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Global Metaverse In E-Commerce Market Overview Covering Forecast Market Size And Growth Rate 2033
Metaverse In E-Commerce Global Market Report 2024
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According to The Business Research Company's, The metaverse in e-commerce market size has grown exponentially in recent years. It will grow from $14.94 billion in 2023 to $20.53 billion in 2024 at a compound annual growth rate (CAGR) of 37.4%. The growth in the historic period can be attributed to the rise of 5G technology, the rise of social commerce, increased usage of mobile devices and tablets, increasing adoption of virtual and augmented reality and the increased visual and sensory experiences.
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 growth in the forecast period can be attributed to the rise of non-fungible tokens (NFTs), demand for enhanced security and privacy, growing prevalence of decentralized e-commerce platforms, increasing demand for immersive and interactive shopping, and the increasing demand for online shopping. Major trends in the forecast period include integration of blockchain technology, innovation in payment systems and financial transactions, AI-driven personalization, new product innovation, and technological advancement.
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Market Drivers and Trends:
The rise of social commerce is expected to propel the growth of the metaverse in e-commerce markets going forward. Social commerce refers to using social media platforms to facilitate online buying and selling through integrated shopping features. Social commerce is rising due to increased social media usage, seamless integration of shopping experiences, and the influence of social interactions on purchasing decisions. The metaverse in e-commerce enhances social commerce by creating immersive, interactive shopping experiences that integrate social interactions with virtual storefronts and product exploration. For instance, in February 2024, according to the Census Bureau of the Department of Commerce, a US-based government department, the estimated U.S. retail e-commerce sales for the second quarter of 2024 reached $282.3 billion, reflecting a 5.3% (± 0.7) increase from the first quarter of 2023. Therefore, the rise of social commerce is driving the growth of the metaverse in the e-commerce market.
Major companies operating in the metaverse in the e-commerce market are developing in-game shopping experiences to seamlessly integrate shopping with gameplay, enhance user engagement, and drive revenue through virtual product sales. In-game shopping allows players to buy virtual items or upgrades within a game, using either real or in-game currency, to enhance their experience or customize their characters. For instance, in May 2023, Amazon, a US-based multinational technology company, launched Amazon Anywhere. It is a set of application programming interfaces (APIs) for app and game developers. It lets customers purchase physical products directly from the Amazon store while playing virtual environments such as video games and augmented reality (AR) applications. It features in-game shopping, product integration, a variety of products, order management, and APIs for developers to integrate Amazon's shopping capabilities into their applications and games. This seamless shopping experience allows users to shop within the game or app while enhancing user engagement.
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Major Key Players of the Market:
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, Verpex hosting LTD
Metaverse In E-Commerce Market 2024 Key Insights:
• 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%.
• Rise Of Social Commerce Drives The Growth In Metaverse In E-Commerce
• Advancement In E-commerce Platforms With Augmented Reality And In-Game Shopping Services
• North America was the largest region in the metaverse in e-commerce market in 2023
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