DUBLIN--(BUSINESS WIRE)--The "France 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 France is expected to grow by 31.5% on an annual basis to reach US$6,722.5 million in 2023.
The Metaverse industry is expected to grow steadily over the forecast period, recording a CAGR of 28.6% during 2023-2030. The Metaverse Spend Value in the country will increase from US$5,111.4 million in 2022 to reach US$22,148.7 million by 2030.
Business and consumer investment in metaverse is gaining momentum in France, though compared to other countries, the adoption rate remains subdued. From insurance companies to luxury giants such as LVMH, the metaverse buzz is growing across industry verticals in France. During the VivaTech event, LVMH offered attendees the opportunity to try on clothing through augmented reality.
While there is substantial growth potential in the metaverse industry, there no use cases yet which can drive widespread adoption among consumers. Consequently, the premium will be on those firms that are able to create metaverse technology that can be merged with the daily activities of consumers. At present, many startups are innovating in the space with some focusing on the development of immersive gaming experiences.
French metaverse startups are raising funds to accelerate the development of their platform
More brands and businesses are seeking to leverage the capabilities of metaverse to reach their potential customers in France. However, the lack of skills and expertise in the segment has become a major barrier for many brands. Targeting such businesses, startups are developing platforms that can assist brands and businesses to build and manage their presence in the metaverse with limited knowledge. To further accelerate the development of their platform, these startups are raising funding rounds.
In October 2022, METAV.RS, the Paris-based metaverse startup, announced that the firm had raised €3 million to accelerate the development of its metaverse content management platform. The €3 million seed funding round was led by Jsquare, a Singapore-based Web3 fund. Founded in 2022, the firm aims to make the metaverse more accessible to businesses in the country, while enabling them to manage their presence in the virtual world in a more effective way.
The no-coded platform provides brands with integrated apps that enable them to manage the virtual worlds in a seamless manner. Furthermore, the firm aims to provide marketing teams with the ability to integrate content simply and easily in the metaverse. The platform is also compatible with e-commerce platforms, thereby ensuring that brands across different industries can use the services.
From the short to medium-term perspective, the publisher expects METAV.RS to expand its presence in the global market. It currently has offices in Hong Kong and Seoul, where the industry is experiencing strong growth.
Meta launches its virtual reality platform in France in a bid to expand its metaverse presence
Meta is among the first few firms that have entered the metaverse sector. After rebranding itself from Facebook to Meta, the firm has spent billions of dollars on the development of metaverse infrastructure., The firm is now expanding its virtual reality platform in more countries, including France, to drive its presence in the global market.
In August 2022, Meta announced the launch of Horizon Worlds in France and Spain. Before this, the firm launched the virtual reality platform in the United States, the United Kingdom, and Canada. Furthermore, the firm is planning to launch Horizon Worlds in more countries from the short to medium-term perspective. In Q4 2022, Meta announced that the firm is planning to spend approximately US$100 billion on the development of Metaverse infrastructure over the next five years.
With the prominence of the metaverse growing among brands, across industry verticals, in France, the publisher expects more global players to launch their metaverse platform in the country from the short to medium-term perspective. This will further drive innovation and competition in the space, thereby assisting market growth.
French researchers have asked the regulators to start regulating the metaverse industry
A group of researchers, commissioned by the French government, asked the leaders to start regulating the metaverse industry. The researchers also emphasized that the regulators should avoid the mistakes which were previously made while regulating the cryptocurrency market.
The 116-page document outlines the various opportunities and challenges that the metaverse sector presents and how the French government can approach the metaverse. The researchers called on the regulators to extend frameworks, such as the General Data Protection Regulation (GDPR) and the Digital Services Act (DSA), thereby covering data collection and protection in the metaverse.
The sector is still in the initial stages of development in France and offering a positive regulatory framework can accelerate the innovation and growth of the market over the next few years.
Scope
France 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
France 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
France 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)
France 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
France 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
France Spend on Metaverse by Platform
- Desktop
- Mobile
- Headset
France 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
France 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
France 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
France Consumer Spend on Metaverse by Device, 2021-2030
- Desktop
- Mobile
- Digital Gadgets
France 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/fyh84k
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
