Africa Metaverse Market Research Report Forecast to 2030

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.