The global metaverse market size accounted for US$ 61 Bn in 2021 and is estimated to reach US$ 1,803 Bn by 2030, with a significant CAGR of 45.8% from 2022 to 2030.
The metaverse is a futuristic digital world in which people can immerse themselves in virtual and augmented versions of reality via their digital avatars. Metaverse is mostly used to refer to a predicted future iteration of the internet known as Web 3.0. The growth of virtually integrated or online 3-D settings that provide users with access to virtual reality (VR) and augmented reality (AR) experiences is expected as the internet evolves. This futuristic technology is commonly regarded as the internet's next frontier, with substantial business and financial implications for the technology industry and other industries. Additionally, it refers to a series of immersive digital experiences that will be available to users in the future, allowing them to engage in a variety of activities in entirely digital worlds. Some of the use cases of this world could be participating in a gigantic virtual reality multi-player game accessed via a VR headphones or experiencing integrated digital and physical locations for example location-specific immersive digital material from business users visiting via smartphones or digital glasses.
|Market Size 2021||US$ 61 Bn|
|Market Forecast 2028||US$ 1,803 Bn|
|CAGR||45.8% During 2022 - 2030|
|Analysis Period||2018 - 2030|
|Forecast Data||2022 - 2030|
|Segments Covered||By Component, By Platform, By Technology, By Offering, By Application, By End-Use, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||ByteDance Ltd., Decentraland, Epic Games, Inc., Meta Platforms, Inc., Microsoft Corporation, NetEase, Inc., Nextech AR Solutions Corp., Nvidia Corporation, Roblox Corporation, Tencent Holdings Ltd., The Sandbox, and Unity Technologies, Inc.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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The metaverse leaps to new heights with each passing day. It is now mainstream technology and the next big thing that will revolutionize the digital landscape. By offering an immersive visual experience, metaverse supports emerging technologies such as blockchain, IoT, and 3D visualization. The increasing consumer preference for online gaming is one of the global metaverse market trends that is boosting industry growth. Before the introduction of blockchain-powered games, gamers preferred multiplayer games. However, blockchain has drastically altered the landscape of online gaming. Its use cases, such as NFTs and cryptocurrencies, surprise players with benefits such as tokenization of gaming assets and the ability to sell them for money in cryptocurrency. Thus, the surging popularity of non-fungible tokens (NFTs) is creating a buzz for online gamers and artists who tend to earn from online platforms. Then again, increasing traction of the mixed reality concept is creating numerous growth opportunities for market growth. Microsoft developed the "Microsoft Mesh" platform, which is a new environment in which developers may create multiuser, immersive, and cross-platform mixed reality apps. The Mesh landscape enables users to collaborate and innovate in an immersive environment, no matter where they are. It's also an excellent setting for event planning.
In addition, the growing focus on converging physical and virtual worlds is another factor that is gaining traction in the metaverse industry. Digital twins, such as digital and physical worlds, grow in strength and complexity. A digital twin is a virtual representation of a physical thing or structure. Microsoft, in particular, has emphasized the importance of digital twin technology in the creation of the metaverse.
However, increased privacy and security concerns and challenges in creating a unified system are some of the factors that are restricting the metaverse market share. Digital encounters that resemble the metaverse raise new concerns about monitoring and controlling online conduct. Access control for specific virtual worlds, as well as the issue of virtual world interoperability, is key concerns for metaverse developers. In addition to that, managing access control and authentication, preventing device hacks, and protecting the integrity of NFTs are some of the other compliance and security concerns surrounding the metaverse industry.
Furthermore, the rising adoption of advanced VR devices and blockchain technology is expected to overcome the constraints in the market while creating several growth opportunities in the coming years.
Metaverse Market Segmentation
The global metaverse market is segmented based on component, platform, technology, offering, application, end-use, and geography.
Market By Component
Market By Platform
Based on our analysis, the desktop segment generated the largest metaverse market revenue in 2021. Desktops have become the primary entrance into the metaverse because of the growing popularity of online gaming. In addition, virtual desktops are growing in popularity for usage with VR devices. However, the headsets market is expected to increase at a significant rate in the coming years as wearables become increasingly important in metaverse operations. Furthermore, as mobile devices like as smartphones have become prevalent over the last decade, the mobile platform has seen consistent growth throughout the forecasted years 2022 to 2030.
Market By Technology
Based on technology, the VR & AR segment commanded a considerable market share in 2021. In the metaverse, VR and AR were blended to create a sensation of virtual presence. Furthermore, AR and VR are predicted to be among the most revolutionary technologies in the coming few years. On the other hand, the mixed reality (MR) segment is likely to gain the fastest growth rate during the forecast timeframe 2022 – 2030. Mixed reality is known as the combination of real and virtual worlds to provide new ways to engage with physical and digital environments and other people. Mixed reality finds its applications in video games, military training, education, healthcare, and human-robot collaboration. Thus, the segment is expected to grow with the fastest rate.
Market By Offering
Among all the offerings, the asset marketplace segment is anticipated to witness the substantial growth rate in the coming future owing to the escalated investments made in bitcoins, ethereum, NFTs, and other cryptocurrencies. Furthermore, the virtual platforms segment occupied the leading market share in 2021. Virtual platforms enable people and businesses to explore, create, connect, and engage in a wide range of activities by creating and managing realistic, digital three-dimensional simulations, settings, and surroundings. Thus, this segment has dominated the market during the forecasted years.
Market By Application
Based on technology, the gaming segment accounted for majority of the metaverse market share during the projected years. Metaverse hints can be found in online game environments like Fortnite, Minecraft, and Roblox. And the companies who make those games want to be a part of the metaverse's evolution. For instance, in January 2022 - Tencent Holdings Ltd. has expressed interest in acquiring gaming smartphone developer Black Shark, marching deeper into the metaverse.
Market By End-Use
Metaverse Market Regional Overview
Middle East & Africa (MEA)
The presence of prominent metaverse market companies in the North America fuels the regional market growth
The regional segmentation is given as North America, Latin America, Asia-Pacific, Europe, and the MEA. Among all regions, the North America region experienced significant demand throughout the forecast period due to increased company presence, a growing emphasis on converging digital and physical worlds via the internet, and a growing importance on creating metaverse platforms for the education industry. Another factor expected to boost the regional market's revenue growth is the growing number of start-ups working on the construction of metaverse platforms for commercialization. On the other hand, the Asia-Pacific region contributed the quickest growth rate (CAGR) during the estimated period due to the region's heavy use of metaverse platforms in the entertainment, gaming, and social sectors. Hundreds of millions of dollars have been invested in Asia-Pacific’s gaming and social network sectors because of the metaverse evolution.
Some of the top vendors offered in the professional report include ByteDance Ltd., Decentraland, Epic Games, Inc., Meta Platforms, Inc., Microsoft Corporation, NetEase, Inc., Nextech AR Solutions Corp., Nvidia Corporation, Roblox Corporation, Tencent Holdings Ltd., The Sandbox, and Unity Technologies, Inc.
The estimated value of global metaverse market in 2021 was accounted to be US$ 61 Bn.
The projected CAGR of metaverse market during the analysis period of 2022 to 2030 is 45.8%.
The prominent players of the global metaverse market involve ByteDance Ltd., Decentraland, Epic Games, Inc., Meta Platforms, Inc., Microsoft Corporation, NetEase, Inc., Nextech AR Solutions Corp., Nvidia Corporation, Roblox Corporation, Tencent Holdings Ltd., The Sandbox, and Unity Technologies, Inc.
North America held the dominating share for metaverse during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for metaverse during the analysis period of 2022 to 2030.
Growing consumer preference for online gaming, rising focus on converging physical and digital worlds, and the surging popularity of non-fungible tokens (NFTs) all contribute to the expansion of the worldwide metaverse market.
Based on component, hardware segment held the maximum share for metaverse market in 2021.