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Metaverse In e-commerce Global market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The metaverse in e-commerce market size is expected to see exponential growth in the next few years. It will grow to $73.47 billion in 2028 at a compound annual growth rate (CAGR) of 37.5%” - The Business Research Company
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The metaverse in e-commerce market size has seen exponential growth in recent years, increasing from an impressive $14.94 billion in 2023 to a staggering projected $20.53 billion in 2024, marking a compound annual growth rate CAGR of 37.4%. The key drivers behind this significant surge in growth can be found in the adoption of 5G technology, social commerce's rise, the widespread use of mobile devices and tablets, and the increased adoption of virtual and augmented reality technologies.
What does the future hold for the metaverse in e-commerce market?
In the coming years, this already booming market is forecasted to continue its stellar growth, reaching an astonishing projected $73.47 billion by 2028, and maintaining a compound annual growth rate CAGR of 37.5%. This forecasted growth is driven by a multitude of factors. The rise of non-fungible tokens NFTs, an increasing demand for enhanced security and privacy, the prevalence of decentralized e-commerce platforms, the growing demand for immersive and interactive shopping experiences, and the ever-increasing popularity of online shopping are all contributing to this market's continued expansion.
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What's driving this significant growth?
Social commerce is emerging as a major force propelling the metaverse in e-commerce market's growth. Social commerce refers to the practice of facilitating online buying and selling through integrated shopping features on social media platforms. As social media usage continues to soar, the seamless integration of shopping experiences and the influence of social interactions on purchasing decisions have all led to increased growth in this area. This is where the metaverse and e-commerce intersect, providing immersive, interactive shopping experiences that blend social interaction with virtual storefronts and product exploration. For instance, in February 2024, the Census Bureau of the Department of Commerce reported that U.S. retail e-commerce sales for Q2 2024 hit $282.3 billion, a 5.3% ± 0.7 increase from Q1 2023, further confirming the rising influence of social commerce on the metaverse in the e-commerce market.
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Who are the key industry players in this market?
Major companies operating in the metaverse in e-commerce market include conglomerates such as Microsoft Corporation, Alibaba Group, Meta Platforms Inc., Tencent Holdings Limited, Amazon Web Services AWS, Sony Corporation, Nike Inc., NVIDIA Corporation, Adidas Inc., Shopify Inc., Flipkart, Etsy Inc., Roblox Corporation, Epic Games Inc., BigCommerce Holdings Inc., HTC Corporation, Animoca Brands Corporation Ltd., Decentraland, Ready Player Me, The Sandbox, ARuVR, and Verpex hosting LTD.
Emerging trends: what's the latest in metaverse e-commerce?
The biggest players in the metaverse e-commerce market are constantly developing in-game shopping experiences. These initiatives aim to integrate shopping with gameplay seamlessly, boosting user engagement and driving revenue from virtual product sales. For instance, in 2023, Amazon launched Amazon Anywhere, a set of application programming interfaces APIs that enable customers to purchase physical products directly from Amazon while engaging in virtual environments, such as video games or AR applications.
How is the market segmented?
The metaverse in e-commerce market can be analyzed by:
1 Technology: Augmented Reality AR Or Virtual Reality VR Headset: Blockchain, Mixed Reality, Other Technologies
2 Platform: Computer, Mobile, Headset
3 Application: Virtual Stores, Virtual Events, Virtual Product Discovery, Virtual Customer Service, Virtual Payments
Regional insights and global expansion: where does the market stand?
In 2023, North America commanded the largest share in the metaverse in e-commerce market. The regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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