According to the publisher, the Metaverse industry in Philippines is expected to grow by 43.1% on an annual basis to reach US$4,487.8 million in 2023.
The Metaverse industry is expected to grow steadily over the forecast period, recording a CAGR of 27.5% during 2023-2030. The Metaverse Spend Value in the country will increase from US$3,136.4 million in 2022 to reach US$24,520.4 million by 2030.
In Philippines, there is a growing innovation taking place in the metaverse sector. With millions being spent on the development of robust infrastructure and government-funded projects, the industry is projected to record strong growth over the forecast period. More Filipino business professionals are willing to spend more office time in the metaverse. Furthermore, the Web3 ecosystem is also growing in the Philippines. All of these factors together are expected to keep driving innovation and market growth from the short to medium-term perspective in the country.
The introduction of a virtual reality space platform is also expected to drive the productivity of employees in the country. Furthermore, since most of the work professionals in the region are aware and familiar with Web3 technology, the transition from physical workspaces to the metaverse is expected to remain smooth.
Integration of metaverse in the office workspaces is expected to offer a lot of benefits. Consequently, the publisher expects Filipino businesses to increase their investment in developing and integrating tools that allow for virtual conferences inside the metaverse from the short to medium-term perspective.
This report provides a comprehensive view of the size, and dynamics of the metaverse industry in Philippines along with market trends covering over 100 KPIs. It details market opportunities across key sectors - retail industry, technology & telecommunications, financial services, manufacturing, travel and hospitality, media & entertainment, training & education, real estate, and health & wellness. It provides analysis in terms of business spend as well as consumer spend.
The Metaverse industry is expected to grow steadily over the forecast period, recording a CAGR of 27.5% during 2023-2030. The Metaverse Spend Value in the country will increase from US$3,136.4 million in 2022 to reach US$24,520.4 million by 2030.
In Philippines, there is a growing innovation taking place in the metaverse sector. With millions being spent on the development of robust infrastructure and government-funded projects, the industry is projected to record strong growth over the forecast period. More Filipino business professionals are willing to spend more office time in the metaverse. Furthermore, the Web3 ecosystem is also growing in the Philippines. All of these factors together are expected to keep driving innovation and market growth from the short to medium-term perspective in the country.
Filipino business professionals are willing to spend more of their office time in the metaverse
With innovation in the sector, one of the trends that have emerged around the world is that more and more business professionals are willing to spend their office time in the metaverse. The absence of commute times not only saves time but also money, and thus the reason why an increasing number of Filipino professionals are interested in metaverse workspaces.The introduction of a virtual reality space platform is also expected to drive the productivity of employees in the country. Furthermore, since most of the work professionals in the region are aware and familiar with Web3 technology, the transition from physical workspaces to the metaverse is expected to remain smooth.
Integration of metaverse in the office workspaces is expected to offer a lot of benefits. Consequently, the publisher expects Filipino businesses to increase their investment in developing and integrating tools that allow for virtual conferences inside the metaverse from the short to medium-term perspective.
A startup accelerator has launched a US$10 million fund to support the growing Web3 ecosystem in the Philippines
The Philippines startup ecosystem has been growing constantly over the last few years. To invest and support emerging startups in the Web3 space, startup accelerators are launching a fund, which is expected to further accelerate the growth in the industry.- In November 2022, Archipelago Labs (A-Labs), announced a US$10 million fund to support emerging startups in the Web3 space. The fund is backed by reputable partners, which include Oak Drive Ventures Inc., the Philippine Digital Asset Exchange, and Magellan Digital Investment Group.
- The accelerator focuses on early-stage startups, and since its inception in 2022, the startup accelerator has made significant contributions to the Filipino Web3 space. Playdex, a startup that is developing Web3 infrastructure, is among the early firms that have received investment and support from A-Labs.
Banking firms are foraying into the metaverse to deliver superior customer experience in the Philippines
In Philippines, banking institutions have started to foray into the virtual reality sector to further improve their interaction with customers and deliver superior experiences. The trends are much in line with other Southeast Asian marketso. For instance,- In April 2022, the Union Bank of the Philippines, a digital banking pioneer, announced that the firm had forged a strategic alliance with Ark of Dreams, a blockchain startup in the country. Through strategic collaboration, the banking firm is foraying into the metaverse sector to engage and immerse its customers in the world of virtual reality. Under the partnership, the two firms will also integrate a number of financial services offered by Union Bank of the Philippines within the Ark of Dreams virtual space.
This report provides a comprehensive view of the size, and dynamics of the metaverse industry in Philippines along with market trends covering over 100 KPIs. It details market opportunities across key sectors - retail industry, technology & telecommunications, financial services, manufacturing, travel and hospitality, media & entertainment, training & education, real estate, and health & wellness. It provides analysis in terms of business spend as well as consumer spend.
- Business spend: Market estimates and forecasts to assess opportunities by business spend on metaverse by sector, application/use cases, technology, and platform.
- Consumer spend: Breaks down consumer spend on metaverse by key component segments such as append on e-commerce, NFT purchase, by devices, and hardware devices to provide detailed assessment across the metaverse industry.
- NFT industry segments: Provides value, volume, and average value per transaction across 7 key assets in the NFT market. This includes collectibles and art, real estate, sports, utility, gaming, fashion and luxury, and others.
Scope
This report provides a detailed data-driven analysis of metaverse industry, covering a range of segments and highlighting growth areas across verticals. With over 100 KPIs at the country level, this report provides a comprehensive understanding of metaverse market dynamics. In addition, it provides a comprehensive understanding of NFT market dynamics and future forecasts.Philippines 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
Philippines 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
Philippines 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)
Philippines 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
Philippines 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
Philippines Spend on Metaverse by Platform
- Desktop
- Mobile
- Headset
Philippines 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
Philippines 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
Philippines NFT Market Size and Forecast by Key Assets, 2021-2030
NFT Collectibles and Art Trend Analysis, 2021-2030
- Spend Value
- Spend Volume
- Average Value Per Transaction
NFT Real Estate Trend Analysis, 2021-2030
- Spend Value
- Spend Volume
- Average Value Per Transaction
NFT Sports Trend Analysis, 2021-2030
- Spend Value
- Spend Volume
- Average Value Per Transaction
NFT Gaming Trend Analysis, 2021-2030
- Spend Value
- Spend Volume
- Average Value Per Transaction
NFT Utility Trend Analysis, 2021-2030
- Spend Value
- Spend Volume
- Average Value Per Transaction
NFT Fashion and Luxury Trend Analysis, 2021-2030
- Spend Value Trend Analysis
- Spend Volume Trend Analysis
- Average Value Per Transaction
Other Assets Trend Analysis, 2021-2030
- Spend Value Trend Analysis
- Spend Volume Trend Analysis
- Average Value Per Transaction
Philippines Consumer Spend on Metaverse by Device, 2021-2030
- Desktop
- Mobile
- Digital Gadgets
Philippines Consumer Spend on Metaverse by Hardware Devices, 2021-2030
- AR (Augmented Reality)
- VR (Virtual Reality)
- MR (Mixed Reality)
Reasons to buy
- In-depth Understanding of Metaverse Market Dynamics: Understand market opportunities and key trends along with forecast (2021-2030). Understand market dynamics through essential KPIs such as business and consumer spend.
- Vertical Insights and Use Cases: Get market dynamics through business spend by sector across the retail industry, technology & telecommunications, financial services, manufacturing, travel and hospitality, media & entertainment, training & education, real estate, and health & wellness.
- Develop Market-Specific Strategies: Identify growth segments and target specific opportunities to formulate a strategy; assess market-specific key trends, drivers, and risks in the metaverse and NFT market to help stakeholders build profitable strategies.
- Get Insights into NFT Market Size and Forecast by Key Assets: Collectibles and art, real estate, gaming, sports, utility, fashion & others.
- Consumer Spend on Metaverse: Get a market evaluation based on in-depth information obtained from metaverse spend on e-commerce, NFT purchase, and device & hardware devices.
Table of Contents
1. About this Report
2. Philippines Metaverse Market Size and Future Growth Dynamics by Key Performance Indicators
3. Philippines Metaverse - Business Spend by Sector Value Trend Analysis, 2021 - 2030
4. Philippines Total Business Spend on Metaverse by Use Case / Application, 2021 - 2030
5. Philippines Business NFT Spend by Sector Trend Analysis, 2021 - 2030
6. Philippines Total Business Spend on Metaverse by Technology, 2021 - 2030
7. Philippines Business Spend on Metaverse by Platforms, 2021 - 2030
8. Philippines Ecommerce Spend on Metaverse by Sector, 2021 - 2030
9. Philippines NFT Market Size and Future Growth Dynamics by Key Performance Indicators
10. Philippines NFT Market Size and Forecast by Key Assets
11. Philippines Consumer Spend on Metaverse by Device Trend Analysis, 2021-2030
12. Philippines Consumer Spend on Metaverse by Hardware Devices
13. Further Reading
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 183 |
| Published | January 2023 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 4487.8 Million |
| Forecasted Market Value ( USD | $ 24520.4 Million |
| Compound Annual Growth Rate | 27.4% |
| Regions Covered | Philippines |
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