Metaverse Market (By Components: Software, Hardware; By Platform: Mobile, Desktop; By Offering's: Avatars, Virtual platforms, Asset marketplace, Financial services, By Technology: Virtual reality and augmented reality, Blockchain; By Application: Aircraft maintenance, Gaming, Online shopping, Social media, Virtual runway shows, Content creation, Others; By End User) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022 – 2030

The global Metaverse market gathered revenue around USD 40 billion in 2021 and market is set to grow USD 1,607.12 billion by the end of 2030 and is estimated to expand at a modest CAGR of 50.74% during the prediction period 2022 to 2030.

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Growth Factors:

Increasing demand from end-use industries, which prominently include media and entertainment, education, and aerospace and defense is anticipated to propel the industry growth over the forecast period. The metaverse market is also growing due to the steady adoption of XR technologies to enhance user experience on various platforms. The growing demand for metaverse to purchase digital assets using crypto currencies is expected to drive the market significantly. The development and distribution of augmented reality (AR), Virtual Reality (VR), and Mixed Reality (MR) devices are anticipated to spur market growth in years to come.

The prefix "meta" is commonly used in Greek to denote "after" or "beyond." The metaverse is a three-dimensional interactive and immersive environment where several people can interact through avatars. The usage of the metaverse to purchase digital assets using bitcoin is becoming more popular around the world. Gaming websites, messaging applications, and social media platforms such as Facebook are being used to communicate with one another online. The metaverse is the advent of new online environments in which people's interactions are more multidimensional and they can engage more deeply with digital content rather than merely reading it.

The metaverse is widely used as a real-time virtual world to build and leverage vast opportunities for brand connection. It would also set the stage for the next phase of post-COVID-19 digital activity, namely the emergence of digital social experiences. On Metaverse platforms that allow blockchain technology to be utilized, users can create, own, and trade autonomous digital assets and virtual regions using cryptocurrencies like Bitcoin and Ethereum, as well as nonfungible tokens (NFTs). During the forecast period, rising demand for blockchain-based metaverse networks and platforms for trading digital assets is expected to drive considerable market revenue growth. One of the major factors driving the future expansion of the metaverse business is the rise of the gaming industry.

Report Scope of the Metaverse Market

Report Coverage

Details

Market Size by 2030

USD 1,607.12 Billion

Growth Rate from 2022 to 2030

CAGR of 50.74%

Largest Market

North America

Fastest Growing Region

Asia Pacific

Base Year

2021

Forecast Period

2022 to 2030

Segments Covered

Components, Offering's, Platform, Technology, Application, End User, Geography

Companies Mentioned

Meta (Facebook,Inc.), Tencent holdings Ltd, Roblox corporation, Nvidia corporation, NetEase, Inc.

 

Components Insights

Based on the component, the hardware segment has accounted for the largest revenue share in 2021 and growing at a CAGR of 39% from 2022 to 2030. This segment is made up of providers of consumer hardware such as extended reality hardware, AR/VR headsets and displays. There are other hardware devices which are included in this segment which are tracking systems, projection, industrial cameras and scanning sensors. Advanced technological progress in the ER and VR are the key factors that are driving the growth of the hardware segment the software segment is also expected to register a significant growth during the forecast period. There are many companies that provide asset creation tools and programming engines. Unreal Engine and unity are the game engines which are used to create digital worlds in the gaming sector. The use of Unreal Engine and unity is used to create digital world in the game such as Fortnite. There's a creation of more realistic environment in games due to the rising interest in online gaming and this happens to be the major factor which is supporting the revenue growth of the software and the hardware segments.

Platform Insights

Between 2022 and 2030, the desktop segment accounted for the largest revenue share, followed by the headset. The segment was estimated at USD 16.38 billion in 2021. Computers used to be the primary portal into the metaverse, but with the introduction of smartphones and wireless networks, that has changed. Virtual desktop is a program that allows users to utilize the computer in virtual reality using the HTC Vive, Oculus Rift / Rift S, WMR headsets, and Valve Index. On a massive virtual screen, users may surf the web, view movies on Netflix, and even play games.

Virtual desktops are gaining traction for the use of VR devices. Smartphones and mobile networks have made access to the metaverse unrivaled and near-constant. Downloading, uploading, and sharing large amounts of data in networked cyberspace is becoming increasingly common. Users of mobile phones can publish photographs and movies to the metaverse and communicate with others using video conferencing and messaging apps. While playing online multiplayer games, users can also converse with one another. Smartphone popularity is increasing, and it is rapidly becoming the most prominent way to connect to the metaverse.

Offering Insights

The asset marketplace segment is expected to grow at the highest CAGR of 40.0% during the forecast period, owing to the increased investments made in bitcoins, NFTs, Ethereum, and other cryptocurrencies. Because of the expansions in virtual metaverse platforms, the virtual platforms segment is expected to account for a significant revenue share during the forecast period. The design and management of integrated virtual and typically three-dimensional simulations, settings, and surroundings in which people and businesses can discover, create, socialize, and engage in a wide variety of activities while also running a business are referred to as virtual platforms.

Virtual platforms such as Minecraft, Roblox, the Sandbox, HyperVerse, and Fortnite Creative Mode are currently popular. Furthermore, rising smartphone penetration and growth in the rate of app developers are likely to boost revenue growth in this segment in the future. Based on offering, the global market is segmented into asset marketplaces, virtual platforms, avatars, and financial services.

Technology Insights

The augmented reality (AR) and virtual reality (VR) technology contributed to the largest revenue share of over 35.0% in 2021. Due to the increased use of MR to engage more proficiently in the metaverse, the Mixed Reality (MR) segment is predicted to contribute the highest CAGR of 40.4% in the technology segment in the global market during the forecast period. The global market is divided into three categories based on technology: blockchain, virtual reality (VR) and augmented reality (AR), mixed reality (MR), and others. The other segment includes artificial intelligence (AI), IoT, 3D reconstruction, brain-computer interface, machine learning, 5G, etc.

Mixed reality is when people can interact directly with metaverse surroundings in a physical area. Users do not require a virtual reality headset to interact with the metaverse. Regardless of their level of immersion, users could simply interact with the metaverse using a keyboard. AR and VR technology is being utilized in the gaming industry to make the game more realistic and to provide a better gaming experience. However, the demand for VR and AR devices is expected to exhibit substantial growth in the coming years. Thus, the segment is predicted to contribute significantly to the overall Metaverse industry. The demand for VR and AR devices is expected to rise owing to the rising gaming industry.

Application Insights

The gaming segment held the leading revenue share of 27.17% in 2021, due to significant ongoing innovations and developments by developers, as well as a growing focus on boosting immersion and making games more realistic. Furthermore, organizations' increasing emphasis on utilizing games to promote their corporate image is likely to boost revenue growth. Based on application, the market is divided into gaming, online shopping, content creation & social media, events & conferences, content creation, digital marketing (advertising), testing and inspection, and others.

The content creation & social media segment is also expected to grow significantly during the forecast period. During the COVID-19 pandemic, the internet and social media became more important than ever before in daily life. With no signs of slowing down to the pandemic, businesses had no choice but to adapt, basing their entire company on these platforms. As a result of this occurrence, a new type of entrepreneur emerged: the content creator. To obtain a competitive advantage, many organizations are now employing content creation to market their brand and product portfolio.

Virtual reality training can help airlines and ground handlers learn and improve their aircraft inspection skills in a safe setting. Virtual Reality (VR) for Aircraft Inspection allows for training in various situations of aircraft inspection on all types of aircraft to minimize any potential failures during operation. The cabin crew can learn how to handle severe real-life circumstances like medical problems, an impending disaster, or a hijacking by substituting virtual reality training for classroom training. Aircraft mechanics and MRO technicians can learn to inspect different elements of the aircraft using virtual reality and augmented reality without ever leaving their desks.

Regional Insights

North America is likely to account for the largest revenue share of over 45.0% in 2021 owing to the customers and users in the region that are adopting the new and more complex technology. Furthermore, the growing number of start-ups focusing on the establishment of metaverse platforms for commercialization is another factor projected to support the revenue growth of the regional market. Furthermore, the strong presence of gaming and metaverse businesses such as The Sandbox, Nvidia Corporation, and Epic Games, Inc. in the region, which is concentrating on incorporating metaverse into games, is creating market growth potential. For Instance, Nvidia Corporation announced partnerships with Blender and Adobe that will enable NVIDIA Omniverse, the world's first collaboration, and simulation platform, to reach millions more users.

The Asia Pacific region is expected to register a very strong CAGR over the forecast period. A growing number of start-ups and organizations such as The Sandbox (Hong Kong), Bolly Heroes (India), Axie Infinity (Singapore), NextMeet (India), GuildFi (Thailand) as well as Shenzhen Zhongqingbaowang Interaction Network Co., Ltd. (ZQGame Global), and miHoYo Co., Ltd. in China, are projected to drive market expansion in the Asia Pacific region. These virtual metaverse marketplaces and gaming platforms offer an immersive experience where users can participate in live and concurrent activities powered by their chosen third-party apps.

Key market developments

In collaboration with videogame platform Roblox Corp Nike Inc launched a virtual world. NIKELAND is the digital space which was launched in November 2021 it allows the players to provide outfits Buddha router with Nike products and it is free of cost for the visit through Roblox.

Facebook changed its name to Meta Platforms Inc In order to reflect the focus and interest on metaphors. Facebook changed its name on 28th October 2021. The company has started working on finding ways to protect the users in the metaverse. It has collaborated with color in tech which is a UK based organization which works on transparent and inclusive Tech economy. This collaboration will facilitate competition and will support new ideas in this field.

Key market developments

In collaboration with videogame platform Roblox Corp Nike Inc launched a virtual world. NIKELAND is the digital space which was launched in November 2021 it allows the players to provide outfits Buddha router with Nike products and it is free of cost for the visit through Roblox.

Facebook changed its name to Meta Platforms Inc In order to reflect the focus and interest on metaphors. Facebook changed its name on 28th October 2021. The company has started working on finding ways to protect the users in the metaverse. It has collaborated with color in tech which is a UK based organization which works on transparent and inclusive Tech economy. This collaboration will facilitate competition and will support new ideas in this field.

Segments covered in the report

By Components

  • Software
    • Asset Creation Tools
    • Programming Engines
  • Hardware
    • Displays
    • eXtended Reality (XR) Hardware
      • Haptic Sensors & Devices
      • Smart Glasses
      • Omni Treadmills
    • AR/VR Headsets
    • Others

By Platform

  • Mobile
  • Desktop

By Offering's

  • Avatars
  • Virtual platforms
  • Asset marketplace
  • Financial services

By Technology

  • Virtual reality and augmented reality
  • Blockchain

By Application

  • Aircraft maintenance
  • Gaming
  • Online shopping
  • Social media
  • Virtual runway shows
  • Content creation
  • Others

By End User

  • Media and Entertainment
  • BFSI
  • Retail
  • Aerospace and defense
  • Education
  • Automotive
  • Others

By Geography

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • United Kingdom
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Asia Pacific

Latin America

  • Brazil
  • Rest of Latin America

Middle East & Africa (MEA)

  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa

Key Points Covered in Metaverse Market Study:

  • Growth of Metaverse in 2022
  • Market Estimates and Forecasts (2017-2030)
  •  Brand Share and Market Share Analysis
  •  Key Drivers and Restraints Shaping Market Growth
  •  Segment-wise, Country-wise, and Region-wise Analysis
  •  Competition Mapping and Benchmarking
  •  Recommendation on Key Winning Strategies
  •  COVID-19 Impact on Demand for Metaverse and How to Navigate
  •  Key Product Innovations and Regulatory Climate
  •  Metaverse Consumption Analysis
  •  Metaverse Production Analysis
  •  Metaverse and Management