Australia Metaverse Market Intelligence and Future Growth Dynamics Report, 2023-2030: Firms are Raising Funding Rounds to Further Expand their Presence in the Metaverse Space - ResearchAndMarkets.com

The "Australia 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 Australia is expected to grow by 39.0% on an annual basis to reach US$3,868.7 million in 2023.

The Metaverse industry is expected to grow steadily over the forecast period, recording a CAGR of 33.4% during 2023-2030. The Metaverse Spend Value in the country will increase from US$2,783.8 million in 2022 to reach US$14,700.6 million by 2030.

The hype surrounding the metaverse and its applications has grown significantly in 2022. The amalgamation of physical and virtual worlds meant that more and more are brands investing in the metaverse sector to drive customer engagement. With Australia being at the forefront of adopting and adapting new technology for several years, the country has also witnessed increased investment in the metaverse sector.

The growing interest among consumers has resulted in investment from traditional banking institutions toward the development of metaverse infrastructure. In addition to improving the customer experience, investment in metaverse technology can also assist banking firms to reduce their carbon footprint.

Firms are raising funding rounds to further expand their presence in the metaverse space

With the prominence of the metaverse growing rapidly among consumers and brands across Australia, metaverse-focused firms are raising funding rounds to further expand their presence in the sector.

In September 2022, Animoca Brands, an NFT-based metaverse firm, announced that the firm had raised US$110 million in a strategic funding round from Temasek, Boyu Capital, and GGV Capital. Along with these investors, existing investors such as Mirae Asset Management and True Global Ventures also participated in the funding round. Notably, the firm is planning to use the freshly infused capital for funding strategic acquisitions, product development, obtaining licenses, and further expanding its presence in the metaverse space.

The metaverse ecosystem is projected to evolve rapidly in Australia over the next three to four years, as more and more startups are expected to enter the metaverse industry in the country. Consequently, to support the growing metaverse-focused startup ecosystem in Australia, Web3-focused Investment Decentralised Autonomous Organisations (DAO) are also raising funding rounds.

In October 2022, Upside, a Web3-focused DAO, announced that it had raised US$5 million in funding, which will be used to support the best Web3 startups in Australia. Notably, some of the startups where Upside has made initial investments include Reservior, PrePo, Mirror Planet, and Astro Lab.

From the short to medium-term perspective, the publisher expects more venture capital and private equity fund to flow into the Australian metaverse ecosystem, as the demand for robust infrastructure and digital service continues to grow in the country.

Consumers in Australia are willing to shop for products inside metaverse in Australia

Globally, many of the major brands and B2C e-commerce marketplaces have launched shopping capabilities inside the metaverse, as consumers are demanding innovative shopping experiences. Notably, similar trends are emerging in the Australian market.

According to the publisher 's Global Metaverse Consumer Survey, over 43% of consumers are willing to shop for products inside the metaverse. This shows that more than half of Australian consumers are aware of the metaverse and the innovative shopping experiences that it can offer.

With the interest in metaverse shopping rising among consumers, the publisher expects more brands and e-commerce marketplaces to launch metaverse shopping capabilities in the country. Notably, Alibaba and Flipkart have launched such infrastructure for their customers in China and India, respectively.

Australian regulators have included the metaverse in their 2022-23 research program amid the growing ecosystem

The growing development in the Australian metaverse industry has led to regulators showing a keen interest in the sector. Notably, the metaverse market remains largely unregulated globally, and the trends are no different in Australia, at present. However, Australian regulators have started to keep track of the rapid developments in digital communication.

In October 2022, the Australian Communications and Media Authority (ACMA), the regulatory body which regulates phone, internet, and gambling content in the country, announced that it has included the metaverse in its 2022-23 research program. Under the research program, the ACMA is expected to keep track of the rapid developments in the metaverse space. Beyond metaverse, the ACMA is also expected to conduct a thorough review of how digital platforms are handling user complaints and reports.

The announcement from the ACMA marks the first time when the Australian regulators have shown formal interest in the metaverse sector and how the emerging technology is impacting the lives of consumers in the country.

Scope

Australia 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

Australia 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

Australia 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)

Australia 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

Australia 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

Australia Spend on Metaverse by Platform

• Desktop
• Mobile
• Headset

Australia Ecommerce Spend on Metaverse by Sector (Gross Merchandise Value), 2021-2030

• Retail Shopping
• Travel and Hospitality
• Online Food Service
• Media & Entertainment
• Health & Wellness
• Technology Products & Services
• Other Industries

Australia 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

Australia 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

Australia Consumer Spend on Metaverse by Device, 2021-2030

• Desktop
• Mobile
• Digital Gadgets

Australia Consumer Spend on Metaverse by Hardware Devices, 2021-2030

• AR (Augmented Reality)
• VR (Virtual Reality)
• MR (Mixed Reality)

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