According to a recent report, the Metaverse industry in France is gearing up for substantial expansion, anticipated to reach a remarkable $22 billion mark by 2030.
In Brief
The Metaverse sector in France is forecasted to expand at an astonishing annual growth rate of 31.5%, potentially reaching a staggering $6,722.5 million in value by the end of 2023.
Looking ahead, the industry is poised for a compound annual growth rate (CAGR) of 28.6% from 2023 through 2030, ultimately attaining a value of $22,148.7 million by the conclusion of this period.
Numerous sectors in France, including high-profile luxury companies like LVMH, are increasingly exploring the potential of Metaverse technology.
The heightened competition among international players in the Metaverse arena is likely to spark innovation and accelerate growth within France's market.
Recently, it's observed that France's Metaverse sector is quickly picking up steam, with projections indicating robust growth ahead. As outlined by industry experts, the sector is estimated to rise by 31.5% annually, achieving a total valuation of $6,722.5 million by 2023. industry reports This growth trajectory is expected to persist, expecting a CAGR of 28.6% for the period between 2023 and 2030. By the end of this forecast timeframe, France’s Metaverse expenditure is anticipated to climb to $22,148.7 million.
Multiple sectors, from insurance to luxury brands like LVMH, are demonstrating a growing interest in immersing themselves in the Metaverse. During the recent VivaTech conference, LVMH provided attendees with a virtual experience through augmented reality, further fueling excitement for this technology across various industries in France.
Businesses in France are increasingly turning to Metaverse innovations to broaden their customer engagement, though many face challenges stemming from a lack of familiarity with the technology. To address this gap, emerging startups are rolling out user-friendly platforms designed to help brands effectively establish and manage their Metaverse involvement, even with limited prior knowledge. virtual clothing Recently, this Paris-based startup secured seed funding from the Singapore-based Web3 fund Jsquare in October 2022. They are offering a no-code platform that connects different applications, enabling brands to manage their virtual realms easily while seamlessly incorporating content. Additionally, the platform is optimized for integration with e-commerce systems, making it user-friendly for brands across diverse sectors. METAV.RS has its eyes set on global expansion and has already established offices in Hong Kong and Seoul, where the Metaverse industry is rapidly evolving.
Since rebranding from Facebook, Meta has poured billions into building its Metaverse infrastructure. The company is currently broadening its virtual reality platform, Horizon Worlds, into more regions, including France and Spain, aiming to bolster its position in the international market. In the fourth quarter of 2022, Mark Zuckerberg announced intentions to commit roughly $100 billion over the next five years for ongoing development of Metaverse infrastructure. Nonetheless, Meta's dedicated Metaverse segment, Reality Labs,
One such startup is METAV.RS, which raised €3 million There are indications that as the Metaverse becomes more integral to businesses in France, more global entities will introduce their own Metaverse platforms within the country. This influx of competition is likely to stimulate innovation and drive growth within the sector.
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