
- Financial Services (Marketing & Advertising, Commerce, Operations & Training)
- Manufacturing (Marketing & Advertising, Commerce, Operations & Training]
- Travel and Hospitality (Marketing & Advertising, Commerce, Operations & Training)
- Media & Entertainment (Marketing & Advertising, Commerce, Operations & Training)
- Training & Education (Marketing & Advertising, Commerce, Operations & Training)
- Real Estate (Marketing & Advertising, Commerce, Operations & Training)
- Health & Wellness (Marketing & Advertising, Commerce, Operations & Training)
- Other (Marketing & Advertising, Commerce, Operations & Training)
South Africa NFT Spend by Sector Value Trend Analysis, 2021-2030
- Retail Industry
- Technology & Telecommunications Industry
- Financial Services Industry
- Manufacturing Industry
- Travel and Hospitality Industry
- Media & Entertainment Industry
- Training & Education Industry
- Real Estate Industry
- Health & Wellness Industry
- Other Industry
South Africa Business Spend on Metaverse by Technology
- By Technology
- Retail Industry
- Technology & Telecommunications
- Financial Services
- Manufacturing Industry
- Travel and Hospitality
- Media & Entertainment
- Training & Education
- Real Estate
- Health & Wellness
- Other
South Africa Spend on Metaverse by Platform
- Desktop
- Mobile
- Headset
South Africa Ecommerce Spend on Metaverse by Sector (Gross Merchandise Value), 2021-2030
- Retail Shopping
- Travel and Hospitality
- Online Food Service
- Media & Entertainment
- Health & Wellness
- Technology Products & Services
- Other Industries
South Africa 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
South Africa NFT Market Size and Forecast by Key Assets, 2021-2030
NFT Collectibles and Art Trend Analysis, 2021-2030
- Spend Value
- Spend Volume
- Average Value Per Transaction
NFT Real Estate Trend Analysis, 2021-2030
- Spend Value
- Spend Volume
- Average Value Per Transaction
NFT Sports Trend Analysis, 2021-2030
- Spend Value
- Spend Volume
- Average Value Per Transaction
NFT Gaming Trend Analysis, 2021-2030
- Spend Value
- Spend Volume
- Average Value Per Transaction
NFT Utility Trend Analysis, 2021-2030
- Spend Value
- Spend Volume
- Average Value Per Transaction
NFT Fashion and Luxury Trend Analysis, 2021-2030
- Spend Value Trend Analysis
- Spend Volume Trend Analysis
- Average Value Per Transaction
Other Assets Trend Analysis, 2021-2030
- Spend Value Trend Analysis
- Spend Volume Trend Analysis
- Average Value Per Transaction
South Africa Consumer Spend on Metaverse by Device, 2021-2030
- Desktop
- Mobile
- Digital Gadgets
South Africa Consumer Spend on Metaverse by Hardware Devices, 2021-2030
- AR (Augmented Reality)
- VR (Virtual Reality)
- MR (Mixed Reality)
Reasons to buy
- In-depth Understanding of Metaverse Market Dynamics: Understand market opportunities and key trends along with forecast (2021-2030). Understand market dynamics through essential KPIs such as business and consumer spend.
- Vertical Insights and Use Cases: Get market dynamics through business spend by sector across the retail industry, technology & telecommunications, financial services, manufacturing, travel and hospitality, media & entertainment, training & education, real estate, and health & wellness.
- Develop Market-Specific Strategies: Identify growth segments and target specific opportunities to formulate a strategy; assess market-specific key trends, drivers, and risks in the metaverse and NFT market to help stakeholders build profitable strategies.
- Get Insights into NFT Market Size and Forecast by Key Assets: Collectibles and art, real estate, gaming, sports, utility, fashion & others.
- Consumer Spend on Metaverse: Get a market evaluation based on in-depth information obtained from metaverse spend on e-commerce, NFT purchase, and device & hardware devices.
Table of Contents
1. About this Report
2. South Africa Metaverse Market Size and Future Growth Dynamics by Key Performance Indicators
3. South Africa Metaverse - Business Spend by Sector Value Trend Analysis, 2021 - 2030
4. South Africa Total Business Spend on Metaverse by Use Case / Application, 2021 - 2030
5. South Africa Business NFT Spend by Sector Trend Analysis, 2021 - 2030
6. South Africa Total Business Spend on Metaverse by Technology, 2021 - 2030
7. South Africa Business Spend on Metaverse by Platforms, 2021 - 2030
8. South Africa Ecommerce Spend on Metaverse by Sector, 2021 - 2030
9. South Africa NFT Market Size and Future Growth Dynamics by Key Performance Indicators
10. South Africa NFT Market Size and Forecast by Key Assets
11. South Africa Consumer Spend on Metaverse by Device Trend Analysis, 2021-2030
12. South Africa Consumer Spend on Metaverse by Hardware Devices
13. Further Reading
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 183 |
| Published | January 2023 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 2288.7 Million |
| Forecasted Market Value ( USD | $ 14308.2 Million |
| Compound Annual Growth Rate | 29.9% |
| Regions Covered | South Africa |
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