DUBLIN–(BUSINESS WIRE)–The “Japan 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 Japan is expected to grow by 41.1% on an annual basis to reach US$13,343.2 million in 2023.
The Metaverse industry is expected to grow steadily over the forecast period, recording a CAGR of 36.5% during 2023-2030. The Metaverse Spend Value in the country will increase from US$9,456.7 million in 2022 to reach US$57,397.5 million by 2030.
This report provides a comprehensive view of the size, and dynamics of the metaverse industry in Japan 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 ecosystem is growing in Japan and has caught the attention of both private and public entities over the last few quarters. Amid the growing interest in the space, firms have started developing innovative metaverse tools. For instance, Toppan Inc., a major printing firm in Japan, has developed a virtual showroom in the metaverse, which allows people to see various colors and details of materials used in homes and cars.
Bascule Inc., a Japanese digital advertising firm, also entered into the metaverse and is offering a VR headset tour around the International Space Station that is created in the metaverse. With the growing metaverse landscape in Japan, global players are also expected to launch their metaverse platform in the country from the short to medium-term perspective.
During the annual tech show held in October 2022, Meta demonstrated its Horizon Workrooms metaverse service, the platform which enables participants to hold business meetings in the virtual world.
Along with private firms, government entities have also shown their interest in the space. The investment from the government is expected to support the growth of the industry from the short to medium-term perspective.
Government investment in digital technology is expected to drive metaverse innovation in Japan
After being a laggard for several years in the space of digital technology, Japan has finally started to push towards the adoption of emerging technology such as non-fungible tokens and metaverse.
In October 2022, Fumio Kishida, the Japanese Prime Minister announced that the national government will promote efforts to expand the use of Web3 services, including NFTs and metaverse. In addition to investment in the sector, the government is also planning to support companies that embrace the digital future through tax incentives.
These initiatives from the national government are expected to drive more innovation in the space, thereby supporting the growth of the sector from the short to medium-term perspective.
Japanese city implements a metaverse-schooling service to combat growing absenteeism
With the education sector facing a growing problem of absenteeism, a city in Japan has turned to the metaverse to boost student attendance, especially among those who live far away from the school.
In October 2022, a Japanese city Toda announced a metaverse schooling service, thereby allowing kids to study in a virtual classroom environment. This launch is to motivate pupils, especially those living far away from the school, to make their children attend the school. However, before letting the child attend a virtual classroom, pupils are required to get permission from the respective school principals.
As the country continues to invest and innovate in the space, the publisher expects more such innovative use cases to emerge in the Japanese metaverse ecosystem from the short to medium-term perspective.
Banking institutions are planning to offer financial services to their customers in the metaverse
Consumers are seeking access to financial services from their providers through metaverse. With the growing demand for immersive experiences, traditional banking institutions are innovating with their service offerings in Japan.
In November 2022, MUFG, the largest banking institution, announced a strategic collaboration with ANA Holdings, a group of companies that are dedicated to air travel and transportation services. ANA Holdings has developed the Granwhale metaverse. Under the partnership with ANA Holdings, MUFG plans to offer Japanese consumers a bunch of financial services in the metaverse.
The metaverse banking services are expected to be launched in 2023 by the firm. The services will be offered to over 38 million customers, corresponding to the mileage members of ANA Holdings. Furthermore, SOMPO Japan Insurance, an insurance firm, is also expected to sell insurance policies to the bank’s customers. The insurance policies offered by SOMPO Japan will cover losses related to the transactions made in the metaverse.
The launch of the metaverse banking services is to entice a new generation of consumers, which would be otherwise difficult to reach through traditional channels. From the short to medium-term perspective, the publisher expects more players in the financial services sector to foray into the metaverse ecosystem in Japan.
Scope
Japan Metaverse Market Size and Future Growth Dynamics by Key Performance Indicators
Japan Metaverse – Business Spend by Sector Value Trend Analysis, 2021-2030
Japan Business Spend on Metaverse by Use Case / Application, 2021-2030
Japan NFT Spend by Sector Value Trend Analysis, 2021-2030
Japan Business Spend on Metaverse by Technology
Japan Spend on Metaverse by Platform
Japan Ecommerce Spend on Metaverse by Sector (Gross Merchandise Value), 2021-2030
Japan NFT Market Size and Future Growth Dynamics by Key Performance Indicators
Japan NFT Market Size and Forecast by Key Assets, 2021-2030
Japan Consumer Spend on Metaverse by Device, 2021-2030
Japan Consumer Spend on Metaverse by Hardware Devices, 2021-2030
For more information about this report visit https://www.researchandmarkets.com/r/k6p1y
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