Metaverse In E-Commerce Global Market Report 2024
“The Business Research Company recently published a comprehensive report on the global Metaverse market size and trend analysis for e-commerce with forecasts from 2024 to 2033. This latest market research report includes the global market size, region It provides a wealth of valuable insights and data, such as share. It also covers current trends, future opportunities, and important data to succeed in the industry.
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According to The Business Research Company, the metaverse in e-commerce market size has grown rapidly in recent years. It is expected to grow from $14.94 billion in 2023 to $20.53 billion in 2024, at a compound annual growth rate (CAGR) of 37.4%. Growth during this historic period is attributed to the rise of 5G technology, the rise of social commerce, increased usage of mobile devices and tablets, increased adoption of virtual and augmented reality, and increased visual and sensory experiences. It's possible.
The e-commerce market size Metaverse is expected to grow rapidly in the coming years. It is expected to grow to $73.47 billion in 2028 at a compound annual growth rate (CAGR) of 37.5%. Growth over the forecast period is driven by the rise of non-fungible tokens (NFTs), demand for increased security and privacy, increasing adoption of decentralized e-commerce platforms, increasing demand for immersive and interactive shopping, and online shopping. Key trends during the forecast period include the integration of blockchain technology, innovations in payment systems and financial transactions, AI-driven personalization, new product innovations, and technological advancements.
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Market drivers and trends:
The rise of social commerce is expected to drive the growth of the metaverse in the e-commerce market in the coming years. Social commerce refers to the use of social media platforms to facilitate online buying and selling through integrated shopping features. Social commerce is on the rise due to increased social media usage, seamless integration of the shopping experience, and the influence of social interactions on purchasing decisions. The e-commerce metaverse powers social commerce by creating immersive and interactive shopping experiences that integrate social interaction with virtual storefronts and product exploration. For example, in February 2024, according to the Census Bureau of the Department of Commerce, a U.S.-based government department, estimated U.S. retail e-commerce sales for the second quarter of 2024 amounted to $282.3 billion, an increase of 5.3% (± 0.7%). Therefore, the rise of social commerce is driving the growth of the metaverse in the e-commerce market.
Leading companies operating in the e-commerce market metaverse are developing in-game shopping experiences that seamlessly integrate shopping and gameplay, enhance user engagement, and drive revenue through virtual product sales. In-game shopping allows players to purchase virtual items and upgrades in-game using real or in-game currency to improve their experience or customize their character. For example, in May 2023, Amazon, a multinational technology company based in the United States, launched Amazon Anywhere. It is a set of application programming interfaces (APIs) for app and game developers. This allows customers to play virtual environments such as video games and augmented reality (AR) applications while purchasing physical products directly from the Amazon store. It features in-game shopping, product integration, a variety of products, order management, and an API for developers to integrate Amazon shopping functionality into their applications and games. This seamless shopping experience allows users to increase user engagement while shopping within games and apps.
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Major key players in 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 key insights in the e-commerce market in 2024:
• The e-commerce market size Metaverse is expected to grow rapidly in the coming years. It is expected to grow to $73.47 billion in 2028 at a compound annual growth rate (CAGR) of 37.5%.
• Rise of social commerce drives metaverse growth in e-commerce
• Advances in e-commerce platforms with augmented reality and in-game shopping services.
• North America will be the largest region in the Metaverse for e-commerce market in 2023
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