Metaverse - Ireland

Ireland

The projected value of the Metaverse market in 2024 is estimated to reach €185.7m.
It is expected to demonstrate a compound annual growth rate (CAGR) of 40.21% from 2024 to 2030, resulting in a projected market volume of €1,411.0m by 2030.
The United States dominates the market, with a projected market volume of €21.4bn in 2024.
In terms of user base, the number of users in the Metaverse market is projected to reach 3,692.0k users by 2030.
The user penetration rate is anticipated to be 24.4% in 2024, with a significant increase to 70.1% by 2030.
The average value per user (ARPU) is expected to be €149.5.
It is important to note that these projections and figures apply to the global market, including in Ireland.
Ireland's Metaverse market is rapidly expanding, with a surge in virtual reality experiences and immersive gaming platforms.

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Monnaie

Analyst Opinion

The Metaverse market in Ireland is experiencing significant growth and development, driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Ireland are playing a crucial role in the development of the Metaverse market.

Irish consumers are increasingly seeking immersive and interactive digital experiences. They are looking for ways to connect with others, explore virtual worlds, and engage in virtual activities. The Metaverse provides a platform for these preferences, offering a virtual environment where users can socialize, shop, and participate in various virtual events.

The demand for such experiences is driving the growth of the Metaverse market in Ireland. Trends in the market are also contributing to the development of the Metaverse market in Ireland. The advancements in technology, such as virtual reality (VR) and augmented reality (AR), have made it easier for individuals and businesses to access and engage with the Metaverse.

This has led to the emergence of new applications and platforms that cater specifically to the Irish market. Additionally, the COVID-19 pandemic has accelerated the adoption of digital technologies, including the Metaverse, as people seek alternative ways to connect and engage remotely. Local special circumstances further contribute to the growth of the Metaverse market in Ireland.

The country has a thriving tech ecosystem and a strong digital infrastructure, which provide a conducive environment for the development and adoption of the Metaverse. Ireland is home to many tech companies and startups that are actively exploring and investing in Metaverse technologies. The presence of these companies and the support from the government and regulatory bodies create a favorable environment for the Metaverse market to flourish.

Underlying macroeconomic factors also play a role in the development of the Metaverse market in Ireland. The country has a robust economy and a high level of digital literacy among its population. This enables individuals and businesses to embrace and adopt new technologies, including the Metaverse.

Additionally, Ireland's strong position as a global hub for technology and innovation attracts international investments and collaborations, further fueling the growth of the Metaverse market. In conclusion, the Metaverse market in Ireland is experiencing significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for immersive and interactive digital experiences, advancements in technology, the presence of a thriving tech ecosystem, and a strong digital infrastructure are driving the growth of the Metaverse market in Ireland.

As the market continues to evolve, it is expected to offer new opportunities for businesses and individuals to engage and connect in virtual environments.

Methodology

Data coverage:

Figures are based on advertising spending, in-app spending, in-game spending, online and offline sales, consumer spending, app downloads, and investment and funding data.

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.