Dublin, May 08, 2023 (GLOBE NEWSWIRE) — “United Kingdom 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.
The UK Metaverse industry is expected to grow by 45.6% YoY to reach USD 7,828.3 million in 2023.
The Metaverse industry is expected to grow steadily over the forecast period, registering a CAGR of 34.3% during 2023-2030. Metaverse Spend value in the country will increase from USD 5,375.0 million in 2022 to USD 61,598.7 million by 2030.
In the UK, the use of metaverse has increased in 2022 across various applications. From socializing to online shopping and attending entertainment events such as concerts in the metaverse, consumers are open to carrying out varied activities in the virtual world.
These trends have resulted in many major brands innovating with customer experiences and driving the future growth of their businesses in the country. As companies continue to build the future of the internet, investment in the sector is expected to grow significantly in the short to medium term. While the sector is still in the early stages of development in the UK, the publisher maintains a robust growth outlook for the industry over the next three to four years.
Businesses expect the metaverse to have a major impact on their organization
Although the metaverse sector is still in its infancy in the UK, a growing number of businesses in the country feel that emerging technology will play a crucial role in the future growth of their businesses.
With the growing interest in the sector and the potential to drive innovative customer experiences, many businesses have also started investing in technology. According to the Global Metaverse Survey (Q4 2022), nearly 16% of businesses are considering experimenting with a variety of opportunities in the metaverse sector.
The trend is expected to accelerate further in the short to medium term, driving business investment towards the development of metaverse infrastructure and innovative applications in the UK over the next three to four years.
UK-based innovative metaverse startups raise funding rounds to develop infrastructure
Currently, the virtual worlds seem to offer limited experience. Mass adoption of the metaverse, however, requires broad infrastructure that can drive the future of the internet. To develop the infrastructure, startups raise capital from private equity and venture capital firms.
In October 2022, Improbable, a UK-based metaverse startup, announced that the firm had raised $100 million at a valuation of $3 billion. Founded in 2012, the firm develops metaverse infrastructure, thereby allowing institutions, businesses and developers, among others, to create and build their virtual worlds. The firm also works with military forces in the UK and US to offer simulation experiences. The firm plans to use the funding round to further develop metaverse’s infrastructure for its customers.
In September 2022, Hadean, another UK metaverse startup, announced that the firm had raised $30 million in a Series A funding round, which was led by Molten Ventures. The firm also plans to use the fresh capital to build out its metaverse infrastructure, giving creators the tools to build virtual worlds. The company has already signed multi-year agreements with companies in the entertainment industry. These include Mine craft, Sony and Pixelynx, among others.
The publisher expects these startups to continue to raise funding rounds over the next three to four years as demand for robust metaverse infrastructure continues to grow in the UK and global market.
Fashion brands enter into strategic alliances to create metaverse experiences for their customers in the UK
Like non-fungible tokens, fashion brands are also seeking to increase their presence in the metaverse to capitalize on consumer attraction towards emerging technology in the UK.
In November 2022, Burberry, a UK-based fashion brand, announced that the firm entered into a strategic partnership with Mine craft. During the partnership, Burberry has created in-game adventures for its customers in the Mine crafts metaverse. Furthermore, there are 15 downloadable skins that allow players to dress up their characters. The skins have been made available on the Mine craft Marketplace, starting November 1st. Along with the in-game adventure, Burberry will also release a capsule collection of clothing, featuring 8-bit graphics inspired by the Mine craft universe.
As consumer interest continues to grow in the UK, the publisher expects more brands to launch innovative metaverse experiences for their customers in the short to medium term.
This report provides a comprehensive overview of the size and dynamics of the UK metaverse industry together with market trends covering over 100 KPIs. It describes market opportunities across key sectors – retail, technology and telecommunications, financial services, manufacturing, travel and hospitality, media and entertainment, training and education, property and health and wellness. It provides analytics in terms of business spending as well as consumer spending.
Key Attributes:
| Report attribute | Details |
| Number of pages | 183 |
| Forecast period | 2023–2030 |
| Estimated market value (USD) in 2023 | 7828.3 million dollars |
| Projected market value (USD) by 2030 | 61598.7 million dollars |
| Compound annual growth rate | 34.2% |
| Regions covered | Great Britain |
scope
United Kingdom Metaverse Market Size and Future Growth Dynamics by Key Indicators
- Analysis of total consumption value
- Analysis of business consumption value trend
- Analysis of consumption value trend
United Kingdom Metaverse – Business Spend by Sector Value Trend Analysis, 2021-2030
- Merchandise trade
- Technology and telecommunications industry
- Financial services industry
- Manufacturing industry
- The travel and hospitality industry
- The media and entertainment industry
- The training and education industry
- The real estate industry
- The health and wellness industry
- Other
UK enterprise spend on Metaverse by use case/application, 2021-2030
- Retail (marketing and advertising, trading, operations and training)
- Technology and telecommunications (marketing and advertising, trade, operations and training)
- Financial services (marketing and advertising, trading, operations and training)
- Production (marketing and advertising, trading, operations and training]
- Travel and Hospitality (Marketing and Advertising, Trading, Operations and Training)
- Media and entertainment (marketing and advertising, trading, operations and training)
- Training and education (marketing and advertising, trading, operations and training)
- Property (marketing and advertising, trading, operations and training)
- Health and Wellness (Marketing and Advertising, Trading, Operations and Training)
- Other (marketing and advertising, trade, operations and training)
UK NFT spending by sector value trend analysis, 2021–2030
- Merchandise trade
- Technology and telecommunications industry
- Financial services industry
- Manufacturing industry
- The travel and hospitality industry
- The media and entertainment industry
- The training and education industry
- The real estate industry
- The health and wellness industry
- Other industry
UK Business Spending on Metaverse by Technology
- Of technology
- Merchandise trade
- Technology and telecommunications
- Financial services
- Manufacturing industry
- Travel and hospitality
- Media and entertainment
- Training and education
- Property
- health and well being
- Other
United Kingdom Use on Metaverse by platform
UK e-commerce spend on Metaverse by sector (gross merchandise value), 2021–2030
- Retail
- Travel and hospitality
- Online food service
- Media and entertainment
- health and well being
- Technology products and services
- Other industries
UK NFT market size and future growth dynamics by key indicators
NFT – Value analysis for total sales consumption, 2021–2030
NFT – Total Sales Spend Volume Trend Analysis, 2021–2030
NFT – Average Value Per Transaction Trend Analysis, 2021–2030
UK NFT Market Size and Forecast by Key Asset, 2021-2030
NFT collectibles and art trend analysis, 2021-2030
- Use value
- Use volume
- Average value per transaction
NFT Property trend analysis, 2021-2030
- Use value
- Use volume
- Average value per transaction
NFT Sports Trend Analysis, 2021–2030
- Use value
- Use volume
- Average value per transaction
NFT Gaming Trend Analysis, 2021–2030
- Use value
- Use volume
- Average value per transaction
NFT Utility Trend Analysis, 2021–2030
- Use value
- Use volume
- Average value per transaction
NFT fashion and luxury trend analysis, 2021–2030
- Analysis of consumption value trend
- Analysis of consumption volume trend
- Average value per transaction
Trend analysis for other assets, 2021–2030
- Analysis of consumption value trend
- Analysis of consumption volume trend
- Average value per transaction
UK consumer spending on Metaverse by device, 2021–2030
- Desk
- Mobile
- Digital gadgets
UK consumer spending on Metaverse by hardware device, 2021–2030
- AR (Augmented Reality)
- VR
- MR (Mixed Reality)
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United Kingdom Metaverse Market
