DUBLIN, May 8, 2023 (GLOBE NEWSWIRE) — “UK Metaverse Market Intelligence and Future Growth Dynamics Databook – Sectors X Use Cases X Technology, Business and Consumer Spending, 100+ KPIs Covering Market Size by NFT Spending – Q1 2023” report added of ResearchAndMarkets.com Recruitment.

The UK metaverse industry is expected to grow by 45.6% on an annual basis to reach US$7,828.3 million in 2023.

The metaverse industry is expected to grow steadily over the forecast period, registering a CAGR of 34.3% from 2023 to 2030. The country’s Metaverse spending will grow from $5.375 billion in 2022 to $6.1987 billion by 2030.

In the UK, 2022 will see increased metaverse adoption across a range of applications. From socializing to shopping online to attending entertainment events such as concerts in the Metaverse, consumers are open to engaging in a variety of activities within their virtual worlds.

These trends are driving many leading brands to innovate their customer experience and drive the future growth of their business in the country. Investments in this area are expected to grow significantly in the short to medium term as companies continue to build the future of the Internet. While the sector is still in its early stages of development in the UK, publishers maintain strong growth prospects for the industry over the next three to four years.

Companies expect the Metaverse to have a major impact on their organizations

While the metaverse sector is still in its early stages in the UK, more companies believe new technologies will play a key role in their future business growth.

Many companies are also starting to invest in technology as interest in this area grows and it has the potential to drive innovative customer experiences. According to the Global Metaverse Survey (Q4 2022), nearly 16% of companies are testing and evaluating opportunities in the metaverse sector.

This trend is expected to accelerate further in the short to medium term, driving business investment in developing metaverse infrastructure and innovative applications in the UK over the next three to four years.

Innovative UK-Based Metaverse Startup Raises Funding Round to Develop Infrastructure

Currently, the experience offered in virtual worlds seems limited. However, for the Metaverse to become widespread, it needs a large-scale infrastructure that can drive the future of the Internet. To develop the infrastructure, the start-up raises funds from his private equity and venture capital firms.

In October 2022, UK-based metaverse startup Improbable announced that it had raised US$100 million at a US$3 billion valuation. Founded in 2012, the company develops the Metaverse infrastructure, which enables institutions, businesses, developers, and others to create and build virtual worlds. The company also works with the British and US armed forces to provide simulation experiences. The company plans to use this funding round to further develop its Metaverse infrastructure for its customers.

In September 2022, Hadean, another UK metaverse startup, announced it had raised US$30 million in a Series A funding round led by Molten Ventures. The company also plans to use the new capital to build the Metaverse infrastructure, thereby providing creators with the tools to build virtual worlds. The company already has a multi-year deal with a company in the entertainment business. These include Minecraft, Sony, Pixelynx and others.

The publisher expects these startups to continue raising funding rounds over the next three to four years as demand for robust metaverse infrastructure continues to grow in the UK and global markets.

Fashion brands have formed strategic partnerships to bring the Metaverse experience to UK customers.

Similar to non-fungible tokens, fashion brands are also looking to increase their presence in the metaverse and capitalize on consumer fascination with emerging UK technologies.

In November 2022, UK-based fashion brand Burberry announced that it had entered into a strategic partnership with Minecraft. Under the partnership, Burberry has created in-game adventures for customers in the Minecraft metaverse. Additionally, there are 15 downloadable skins that allow players to dress up their characters. The skins will be available on his Minecraft Marketplace starting November 1st. In addition to the in-game adventures, Burberry will also drop a capsule collection of clothing featuring 8-bit graphics inspired by the world of Minecraft.

As consumer interest continues to grow in the UK, publishers expect more brands to offer their customers innovative Metaverse experiences in the short to medium term.

This report provides a comprehensive view of the size and dynamics of the UK Metaverse industry along with market trends covering over 100 KPIs. It details market opportunities across key sectors such as retail, technology and telecommunications, financial services, manufacturing, travel and hospitality, media and entertainment, training and education, real estate, and health and wellness. It provides analysis in terms of business spending and consumer spending.

Key attributes:

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UK Metaverse Market Size and Future Growth Dynamics by Key Performance Indicators

• Trend analysis of total spending
• Business spending trend analysis
• Trend analysis of consumer spending

UK Metaverse – Trend Analysis of Business Spending by Sector, 2021-2030

• retail business
• Technology & Telecommunications Industry
• financial services industry
• manufacturing industry
• Travel and hospitality industry
• Media & Entertainment Industry
• training and education industry
• real estate business
• Health & Wellness Industry
• other

UK Firms Spending on the Metaverse by Use Case/Application, 2021-2030

• Retail (Marketing & Advertising, Commerce, Operations & Training)
• Technology and Telecommunications (Marketing and Advertising, Commerce, Operations and Training)
• Financial Services (Marketing & Advertising, Commerce, Operations & Training)
• Manufacturing (Marketing & Advertising, Commerce, Operations & Training]
• Travel & 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)

UK NFT Spending Sector Value Trends Analysis, 2021-2030

• retail business
• Technology & Telecommunications Industry
• financial services industry
• manufacturing industry
• Travel and hospitality industry
• Media & Entertainment Industry
• training and education industry
• real estate business
• Health & Wellness Industry
• Other industries

UK companies spending on the metaverse by technology

• By technology
• retail business
• technology and communication
• financial operations
• manufacturing industry
• travel and hospitality
• media & entertainment
• training and education
• real estate
• Health & Wellness
• other

UK Metaverse Spending by Platform

E-commerce spending (total value of goods) in the UK metaverse by sector, 2021-2030

• retail shopping
• travel and hospitality
• online food service
• media & entertainment
• Health & Wellness
• technology products and services
• Other industries

UK NFT Market Size and Future Growth Dynamics by Key Performance Indicators

NFT – Trend Analysis of Total Sales Spend, 2021-2030

NFT – Total Sales Trend Analysis, 2021-2030

NFT – Average Value Trend Analysis per Transaction, 2021-2030

UK NFT Market Size and Forecast by Key Assets, 2021-2030

NFT Collectibles and Art Trend Analysis, 2021-2030

• amount spent
• amount to use
• average value per transaction

NFT Real Estate Trend Analysis, 2021-2030

• amount spent
• amount to use
• average value per transaction

NFT Sports Trend Analysis, 2021-2030

• amount spent
• amount to use
• average value per transaction

NFT Gaming Trend Analysis, 2021-2030

• amount spent
• amount to use
• average value per transaction

NFT Utility Trend Analysis, 2021-2030

• amount spent
• amount to use
• average value per transaction

NFT Fashion and Luxury Trend Analysis, 2021-2030

• Spend trend analysis
• Spend trend analysis
• average value per transaction

Other Asset Trend Analysis, 2021-2030

• Spend trend analysis
• Spend trend analysis
• average value per transaction

UK Consumer Spend on Metaverse by Device, 2021-2030

• desktop
• mobile
• digital gadget

UK Consumer Spending on the Metaverse by Hardware Device, 2021-2030

• AR (Augmented Reality)
• VR (virtual reality)
• MR (Mixed Reality)

Learn more about this report here https://www.researchandmarkets.com/r/5ujamc

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• UK Metaverse Market