DUBLIN--(BUSINESS WIRE)--The "Singapore 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 Singapore is expected to grow by 38.5% on an annual basis to reach US$6,817.2 million in 2023.
The Metaverse industry is expected to grow steadily over the forecast period, recording a CAGR of 31.5% during 2023-2030. The Metaverse Spend Value in the country will increase from US$4,923.3 million in 2022 to reach US$23,243.9 million by 2030.
Singapore has emerged as one of the leading metaverse hubs over the last few quarters. Many of the innovative homegrown metaverse projects have driven the growth of the industry in 2022. The burgeoning startup ecosystem has also supported the growth of the Singaporean metaverse market, and the trend is expected to further continue over the next few quarters in 2023.
From fashion-focused brands to banking institutions, businesses across industry verticals are dipping their toes in the growing Singaporean metaverse ecosystem. With innovation in the space growing and a multitude of metaverse projects being launched in the growing metaverse landscape in Singapore, The publisher maintains a robust growth outlook for the sector over the next three to four years.
Innovative homegrown metaverse projects are driving the growth of the industry in Singapore
While countries such as the United States and China are leading innovation in the metaverse sector, the hype surrounding the future prospect of the virtual world has also caught the eye of businesses in Singapore. This has resulted in the launch of many homegrown metaverse projects that are supporting industry growth.
In November 2022, Web3Re Technologies Pte Ltd., the blockchain-as-a-service solution provider, announced the launch of a curated metaverse ecosystem, Goya Universe. The metaverse ecosystem makes use of blockchain technology, Web3, and the metaverse to offer an immersive and transparent account of how the funds are deployed in planting mangrove plants and for calculating carbon offsets.
In October 2022, Xctualyfe, another homegrown metaverse project, has driven the expansion of the virtual ecosystem in Singapore. The metaverse project is a borderless virtual world, wherein users can connect with others around the world. Currently, under development, the metaverse project intends to further integrate gamified features and activities.
From the short to medium-term perspective, the publisher expects domestic firms to undertake such innovative metaverse projects, thereby accelerating the investment as well as the metaverse ecosystem growth over the next three to four years in Singapore.
Banking institutions are forging alliances to enter into the growing metaverse ecosystem in Singapore
Singapore has a tech-savvy consumer population, who are increasingly demanding for innovative experiences from brands and businesses, including financial service providers. This consumer behavior is driving banking institutions to investment in the metaverse sector.
In September 2022, DBS, one of the largest Singapore-based banking institutions, announced that the firm had forged a strategic alliance with The Sandbox. Under the collaboration, the firm has brought a 3 x 3 plot of LAND in The Sandbox metaverse, which the firm plans to develop and create immersive elements for launching DBS BetterWorld. The DBS BetterWorld is targeted to offer the banks' customers with an innovative engagement platform.
Many more businesses in Singapore, including banking institutions, are expected to embrace the new and emerging technology to better engage with their customers over the next three to four years. However, developing a robust metaverse infrastructure will play a pivotal role in leading the widespread adoption among businesses from the short to medium-term perspective.
Metaverse platforms are raising funding rounds to further innovate in the sector and launch NFTs
To accelerate the development of their platform and build robust infrastructure, Singapore-based metaverse platforms are raising capital from venture capital and private equity firms, which will also assist them to scale their services into new categories, such as non-fungible tokens.
In May 2022, BUD, a Singapore-based metaverse app, announced that the firm had raised US$36.8 million in a Series B funding round, which was led by Sequoia Capital India. The capital infusion comes three months after the firm raised a Series A round in February 2022, bringing the total fund raised by the firm to over US$60 million as of May 2022.
While the firm did not reveal the number of users active on the metaverse platform, it has developed over 15 million custom experiences. Virtual assets, such as accessories and costumes, have changed hands over 150 million times on the metaverse marketplace developed by BUD. To take the user experience a step ahead, the firm is now seeking to introduce a marketplace for NFT trading.
The publisher expects the firm to raise more such funding rounds from the short to medium-term perspective, as it continues to launch new features and services for its users globally. The growing metaverse ecosystem in Singapore will also assist the firm to drive its growth over the next three to four years.
Scope
Singapore 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
Singapore 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
Singapore 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)
Singapore 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
Singapore 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
Singapore Spend on Metaverse by Platform
- Desktop
- Mobile
- Headset
Singapore 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
Singapore 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
Singapore 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
Singapore Consumer Spend on Metaverse by Device, 2021-2030
- Desktop
- Mobile
- Digital Gadgets
Singapore Consumer Spend on Metaverse by Hardware Devices, 2021-2030
- AR (Augmented Reality)
- VR (Virtual Reality)
- MR (Mixed Reality)
For more information about this report visit https://www.researchandmarkets.com/r/ed4u8d
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