Abstract
Summary
Africa Metaverse Market Research Report Forecast to 2030
Market Overview
Metaverse is a sensation today, and major companies/investors are rushing to develop this technology and make it available for the end-users as early as possible. The term “Metaverse” was first used by Neal Stephenson in his 1992 dystopian novel Snow Crash. In the book, the Metaverse is presented as the ultimate development of the Internet— a type of virtual reality where any virtual interaction can directly impact the real world. This aspect of Metaverse technology can be found in some video games today. However, the real Metaverse could take two years to soft launch commercially in the market.
Furthermore, increasing focus on converging digital and physical worlds using the Internet and rising traction and popularity of mixed reality (MR) are expected to be the major drivers of the market. However, cyber-threats and data security is anticipated to be the major hindering factors for the growth and adoption. Privacy concerns could be the major concern for the Metaverse world as it will collect more information about the individual than any other platform ever before. However, with the help of blockchain technology, decentralized Metaverse could overcome those privacy scandals and is expected to create a more secure Metaverse world for everyone. Metaverse's success depends on the pricing of hardware and associated software. Not every individual can afford the price of headsets and other wearables. Tech companies will have to create more affordable options to increase potential customers and penetrate this technology globally. Therefore, rapid technological advancements are the basic need for the market.
The Africa Metaverse market is expected to account for USD 67.2 million in 2024 and is expected to surpass USD 1,391.7 million by 2030 with a significant CAGR of 65.7% during 2024-2030.
Market Segmentation
Based on the component, the market has been segmented into hardware and software. The software segment is expected to exhibit the fastest growth rate during the anticipated period. The platform has classified the market into desktop/laptops, mobile, and wearables. The wearable segment is expected to account for the major share during the projected period. Based on the technology, the market has been segmented into the blockchain, VR & AR, mixed reality, and others. Based on technology, blockchain technology is expected to exhibit the highest CAGR growth rate during the projected period. Based on the application, the market has been segmented into gaming, online shopping, content creation, social media, and others. Based on the end user, the market has been categorized into consumers and enterprises. The enterprise's segment is further broken down into BFSI, retail, media & entertainment, education, real estate, aerospace & defense, healthcare, engineering, and others.
Regional Analysis
The countries included in this study are South Africa, Nigeria, Kenya, Morocco, Algeria, Angola, and the rest of Africa.
Currently, several companies are investing in Metaverse technology. However, the Meta stands as the dominant player in the Metaverse space. The Metaverse market is expected to be consolidated in its initial stage. However, by 2027 several key players will achieve a share within the market based on the offerings for the various industries.
Major Players
Meta Platforms Inc., NVIDIA, Microsoft Corporation, Tencent Holdings Ltd, ByteDance, Epic Games, Netease Inc., Roblox Corporation, Lilith Games, Nextech AR Solutions Inc., Unity Software Inc., and MTN Group.
Table of Contents
1 EXECUTIVE SUMMARY
2 MARKET INTRODUCTION
2.1 DEFINITION
2.2 SCOPE OF THE STUDY
2.3 RESEARCH OBJECTIVE
2.4 MARKET STRUCTURE
3 RESEARCH METHODOLOGY
4 MARKET DYNAMICS
4.1 OVERVIEW
4.2 DRIVERS
4.2.1 INCREASING FOCUS ON CONVERGING DIGITAL AND PHYSICAL WORLDS USING THE INTERNET
4.2.2 INCREASING TRACTION AND POPULARITY OF MIXED REALITY (MR)
4.3 RESTRAINTS
4.3.1 CYBER-THREATS
4.4 OPPORTUNITY
4.4.1 TECHNOLOGICAL ADVANCEMENT
4.5 IMPACT ANALYSIS OF COVID-19
4.5.1 IMPACT ON THE IT INDUSTRY
4.5.2 IMPACT ON IT EXPENDITURE BY ORGANIZATIONS
4.5.3 IMPACT ON METAVERSE DEVELOPMENTS
5 MARKET FACTOR ANALYSIS
5.1 VALUE CHAIN ANALYSIS
5.1.1 RESEARCH & DEVELOPER
5.1.2 SYSTEM INTEGRATORS
5.1.3 END USERS
5.2 PORTERS FIVE FORCES
5.2.1 THREAT OF NEW ENTRANTS
5.2.2 BARGAINING POWER OF SUPPLIERS
5.2.3 THREAT OF SUBSTITUTES
5.2.4 BARGAINING POWER OF BUYERS
5.2.5 INTENSITY OF RIVALRY
6 GLOBAL METAVERSE STATUS
6.1 THE DEVELOPMENT STAGE DIVISION OF THE METAVERSE
6.2 GLOBAL METAVERSE INVESTMENTS BY REGION
6.3 GLOBAL METAVERSE PROJECTED USERS’ ANALYSIS
7 AFRICA METAVERSE MARKET, BY COMPONENT
7.1 OVERVIEW
7.1.1 AFRICA METAVERSE MARKET, BY COMPONENT, 2020-2030 (USD MILLION)
7.2 HARDWARE
7.3 SOFTWARE
8 AFRICA METAVERSE MARKET, BY PLATFORM
8.1 OVERVIEW
8.1.1 AFRICA METAVERSE MARKET, BY PLATFORM, 2020-2030 (USD MILLION)
8.2 DESKTOP/LAPTOPS
8.3 MOBILE
8.4 WEARABLES
9 AFRICA METAVERSE MARKET, BY TECHNOLOGY
9.1 OVERVIEW
9.1.1 AFRICA METAVERSE MARKET, BY TECHNOLOGY, 2020-2030 (USD MILLION)
9.2 BLOCKCHAIN
9.3 VR & AR [AUGMENTED REALITY (AR), VIRTUAL REALITY (VR)]
9.4 MIXED REALITY
9.5 OTHERS
10 AFRICA METAVERSE MARKET, BY APPLICATION
10.1 OVERVIEW
10.1.1 AFRICA METAVERSE MARKET, BY APPLICATION, 2020-2030 (USD MILLION)
10.2 GAMING
10.3 ONLINE SHOPPING
10.4 CONTENT CREATION
10.5 SOCIAL MEDIA
10.6 OTHERS
11 AFRICA METAVERSE MARKET, BY END USER
11.1 OVERVIEW
11.1.1 AFRICA METAVERSE MARKET, BY END USER, 2020-2030 (USD MILLION)
11.2 CONSUMER
11.3 ENTERPRISES
11.3.1 AFRICA METAVERSE MARKET, BY ENTERPRISE
11.3.2 BFSI
11.3.3 RETAIL
11.3.4 MEDIA & ENTERTAINMENT
11.3.5 EDUCATION
11.3.6 REAL ESTATE
11.3.7 AEROSPACE & DEFENSE
11.3.8 HEALTHCARE
11.3.9 ENGINEERING
11.3.10 OTHERS
12 AFRICA METAVERSE MARKET, BY COUNTRY
12.1 OVERVIEW
12.1.1 AFRICA METAVERSE MARKET, BY COUNTRY, 2021 VS 2030 (USD MILLION)
12.1.2 AFRICA METAVERSE MARKET, BY REGION, 2020-2030 (USD MILLION)
12.1.3 SOUTH AFRICA
- 12.1.3.1 SOUTH AFRICA METAVERSE MARKET, BY COMPONENT, 2020-2030 (USD MILLION)
- 12.1.3.2 SOUTH AFRICA METAVERSE MARKET, BY PLATFORM, 2020-2030 (USD MILLION)
- 12.1.3.3 SOUTH AFRICA METAVERSE MARKET, BY TECHNOLOGY, 2020-2030 (USD MILLION)
- 12.1.3.4 SOUTH AFRICA METAVERSE MARKET, BY APPLICATION, 2020-2030 (USD MILLION)
- 12.1.3.5 SOUTH AFRICA METAVERSE MARKET, BY END USER, 2020-2030 (USD MILLION)
- 12.1.3.5.1 SOUTH AFRICA METAVERSE MARKET, BY ENTERPRISES, 2020-2030 (USD MILLION)
12.1.4 NIGERIA
- 12.1.4.1 NIGERIA METAVERSE MARKET, BY COMPONENT, 2020-2030 (USD MILLION)
- 12.1.4.2 NIGERIA METAVERSE MARKET, BY PLATFORM, 2020-2030 (USD MILLION)
- 12.1.4.3 NIGERIA METAVERSE MARKET, BY TECHNOLOGY, 2020-2030 (USD MILLION)
- 12.1.4.4 NIGERIA METAVERSE MARKET, BY APPLICATION, 2020-2030 (USD MILLION)
- 12.1.4.5 NIGERIA METAVERSE MARKET, BY END USER, 2020-2030 (USD MILLION)
- 12.1.4.5.1 NIGERIA METAVERSE MARKET, BY ENTERPRISES, 2020-2030 (USD MILLION)
12.1.5 REST OF AFRICA
- 12.1.5.1 REST OF AFRICA METAVERSE MARKET, BY COMPONENT, 2020-2030 (USD MILLION)
- 12.1.5.2 REST OF AFRICA METAVERSE MARKET, BY PLATFORM, 2020-2030 (USD MILLION)
- 12.1.5.3 REST OF AFRICA METAVERSE MARKET, BY TECHNOLOGY, 2020-2030 (USD MILLION)
- 12.1.5.4 REST OF AFRICA METAVERSE MARKET, BY APPLICATION, 2020-2030 (USD MILLION)
- 12.1.5.5 REST OF AFRICA METAVERSE MARKET, BY END USER, 2020-2030 (USD MILLION)
- 12.1.5.5.1 REST OF AFRICA METAVERSE MARKET, BY ENTERPRISES, 2020-2030 (USD MILLION)
12.1.6 KENYA
- 12.1.6.1 KENYA METAVERSE MARKET, BY COMPONENT, 2020-2030 (USD MILLION)
- 12.1.6.2 KENYA METAVERSE MARKET, BY PLATFORM, 2020-2030 (USD MILLION)
- 12.1.6.3 KENYA METAVERSE MARKET, BY TECHNOLOGY, 2020-2030 (USD MILLION)
- 12.1.6.4 KENYA METAVERSE MARKET, BY APPLICATION, 2020-2030 (USD MILLION)
- 12.1.6.5 KENYA METAVERSE MARKET, BY END USER, 2020-2030 (USD MILLION)
- 12.1.6.5.1 KENYA METAVERSE MARKET, BY ENTERPRISES, 2020-2030 (USD MILLION)
12.1.7 MOROCCO
- 12.1.7.1 MOROCCO METAVERSE MARKET, BY COMPONENT, 2020-2030 (USD MILLION)
- 12.1.7.2 MOROCCO METAVERSE MARKET, BY PLATFORM, 2020-2030 (USD MILLION)
- 12.1.7.3 MOROCCO METAVERSE MARKET, BY TECHNOLOGY, 2020-2030 (USD MILLION)
- 12.1.7.4 MOROCCO METAVERSE MARKET, BY APPLICATION, 2020-2030 (USD MILLION)
- 12.1.7.5 MOROCCO METAVERSE MARKET, BY END USER, 2020-2030 (USD MILLION)
- 12.1.7.5.1 MOROCCO METAVERSE MARKET, BY ENTERPRISES, 2020-2030 (USD MILLION)
12.1.8 ALGERIA
- 12.1.8.1 ALGERIA METAVERSE MARKET, BY COMPONENT, 2020-2030 (USD MILLION)
- 12.1.8.2 ALGERIA METAVERSE MARKET, BY PLATFORM, 2020-2030 (USD MILLION)
- 12.1.8.3 ALGERIA METAVERSE MARKET, BY TECHNOLOGY, 2020-2030 (USD MILLION)
- 12.1.8.4 ALGERIA METAVERSE MARKET, BY APPLICATION, 2020-2030 (USD MILLION)
- 12.1.8.5 ALGERIA METAVERSE MARKET, BY END USER, 2020-2030 (USD MILLION)
- 12.1.8.5.1 ALGERIA METAVERSE MARKET, BY ENTERPRISES, 2020-2030 (USD MILLION)
12.1.9 ANGOLA
- 12.1.9.1 ANGOLA METAVERSE MARKET, BY COMPONENT, 2020-2030 (USD MILLION)
- 12.1.9.2 ANGOLA METAVERSE MARKET, BY PLATFORM, 2020-2030 (USD MILLION)
- 12.1.9.3 ANGOLA METAVERSE MARKET, BY TECHNOLOGY, 2020-2030 (USD MILLION)
- 12.1.9.4 ANGOLA METAVERSE MARKET, BY APPLICATION, 2020-2030 (USD MILLION)
- 12.1.9.5 ANGOLA METAVERSE MARKET, BY END USER, 2020-2030 (USD MILLION)
- 12.1.9.5.1 ANGOLA METAVERSE MARKET, BY ENTERPRISES, 2020-2030 (USD MILLION)
13 COMPETITIVE LANDSCAPE
13.1 COMPETITIVE BENCHMARKING
13.2 THE SPECIFIC NATIONAL POLICIES
13.3 THE SPECIFIC GUIDELINES OF INTERNATIONAL ORGANIZATION
13.4 RECENT DEVELOPMENTS
13.4.1 PARTNERSHIPS/AGREEMENTS/CONTRACTS/COLLABORATIONS
13.4.2 BUSINESS EXPANSIONS/ACQUISTIONS
13.4.3 PRODUCT LAUNCHES/DEVELOPMENTS
14 COMPANY PROFILE
14.1 META PLATFORMS, INC
14.1.1 COMPANY OVERVIEW
14.1.2 FINANCIAL OVERVIEW
14.1.3 PRODUCTS/SOLUTIONS/SERVICES OFFERED
14.1.4 KEY DEVELOPMENTS
14.1.5 SWOT ANALYSIS
14.1.6 KEY STRATEGIES
14.2 NVIDIA
14.2.1 COMPANY OVERVIEW
14.2.2 FINANCIAL OVERVIEW
14.2.3 SWOT ANALYSIS
14.2.4 KEY DEVELOPMENTS
14.2.5 SWOT ANALYSIS
14.2.6 KEY STRATEGIES
14.3 MICROSOFT CORPORATION
14.3.1 COMPANY OVERVIEW
14.3.2 FINANCIAL OVERVIEW
14.3.3 PRODUCTS OFFERED
14.3.4 KEY DEVELOPMENTS
14.3.5 MICROSOFT CORPORATION: SWOT ANALYSIS
14.3.6 KEY STRATEGIES
14.4 TENCENT HOLDINGS LTD
14.4.1 COMPANY OVERVIEW
14.4.2 FINANCIAL OVERVIEW
14.4.3 PRODUCTS OFFERED
14.4.4 KEY DEVELOPMENTS
14.4.5 SWOT ANALYSIS
14.4.6 KEY STRATEGIES
14.5 BYTEDANCE
14.5.1 COMPANY OVERVIEW
14.5.2 FINANCIAL OVERVIEW
14.5.3 PRODUCTS OFFERED
14.5.4 KEY DEVELOPMENTS
14.5.5 SWOT ANALYSIS
14.5.6 KEY STRATEGIES
14.6 EPIC GAMES
14.6.1 COMPANY OVERVIEW
14.6.2 FINANCIAL OVERVIEW
14.6.3 PRODUCTS OFFERED
14.6.4 KEY DEVELOPMENTS
14.6.5 SWOT ANALYSIS
14.6.6 KEY STRATEGIES
14.7 NETEASE INC
14.7.1 COMPANY OVERVIEW
14.7.2 FINANCIAL OVERVIEW
14.7.3 PRODUCTS OFFERED
14.7.4 KEY DEVELOPMENTS
14.7.5 SWOT ANALYSIS
14.7.6 KEY STRATEGIES
14.8 ROBLOX CORPORATION
14.8.1 COMPANY OVERVIEW
14.8.2 FINANCIAL OVERVIEW
14.8.3 PRODUCTS/SERVICES/SOLUTIONS OFFERED
14.8.4 KEY DEVELOPMENTS
14.8.5 SWOT ANALYSIS
14.8.6 KEY STRATEGIES
14.9 LILITH GAMES
14.9.1 COMPANY OVERVIEW
14.9.2 FINANCIAL OVERVIEW
14.9.3 PRODUCTS OFFERED
14.9.4 KEY DEVELOPMENTS
14.10 NEXTECH AR SOLUTIONS INC
14.10.1 COMPANY OVERVIEW
14.10.2 FINANCIAL OVERVIEW
14.10.3 PRODUCTS OFFERED
14.10.4 KEY DEVELOPMENTS
14.10.5 SWOT ANALYSIS
14.10.6 KEY STRATEGIES
14.11 UNITY SOFTWARE INC
14.11.1 COMPANY OVERVIEW
14.11.2 FINANCIAL OVERVIEW
14.11.3 PRODUCTS OFFERED
14.11.4 KEY DEVELOPMENTS
14.11.5 SWOT ANALYSIS
14.11.6 KEY STRATEGIES
14.12 MTN GROUP
14.12.1 COMPANY OVERVIEW
14.12.2 FINANCIAL OVERVIEW
14.12.3 PRODUCTS OFFERED
14.12.4 KEY DEVELOPMENTS
14.12.5 SWOT ANALYSIS
14.12.6 KEY STRATEGIES