The Global Metaverse Market Size stood at USD 64.93 billion in 2021. The market is estimated to rise from USD 101.29 billion in 2022 to USD 1,539.55 billion by 2029 at a 49.6% CAGR during the forecast period.
Report Scope & Segmentation
|Forecast Period||2022 to 2029|
|Forecast Period 2022 to 2029 CAGR||49.6%|
|2029 Value Projection||USD 1,539.33 billion|
|Metaverse Market Size in 2021||USD 64.93 Billion|
|Historical Data for||2018 to 2021|
|No. of Pages||170|
|Segments covered||Component, Device, Application, and Geography|
|Metaverse Market Growth Drivers||Leading Companies Emphasize Product Portfolio Expansion to Expand Footprint|
|Expanding Footfall of VR Devices to Trigger Disruptions|
|Flourishing Gaming Business in the U.S. to Propel North America Market|
Major factors expected to drive the revenue growth include a growing focus on integrating digital and physical worlds using the Internet, increasing momentum and popularity of Mixed Reality (MR), Augmented Reality (AR), and Virtual Reality (VR), and the outbreak of COVID-19, as well as the situation’s subsequent developments and outcomes. The global Metaverse market is expected to witness substantial growth during the forecast period. The major factors driving the growth of the metaverse market are the increasing focus on converging digital and physical worlds using the Internet and the growing demand for Metaverse to purchase digital assets using cryptocurrencies. However, cyber-threats in Metaverse are hindering metaverse market growth. But technological advancements are creating an opportunity in the metaverse market.
METAVERSE MARKET SHARE
Based on application, the game segment is expected to be the most lucrative segment. Metaverse games are a result of the gaming industry's recent evolution. Players are venturing into the real world of Metaverse in order to partake in next-generation gaming. While Metaverse can be centralized or decentralized, gaming companies are concentrating their efforts on decentralized projects because the future is decentralized.
Based on type, the desktop segment is expected to be the most lucrative. The market is growing due to rising video game revenue and an increase in the number of video gaming audiences around the world. As the number of people who play video games grows, there is a huge demand for desktop devices that can be used to play virtual reality games.
Based on region, North America is expected to be the most lucrative, due to a variety of factors, including an increased emphasis on developing metaverse platforms for the education industry, increased focus on converging digital and physical worlds through the internet, and more.
Even if the final implementation of the metaverse differs from today’s vision, technologies such as Virtual Reality (VR), Augmented Reality (AR), the Internet of Things (IoT), and cryptocurrencies will certainly be used. These technologies have the potential to merge and synchronize the physical and digital worlds. They will, however, provide new opportunities for cybercriminals to attack businesses and individuals. Concerns about data security and privacy in metaverse environments, issues about user identity, and challenges of persuading users to use payment services in these settings are some key factors that are expected to stifle global metaverse market revenue growth to some extent during the forecast period.
Industry participants expect the Asia Pacific to emerge as a lucrative hub in the wake of the surging popularity of smartphones and desktops for gaming, online shopping, and content creation. Specifically, in January 2022, Tencent Holdings Ltd rolled out Metaverse services to foster Japanese companies. Growth of the platform and services across Japan, China, Australia, and India will solidify the position of Asia Pacific in the global market.
North America is likely to account for the largest revenue share of over xx.xx% 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. Also, Facebook Horizon, an online video game with an integrated game creation system established and published by Meta Platforms was announced as a social VR world by Facebook. Likewise, Solirax has invested in NeosVR Metaverse and launched it in 2018. The overwhelming investment in metaverse among the number of small and major players is aggressively increasing its demand all across this region.
The Asia Pacific is expected to witness the fastest growth in the global metaverse market due to the high use of metaverse platforms in the entertainment, gaming, and social sector in this region. The metaverse craze has hit Asia’s gaming and social network industries with hundreds of millions of investments. The interaction of many people is shifting towards the online world, and the interest in digital entertainment services has enhanced massively. For instance; in October 2021, the Hangzhou-based video gaming giant, NetEase, and its subsidiaries filed dozens of trademark applications related to the metaverse. Additionally, ByteDance, owner of Tiktok had invested CNY100 million in Rewolrd and also explored the business potential of the metaverse concept. The gaming ecosystem is recognized as integral to the expansion of the Metaverse. Along with the increasing gaming and entertainment sector, the evolution as well development of metaverse is speeding up exponentially. It is also predicted that augmenting the internet and digital gaming will enhance demand for metaverse respectively in upcoming years. Thus, this factor is likely to flourish the market growth in the Asia Pacific.
3D Reconstruction: 3D reconstruction technology creates an immersive 3D virtual and dimensionally accurate models of any building or space. It changes the way businesses and customers experience, interacts with, understands, and analyze the created world.
AI in the Metaverse: Historically, AI experts have tried to mimic this process using artificial neural networks (ANNs), but this was only a software-based trick to mimic the human brain.
Crypto in the Metaverse: Interest in digital properties has grown with NFTs which are essentially unique digital items pieces of art or in-game items etc. and in which ownership and other information are coded into tokens.
A Blend of Spaces: Dream-like spaces that combine real and cyber experiences are now shaping the cultural and artistic landscape.
Web Society: More and more people are turning to online options to escape the worldliness of their daily lives. The Internet is no longer just a search engine, but a whole new world.
Digital Assets: Digital assets have become fashionable among investors. Merchants have started buying and selling collectibles and other virtual goods in addition to cryptocurrencies placed on blockchains.
Adverts in Gaming: One of the most lucrative areas of Metaverse is gaming. Vendors and distributors have taken advantage of the opportunity to promote their products on a popular platform with a busy audience.
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