France’s Metaverse Industry Poised for Massive Growth, Expected to Reach $22B by 2030
The Metaverse industry in France is expected to grow at a 31.5% annual rate, reaching a total value of $6,722.5 billion by 2023.
The industry is projected to have a CAGR of 28.6% between 2023 and 2030, reaching a value of $22,148.7 billion by the end of the forecast period.
Various industries in France, including LVMH, are showing a growing interest in metaverse technology.
Increased competition among global players in the metaverse market is expected to foster innovation and growth in France.
The metaverse industry in France is rapidly gaining momentum and is expected to witness robust growth in the coming years. According to industry reports, the sector is forecasted to grow by 31.5% annually, reaching a total value of $6,722.5 million by 2023.
The growth trend should continue in the following years, with a projected Compound Annual Growth Rate (CAGR) of 28.6% between 2023 and 2030. By the end of the forecast period, the Metaverse Spend Value in France is predicted to reach $22,148.7 million.
Various industries, ranging from insurance firms to luxury conglomerates like LVMH, are showing a growing interest in the metaverse. At the recent VivaTech event, LVMH allowed attendees to test out virtual clothing through augmented reality, adding to the buzz surrounding this technology across industry verticals in France.
French businesses are increasingly looking towards metaverse technology to expand their customer base, but the lack of knowledge in the field has been a major hurdle. To assist brands in building and managing their metaverse presence with limited knowledge, startups are developing platforms.
One such startup is METAV.RS, which raised €3 million in seed funding led by Singapore-based Web3 fund Jsquare in October 2022. The Paris-based startup offers a no-code platform that integrates apps to allow brands to manage virtual worlds and easily integrate content. The platform is also compatible with e-commerce platforms, making it accessible to brands across industries. METAV.RS plans to expand its presence in the global market and already has offices in Hong Kong and Seoul, where the metaverse industry is rapidly growing.
Meta has invested billions of dollars in developing metaverse infrastructure since rebranding from Facebook. The firm is now expanding its virtual reality platform, Horizon Worlds, to more countries, including France and Spain, to increase its presence in the global market. In Q4 2022, Zuckerberg’s company also announced plans to invest approximately $100 billion over the next five years in metaverse infrastructure development. However, the company’s metaverse division, Reality Labs, lost $13.7 billion in 2022.
The report suggests that as the metaverse becomes more prominent among businesses in France, it is likely that more global players will launch their metaverse platforms in the country. This increased competition is expected to foster innovation and growth within the market.
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