South Africa Metaverse Market Report 2023: Large Telecom Giants are Launching Metaverse Platforms and Events to Drive the Popularity of the Virtual World


Dublin, April 25, 2023 (GLOBE NEWSWIRE) -- The "South Africa Metaverse Market Intelligence and Future Growth Dynamics Databook - 100+ KPIs Covering Market Size by Sector X Use cases X Technology, Business and Consumer Spend, NFT Spend - Q1 2023" report has been added to ResearchAndMarkets.com's offering.

Metaverse industry in South Africa is expected to grow by 37.2% on an annual basis to reach US$4,473.0 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$3,260.7 million in 2022 to reach US$14,308.2 million by 2030.

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.

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.

MTN Group, the South Africa-based leading telecom operator in the region, launched a new metaverse platform altMTN, 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.

The launch of such events in the metaverse is expected to further drive the popularity of the virtual world among South Africans. This will keep accelerating the growth of the industry from the short to medium-term perspective.

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.

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.

From the short to medium-term perspective, the publisher expects more brands to foray into the metaverse sector through strategic collaborations and partnerships. Furthermore, the launch of these events is also projected to drive more interest among consumers across South Africa over the next three to four years.

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.

Scope

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), 2021-203

  • 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
  • NFT Real Estate Trend Analysis, 2021-2030
  • NFT Sports Trend Analysis, 2021-2030
  • NFT Gaming Trend Analysis, 2021-2030
  • NFT Utility Trend Analysis, 2021-2030
  • NFT Fashion and Luxury Trend Analysis, 2021-2030
  • Other Assets Trend Analysis, 2021-2030

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)

For more information about this report visit https://www.researchandmarkets.com/r/vapkcw

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