Product ID: UCMIG45E2210
Metaverse in Gaming Market Size, Share, Growth Analysis, By component:(Hardware, Software), By hardware:(AR Devices, VR Devices), By software:(Extended Reality Software, Gaming Engines), By game genre:(Action, Adventure), By region:(North America, US), By teDance(Nvidia, Microsoft) - Industry Forecast 2024-2031
Report ID:
UCMIG45E2210 |
Region:
Global |
Published Date: Upcoming |
Pages:
165
| Tables: 55 | Figures: 60
Metaverse in Gaming Market Insights
Market Overview:
The size of the global Metaverse in Gaming Market was roughly $22.7 billion in 2023 and is expected to reach $119.2 billion in sales by the end of 2028, achieving a CAGR of 39.3% over the forecasted period of 2023–2028. Growing VR usership, rising investment in metaverse technologies, and expanding use of blockchain-based goods like cryptocurrency NFTs are also propelling the metaverse in the game industry.
Metaverse in Gaming Market, Forecast & Y-O-Y Growth Rate, 2020 - 2028
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This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.
Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.
The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the Application Software by segment aggregation, the contribution of the Application Software in Software & Services and vendor share.
To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.
Segmentation Analysis:
The Metaverse in Gaming Market is segmented by component:, hardware:, software:, game genre:, region:, teDance. We are analyzing the market of these segments to identify which segment is the largest now and in the future, which segment has the highest growth rate, and the segment which offers the opportunity in the future.
Metaverse in Gaming Market Basis Point Share Analysis, 2021 Vs. 2028
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- Based on component: the market is segmented as, Hardware, Software, Services
- Based on hardware: the market is segmented as, AR Devices, VR Devices, MR Devices, Displays
- Based on software: the market is segmented as, Extended Reality Software, Gaming Engines, 3D Mapping, Modeling, and Reconstruction, Financial Platforms, Metaverse Platforms
- Based on game genre: the market is segmented as, Action, Adventure, Casual, Role-playing, Simulation, Sports & Racing, Strategy
- Based on region: the market is segmented as, North America, US, Canada, Europe, UK, Germany, France, Rest of Europe, Asia Pacific, China, Japan, South Korea, Rest of Asia Pacific, Middle East & Africa, United Arab Emirates, Rest of Middle East & Africa, Latin America, Brazil, Rest of Latin America, KEY MARKET PLAYERS, Meta, Activision Blizzard, Netease, Electronic Arts, Take-Two, Tencent, Nexon, Epic games, Unity, Valve, Accenture, Adobe, HPE, Deloitte, Ansys, Autodesk Inc., Intel, Tech Mahindra
- Based on teDance the market is segmented as, Nvidia, Microsoft, Samsung, Google, Sony, HTC, Seiko Epson, Apple, Qualcomm, Panasonic, EON Reality, Roblox, Lenovo, Razer, Nextech AR Solutions, ZQGame, TaleCraft, VRChat, Decentraland, Somnium Space
Regional Analysis:
Metaverse in Gaming Market is being analyzed by North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA) regions. Key countries including the U.S., Canada, Germany, France, UK, Italy, Spain, China, India, Japan, Brazil, GCC Countries, and South Africa among others were analyzed considering various micro and macro trends.
Metaverse in Gaming Market Attractiveness Analysis, By Region 2020-2028
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Metaverse in Gaming Market : Risk Analysis
SkyQuest's expert analysts have conducted a risk analysis to understand the impact of external extremities on Metaverse in Gaming Market. We analyzed how geopolitical influence, natural disasters, climate change, legal scenario, economic impact, trade & economic policies, social & ethnic concerns, and demographic changes might affect Metaverse in Gaming Market's supply chain, distribution, and total revenue growth.
Competitive landscaping:
To understand the competitive landscape, we are analyzing key Metaverse in Gaming Market vendors in the market. To understand the competitive rivalry, we are comparing the revenue, expenses, resources, product portfolio, region coverage, market share, key initiatives, product launches, and any news related to the Metaverse in Gaming Market.
To validate our hypothesis and validate our findings on the market ecosystem, we are also conducting a detailed porter's five forces analysis. Competitive Rivalry, Supplier Power, Buyer Power, Threat of Substitution, and Threat of New Entry each force is analyzed by various parameters governing those forces.
Key Players Covered in the Report:
- Metaverse in Gaming Market size was worth approximately $22.7 billion in 2023 and is poised to generate a revenue of $119.2 billion by the end of 2028, recording a CAGR of 39.3% during anticipated period, 2023-2028.
- Surge in virtual world immersive interactive gameplay experience in the gaming metaverse market, upsurge in AR, VR, devices demand globally, emerging, and profitable opportunities from adjacent markets such as Extended Reality, Mixed Reality, brand promotions using gamification strategy and virtual world 3D simulators, are few factors which are expected to be the major driving forces in the growth of the Metaverse in gaming Market.
- Recession Impact on the Global Metaverse in Gaming Market
- The virtual world gaming industry in North America is worth more than music and film combined (the entertainment industry) and shows no sign of stopping; and by 2026, it should reach USD 326 billion in value, according to a PwC survey. According to the EY Gaming Industry Survey report, considering the product side, half of the Nordics executives surveyed (precisely 53%) responded that they are prioritizing investments in VR, AR, and MR experiences. The survey conducted was also aimed at measuring the impact of a recession on the metaverse in gaming industry wherein respondents belonged to practices such as e-sports, gaming accessory manufacturers, gaming distribution, gaming hardware, gaming platform company, gaming publisher, gaming studio, and semiconductors/chip manufacturers. In July 2022, Dubai’s new metaverse (with a gaming focus) strategy was designed to add USD 4 billion to the economy which would result in 40,000 new jobs over the next five years. Overall, it is estimated that the gaming metaverse will inject USD 15 billion into GCC (Gulf Cooperation Council) economies by 2030. The metaverse in gaming industry is forecasted to contribute a whopping USD 2.4 billion to the economy by 2030; the contributors will be Bahrain, Qatar, Oman, the United Arab Emirates, Saudi Arabia, Dubai, and Kuwait (members of the GCC). Meta is investing more than USD 1 billion in programs that support creators (game developers) on metaverse platforms and help them succeed in the Middle East, North Africa, and Turkey. This region is profoundly working, with an eye on technical aspects, on long-term NFT projects to tackle a recession technically in the long run.
- Metaverse in Gaming Market Growth Dynamics
- Driver: Brand promotions using gamification and virtual world simulators
- Many companies, especially from the retail and gaming (entertainment) industry, are taking advantage of the gaming part of the metaverse. They are strategically using metaverse in gaming to engage in metaverse-based promotions and sponsorships. These companies capitalize by gamifying their brands through immersive online experiences and virtual world simulators. Some of the metaverse in gaming projects that gamify brand awareness include Reactland by Nike, Inc. (US), MagicBand+ by Disney (US), Mobility Adventure by Hyundai Motor Company (South Korea), and Gucci Garden by Gucci (Italy). People engage in these 3D worlds to play mini-games, connect with other gamers, socialize, make friends, and get product information through salespeople, chatbots, or virtual AI agents. Metaverse in gaming makes brand promotion interesting and engaging for young customers. Therefore, it is expected to drive the market during the forecast period.
- Restraint: Regulating metaverse in gaming with respect to cybersecurity, privacy, and usage standards
- Security and privacy issues are the major challenges the VR, AR, and MR industries face. These issues have emerged due to inconsistencies in programming and negligence and oversight of the developers and end users of apps and devices. With the increased amount of sensitive data being collected from players, data breaches, unauthorized data access, and data misuse become significant threats/obstructions. For instance, with whom a user speaks, what someone chooses to play and indulge in which virtual world game live-streaming, how much attention each user pays to an advertisement, or a specific immersive game basis genre, and few more. Additionally, it can even obtain extremely personal details, such as the way an individual virtually with its digital character or Avatar walks, talks, breathes and, perhaps, brainwave patterns could be collected in order to have a far better grasp on people's mental processes and behaviors. Gaming metaverse users ought to be logged in for long time periods, which means that their behavioral patterns will be continuously tracked and collected.
- With reference to the applicability of the General Data Protection Regulation (GDPR), an obvious question arises, if the current data protection framework is adequate and sufficient to regulate how personal data is processed in the gaming metaverse. Moreover, determining the GDPR's territorial application is an issue in itself (when the entities are not based in the European Union [EU]), since it depends on the location of the end-user/gamer when personal data is processed.
- Opportunity: Significant growth opportunities despite possible economic slowdown
- The pandemic outbreak has hastened the evolution of the internet, resulting in the metaverse, where cyberspace has become more of an interactive 3D space with business and networking, as well as content that corresponds to the worlds in popular games such as Roblox. Playing in the metaverse allows gamers to meet new people and expand their social circle as well as have portable live-handling-virtual-play gaming assets, such as avatars and weapons, that are associated with players and have value in virtual settings. The increased popularity that the gaming category is witnessing in different virtual worlds such as Sandbox and Decentraland, is likely to grow with the advancement in technology and the fast-expanding user base in the 3D gaming sector. Moreover, the live streaming of games in the metaverse with more users jumping on the bandwagon will also help gaming companies to intensify their penetration to set new benchmarks for growth and profitability in the virtual worlds.
- Challenge: Regional government regulations coupled with environmental impact
- Metaverse in gaming is supported by adjacent technologies, primarily cloud computing (cloud gaming), blockchain, and XR. These technologies require high computing powers and storage, which has resulted in the ever-increasing need for data centers and computing equipment, such as storage hardware, cooling components, networking cables, GPU, CPU, and bandwidth. Further, the blockchain plays an important role in the functioning of the metaverse, which is backed by cryptocurrency mining and the heat generated by crypto mines housed by thousands of graphics cards. VR technology and data centers use AI and cloud services, which require quite a bit of energy. Running and maintaining such an infrastructure requires a lot of energy and power. All this collectively impacts the environment directly or indirectly. According to Data Quest, metaverse in gaming could lead to an influx of greenhouse gas emissions. Cloud gaming, a primary part of metaverse in gaming and XR, could also raise carbon emissions significantly over the next decade if not controlled. The evolution of technologies, such as 4K and 8K, is also witnessing the rise in the streaming of hi-resolution videos and images, which only increases the need for more energy. Such factors are expected to hinder market growth. However, mass recycling of e-waste, emphasis on buying second-hand electronics, and streaming in standard definition are possible ways to reduce greenhouse emissions caused by metaverse in gaming.
- By component, the software segment to hold the largest market share during the forecast period
- The software includes gaming engines, 3D modeling and reconstruction tools, volumetric video tools, geospatial mapping software, metaverse platforms, and financial platforms. A game engine is a software development program or environment used originally to develop video games. Now, a game engine can also be used for visualization (as with the development of digital twins), collaboration, and more. The features of a game engine may include animation tools, artificial intelligence, physics and collision engines, audio engines, and more.
- Social media and video game companies are at the center of the metaverse's capability that leverages their vast user bases, interactive digital events, creation platforms, and hardware to build the foundation. NFTs facilitate the concept of play-to-earn (P2E) in the metaverse. Metaverse-ready gaming applications can use NFTs to build in-game assets with real-world value. Players who earn these NFTs through gameplay can later cash them out for real money. The value of the NFT would increase with time as more people start playing the game and want to own a piece of it. You can then trade or sell your NFTs to gain more money.
- By software, Extended reality software segment to hold the largest market share during the forecast period
- Several extended reality software includes AR and VR web app development tools, AR and VR mobile app development tools, AR and VR studios, Software Development Kits (SDK), and cloud-based tools. The extended reality software market has witnessed high growth in recent years and is set to witness significant growth during the next five years. Mass consumerization is anticipated to help achieve widespread adoption of extended reality software globally. Software Development Kits (SDK) are sets of software development tools that allow the creation of applications for specific software packages, software frameworks, hardware platforms, and operating systems. Several AR, VR, and MR applications are available in the market for Android and iOS, while a few of them are iOS specific.
- SDK provides tools to design, create, and test AR, VR, and MR experiences. They act as building blocks to create training simulations, marketing experiences, and mobile apps. These kits offer tools to carry out cloning functions and add and move 3D objects. SDK also offers flexibility to non-developers by providing them with dragging and dropping tools to customize users' experiences. These kits can be integrated with operating systems and hardware to display VR. The key SDKs available in the market are Apple’s ARKit, ARCore, Vuforia, AR Foundation, OpenVR SDK, Valve’s SteamVR SDK, Virtual Reality Tool Kit (VRTK), Sony’s PlayStation VR (PSVR) Dev Kit, Meta’s Oculus SDK, and Google VR SDK.
- By game genre, Strategy segment to record the highest CAGR during the forecast period
- These games let players explore a vast, open world filled with cooperative gameplay and social features. One can create and customize weapons using primal energy, and challenge themselves by facing off against formidable bosses. This gaming genre tests players’ decision-making skills. It is a high-revenue game type; however, game-makers must be strategic in creating strategy games. Players are likely to get easily bored, especially if they feel a lack of progress while playing and brainstorming strategy(ies). Developers should include exclusive live event rewards, collectible mechanics, and special player vs. environment modes to incentivize players and reduce uninstalls.
- By Region, Asia Pacific to record the highest CAGR during the forecast period
- The Asia Pacific Metaverse in gaming Market is estimated and forecasted to have robust growth in the future. Metaverse in gaming solution vendors need to continuously innovate and upscale to meet the diversified demands from gamers across various countries, such as Australia and New Zealand (ANZ), Japan, China, Singapore, South Korea, India, Indonesia, Hong Kong. Gaming companies have been quick to jump on the bandwagon. Local tech and gaming giant Alibaba (China) is rewarding players with NFTs on its first blockchain game, Ant Adventure, which can be played through the Alipay app. IT services giant Fujitsu (Japan) and automobile manufacturer Mitsubishi have embarked on a collaboration to create an advertiser-friendly immersive gaming environment which has been grandly named the ‘Japan Metaverse Economic Zone’. Asia Pacific is the world’s largest hardware manufacturer. Metaverse in gaming vendors are sincerely upgrading the region’s connectivity technologies to be reliable, exhibit high bandwidth and upstream connections to be emerged for enjoying gaming metaverse experiences. Asia Pacific houses 55% of global gamers, totaling 1.7 billion, and contributes over USD 72 billion in annual gaming revenue. Role-playing games [RPG], popularized by titles like Final Fantasy and Dragon Quest, have been the dominant genre in Asia Pacific’s gaming market since the late 1980s and early 1990s.
- Recent Developments:
- In April 2023, Electronic Arts launched EA SPORTS FC which unveiled its new brand identity, vision, and logo. FC will become an EA SPORTS platform for creating, innovating, and expanding new football experiences, connecting hundreds of millions of fans via console, mobile, online, and esports products.
- In March 2023, Unreal Editor for Fortnite (UEFN), a version of the Unreal Editor that has the ability to create and publish experiences directly to Fortnite. With many of Unreal Engine 5’s powerful features at users’ fingertips, creators and developers have access to an entire world of new creative options for game production and experiences that can be enjoyed by millions of Fortnite players. UEFN will also permit the use of ‘Verse,’ which the company claims come(s) with powerful customization capabilities such as chaining devices together, and the ability to conveniently create new game logic hassle-free.
- In January 2023, Unity, which is a global platform for creating and growing real-time 3D (RT3D) content, and Google together simplified ways for developers to create multiplayer experiences by offering two solutions from Unity Gaming Services (UGS), Game Server Hosting (Multiplay) and Voice and Text Chat (Vivox), on the Google Cloud Marketplace.
- KEY MARKET SEGMENTS
- By component:
- Hardware
- Software
- Services
- By hardware:
- AR Devices
- VR Devices
- MR Devices
- Displays
- By software:
- Extended Reality Software
- Gaming Engines
- 3D Mapping, Modeling, and Reconstruction
- Financial Platforms
- Metaverse Platforms
- By game genre:
- Action
- Adventure
- Casual
- Role-playing
- Simulation
- Sports & Racing
- Strategy
- By region:
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- United Arab Emirates
- Rest of Middle East & Africa
- Latin America
- Brazil
- Rest of Latin America
- KEY MARKET PLAYERS
- Meta
- Activision Blizzard
- Netease
- Electronic Arts
- Take-Two
- Tencent
- Nexon
- Epic games
- Unity
- Valve
- Accenture
- Adobe
- HPE
- Deloitte
- Ansys
- Autodesk Inc.
- Intel
- Tech Mahindra
- ByteDance
- Nvidia
- Microsoft
- Samsung
- Sony
- HTC
- Seiko Epson
- Apple
- Qualcomm
- Panasonic
- EON Reality
- Roblox
- Lenovo
- Razer
- Nextech AR Solutions
- ZQGame
- TaleCraft
- VRChat
- Decentraland
- Somnium Space
- Sandbox
SkyQuest's Expertise:
The Metaverse in Gaming Market is being analyzed by SkyQuest's analysts with the help of 20+ scheduled Primary interviews from both the demand and supply sides. We have already invested more than 250 hours on this report and are still refining our date to provide authenticated data to your readers and clients. Exhaustive primary and secondary research is conducted to collect information on the market, peer market, and parent market.
Our cross-industry experts and revenue-impact consultants at SkyQuest enable our clients to convert market intelligence into actionable, quantifiable results through personalized engagement.
Scope Of Report
| Report Attribute | Details |
|---|---|
| The base year for estimation | 2021 |
| Historical data | 2016 – 2022 |
| Forecast period | 2022 – 2028 |
| Report coverage | Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis |
| Segments covered |
|
| Regional scope | North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA) |
| Country scope | U.S., Canada, Germany, France, UK, Italy, Spain, China, India, Japan, Brazil, GCC Countries, South Africa |
| Key companies profiled |
|
| Customization scope | Free report customization (15% Free customization) with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Reap the benefits of customized purchase options to fit your specific research requirements. |
Objectives of the Study
- To forecast the market size, in terms of value, for various segments with respect to five main regions, namely, North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)
- To provide detailed information regarding the major factors influencing the growth of the Market (drivers, restraints, opportunities, and challenges)
- To strategically analyze the micro markets with respect to the individual growth trends, future prospects, and contribution to the total market
- To provide a detailed overview of the value chain and analyze market trends with the Porter's five forces analysis
- To analyze the opportunities in the market for various stakeholders by identifying the high-growth Segments
- To identify the key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing the competitive landscape for the market leaders
- To analyze competitive development such as joint ventures, mergers and acquisitions, new product launches and development, and research and development in the market
What does this Report Deliver?
- Market Estimation for 20+ Countries
- Historical data coverage: 2016 to 2022
- Growth projections: 2022 to 2028
- SkyQuest's premium market insights: Innovation matrix, IP analysis, Production Analysis, Value chain analysis, Technological trends, and Trade analysis
- Customization on Segments, Regions, and Company Profiles
- 100+ tables, 150+ Figures, 10+ matrix
- Global and Country Market Trends
- Comprehensive Mapping of Industry Parameters
- Attractive Investment Proposition
- Competitive Strategies Adopted by Leading Market Participants
- Market drivers, restraints, opportunities, and its impact on the market
- Regulatory scenario, regional dynamics, and insights of leading countries in each region
- Segment trends analysis, opportunity, and growth
- Opportunity analysis by region and country
- Porter's five force analysis to know the market's condition
- Pricing analysis
- Parent market analysis
- Product portfolio benchmarking
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Metaverse in Gaming Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Metaverse in Gaming Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
- Metaverse in Gaming Market size was worth approximately $22.7 billion in 2023 and is poised to generate a revenue of $119.2 billion by the end of 2028, recording a CAGR of 39.3% during anticipated period, 2023-2028.
- Exhibit Company Overview
- Exhibit Business Segment Overview
- Exhibit Financial Updates
- Exhibit Key Developments
- Surge in virtual world immersive interactive gameplay experience in the gaming metaverse market, upsurge in AR, VR, devices demand globally, emerging, and profitable opportunities from adjacent markets such as Extended Reality, Mixed Reality, brand promotions using gamification strategy and virtual world 3D simulators, are few factors which are expected to be the major driving forces in the growth of the Metaverse in gaming Market.
- Exhibit Company Overview
- Exhibit Business Segment Overview
- Exhibit Financial Updates
- Exhibit Key Developments
- Recession Impact on the Global Metaverse in Gaming Market
- Exhibit Company Overview
- Exhibit Business Segment Overview
- Exhibit Financial Updates
- Exhibit Key Developments
- The virtual world gaming industry in North America is worth more than music and film combined (the entertainment industry) and shows no sign of stopping; and by 2026, it should reach USD 326 billion in value, according to a PwC survey. According to the EY Gaming Industry Survey report, considering the product side, half of the Nordics executives surveyed (precisely 53%) responded that they are prioritizing investments in VR, AR, and MR experiences. The survey conducted was also aimed at measuring the impact of a recession on the metaverse in gaming industry wherein respondents belonged to practices such as e-sports, gaming accessory manufacturers, gaming distribution, gaming hardware, gaming platform company, gaming publisher, gaming studio, and semiconductors/chip manufacturers. In July 2022, Dubai’s new metaverse (with a gaming focus) strategy was designed to add USD 4 billion to the economy which would result in 40,000 new jobs over the next five years. Overall, it is estimated that the gaming metaverse will inject USD 15 billion into GCC (Gulf Cooperation Council) economies by 2030. The metaverse in gaming industry is forecasted to contribute a whopping USD 2.4 billion to the economy by 2030; the contributors will be Bahrain, Qatar, Oman, the United Arab Emirates, Saudi Arabia, Dubai, and Kuwait (members of the GCC). Meta is investing more than USD 1 billion in programs that support creators (game developers) on metaverse platforms and help them succeed in the Middle East, North Africa, and Turkey. This region is profoundly working, with an eye on technical aspects, on long-term NFT projects to tackle a recession technically in the long run.
- Exhibit Company Overview
- Exhibit Business Segment Overview
- Exhibit Financial Updates
- Exhibit Key Developments
- Metaverse in Gaming Market Growth Dynamics
- Exhibit Company Overview
- Exhibit Business Segment Overview
- Exhibit Financial Updates
- Exhibit Key Developments
- Driver: Brand promotions using gamification and virtual world simulators
- Exhibit Company Overview
- Exhibit Business Segment Overview
- Exhibit Financial Updates
- Exhibit Key Developments
- Many companies, especially from the retail and gaming (entertainment) industry, are taking advantage of the gaming part of the metaverse. They are strategically using metaverse in gaming to engage in metaverse-based promotions and sponsorships. These companies capitalize by gamifying their brands through immersive online experiences and virtual world simulators. Some of the metaverse in gaming projects that gamify brand awareness include Reactland by Nike, Inc. (US), MagicBand+ by Disney (US), Mobility Adventure by Hyundai Motor Company (South Korea), and Gucci Garden by Gucci (Italy). People engage in these 3D worlds to play mini-games, connect with other gamers, socialize, make friends, and get product information through salespeople, chatbots, or virtual AI agents. Metaverse in gaming makes brand promotion interesting and engaging for young customers. Therefore, it is expected to drive the market during the forecast period.
- Exhibit Company Overview
- Exhibit Business Segment Overview
- Exhibit Financial Updates
- Exhibit Key Developments
- Restraint: Regulating metaverse in gaming with respect to cybersecurity, privacy, and usage standards
- Exhibit Company Overview
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- Security and privacy issues are the major challenges the VR, AR, and MR industries face. These issues have emerged due to inconsistencies in programming and negligence and oversight of the developers and end users of apps and devices. With the increased amount of sensitive data being collected from players, data breaches, unauthorized data access, and data misuse become significant threats/obstructions. For instance, with whom a user speaks, what someone chooses to play and indulge in which virtual world game live-streaming, how much attention each user pays to an advertisement, or a specific immersive game basis genre, and few more. Additionally, it can even obtain extremely personal details, such as the way an individual virtually with its digital character or Avatar walks, talks, breathes and, perhaps, brainwave patterns could be collected in order to have a far better grasp on people's mental processes and behaviors. Gaming metaverse users ought to be logged in for long time periods, which means that their behavioral patterns will be continuously tracked and collected.
- Exhibit Company Overview
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- With reference to the applicability of the General Data Protection Regulation (GDPR), an obvious question arises, if the current data protection framework is adequate and sufficient to regulate how personal data is processed in the gaming metaverse. Moreover, determining the GDPR's territorial application is an issue in itself (when the entities are not based in the European Union [EU]), since it depends on the location of the end-user/gamer when personal data is processed.
- Exhibit Company Overview
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- Opportunity: Significant growth opportunities despite possible economic slowdown
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- The pandemic outbreak has hastened the evolution of the internet, resulting in the metaverse, where cyberspace has become more of an interactive 3D space with business and networking, as well as content that corresponds to the worlds in popular games such as Roblox. Playing in the metaverse allows gamers to meet new people and expand their social circle as well as have portable live-handling-virtual-play gaming assets, such as avatars and weapons, that are associated with players and have value in virtual settings. The increased popularity that the gaming category is witnessing in different virtual worlds such as Sandbox and Decentraland, is likely to grow with the advancement in technology and the fast-expanding user base in the 3D gaming sector. Moreover, the live streaming of games in the metaverse with more users jumping on the bandwagon will also help gaming companies to intensify their penetration to set new benchmarks for growth and profitability in the virtual worlds.
- Exhibit Company Overview
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- Challenge: Regional government regulations coupled with environmental impact
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- Metaverse in gaming is supported by adjacent technologies, primarily cloud computing (cloud gaming), blockchain, and XR. These technologies require high computing powers and storage, which has resulted in the ever-increasing need for data centers and computing equipment, such as storage hardware, cooling components, networking cables, GPU, CPU, and bandwidth. Further, the blockchain plays an important role in the functioning of the metaverse, which is backed by cryptocurrency mining and the heat generated by crypto mines housed by thousands of graphics cards. VR technology and data centers use AI and cloud services, which require quite a bit of energy. Running and maintaining such an infrastructure requires a lot of energy and power. All this collectively impacts the environment directly or indirectly. According to Data Quest, metaverse in gaming could lead to an influx of greenhouse gas emissions. Cloud gaming, a primary part of metaverse in gaming and XR, could also raise carbon emissions significantly over the next decade if not controlled. The evolution of technologies, such as 4K and 8K, is also witnessing the rise in the streaming of hi-resolution videos and images, which only increases the need for more energy. Such factors are expected to hinder market growth. However, mass recycling of e-waste, emphasis on buying second-hand electronics, and streaming in standard definition are possible ways to reduce greenhouse emissions caused by metaverse in gaming.
- Exhibit Company Overview
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- By component, the software segment to hold the largest market share during the forecast period
- Exhibit Company Overview
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- The software includes gaming engines, 3D modeling and reconstruction tools, volumetric video tools, geospatial mapping software, metaverse platforms, and financial platforms. A game engine is a software development program or environment used originally to develop video games. Now, a game engine can also be used for visualization (as with the development of digital twins), collaboration, and more. The features of a game engine may include animation tools, artificial intelligence, physics and collision engines, audio engines, and more.
- Exhibit Company Overview
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- Social media and video game companies are at the center of the metaverse's capability that leverages their vast user bases, interactive digital events, creation platforms, and hardware to build the foundation. NFTs facilitate the concept of play-to-earn (P2E) in the metaverse. Metaverse-ready gaming applications can use NFTs to build in-game assets with real-world value. Players who earn these NFTs through gameplay can later cash them out for real money. The value of the NFT would increase with time as more people start playing the game and want to own a piece of it. You can then trade or sell your NFTs to gain more money.
- Exhibit Company Overview
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- By software, Extended reality software segment to hold the largest market share during the forecast period
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- Several extended reality software includes AR and VR web app development tools, AR and VR mobile app development tools, AR and VR studios, Software Development Kits (SDK), and cloud-based tools. The extended reality software market has witnessed high growth in recent years and is set to witness significant growth during the next five years. Mass consumerization is anticipated to help achieve widespread adoption of extended reality software globally. Software Development Kits (SDK) are sets of software development tools that allow the creation of applications for specific software packages, software frameworks, hardware platforms, and operating systems. Several AR, VR, and MR applications are available in the market for Android and iOS, while a few of them are iOS specific.
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- SDK provides tools to design, create, and test AR, VR, and MR experiences. They act as building blocks to create training simulations, marketing experiences, and mobile apps. These kits offer tools to carry out cloning functions and add and move 3D objects. SDK also offers flexibility to non-developers by providing them with dragging and dropping tools to customize users' experiences. These kits can be integrated with operating systems and hardware to display VR. The key SDKs available in the market are Apple’s ARKit, ARCore, Vuforia, AR Foundation, OpenVR SDK, Valve’s SteamVR SDK, Virtual Reality Tool Kit (VRTK), Sony’s PlayStation VR (PSVR) Dev Kit, Meta’s Oculus SDK, and Google VR SDK.
- Exhibit Company Overview
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- By game genre, Strategy segment to record the highest CAGR during the forecast period
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- These games let players explore a vast, open world filled with cooperative gameplay and social features. One can create and customize weapons using primal energy, and challenge themselves by facing off against formidable bosses. This gaming genre tests players’ decision-making skills. It is a high-revenue game type; however, game-makers must be strategic in creating strategy games. Players are likely to get easily bored, especially if they feel a lack of progress while playing and brainstorming strategy(ies). Developers should include exclusive live event rewards, collectible mechanics, and special player vs. environment modes to incentivize players and reduce uninstalls.
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- By Region, Asia Pacific to record the highest CAGR during the forecast period
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- The Asia Pacific Metaverse in gaming Market is estimated and forecasted to have robust growth in the future. Metaverse in gaming solution vendors need to continuously innovate and upscale to meet the diversified demands from gamers across various countries, such as Australia and New Zealand (ANZ), Japan, China, Singapore, South Korea, India, Indonesia, Hong Kong. Gaming companies have been quick to jump on the bandwagon. Local tech and gaming giant Alibaba (China) is rewarding players with NFTs on its first blockchain game, Ant Adventure, which can be played through the Alipay app. IT services giant Fujitsu (Japan) and automobile manufacturer Mitsubishi have embarked on a collaboration to create an advertiser-friendly immersive gaming environment which has been grandly named the ‘Japan Metaverse Economic Zone’. Asia Pacific is the world’s largest hardware manufacturer. Metaverse in gaming vendors are sincerely upgrading the region’s connectivity technologies to be reliable, exhibit high bandwidth and upstream connections to be emerged for enjoying gaming metaverse experiences. Asia Pacific houses 55% of global gamers, totaling 1.7 billion, and contributes over USD 72 billion in annual gaming revenue. Role-playing games [RPG], popularized by titles like Final Fantasy and Dragon Quest, have been the dominant genre in Asia Pacific’s gaming market since the late 1980s and early 1990s.
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- Recent Developments:
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- In April 2023, Electronic Arts launched EA SPORTS FC which unveiled its new brand identity, vision, and logo. FC will become an EA SPORTS platform for creating, innovating, and expanding new football experiences, connecting hundreds of millions of fans via console, mobile, online, and esports products.
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- In March 2023, Unreal Editor for Fortnite (UEFN), a version of the Unreal Editor that has the ability to create and publish experiences directly to Fortnite. With many of Unreal Engine 5’s powerful features at users’ fingertips, creators and developers have access to an entire world of new creative options for game production and experiences that can be enjoyed by millions of Fortnite players. UEFN will also permit the use of ‘Verse,’ which the company claims come(s) with powerful customization capabilities such as chaining devices together, and the ability to conveniently create new game logic hassle-free.
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- In January 2023, Unity, which is a global platform for creating and growing real-time 3D (RT3D) content, and Google together simplified ways for developers to create multiplayer experiences by offering two solutions from Unity Gaming Services (UGS), Game Server Hosting (Multiplay) and Voice and Text Chat (Vivox), on the Google Cloud Marketplace.
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- KEY MARKET SEGMENTS
- Exhibit Company Overview
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- By component:
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- Hardware
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- Software
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- Services
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- By hardware:
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- AR Devices
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- VR Devices
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- MR Devices
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- Displays
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- By software:
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- Extended Reality Software
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- Gaming Engines
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- 3D Mapping, Modeling, and Reconstruction
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- Financial Platforms
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- Metaverse Platforms
- Exhibit Company Overview
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- By game genre:
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- Action
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- Adventure
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- Casual
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- Role-playing
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- Simulation
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- Sports & Racing
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- Strategy
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- By region:
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- North America
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- US
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- Canada
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- Europe
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- UK
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- Germany
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- France
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- Rest of Europe
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- Asia Pacific
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- China
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- Japan
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- South Korea
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- Rest of Asia Pacific
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- Middle East & Africa
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- United Arab Emirates
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- Rest of Middle East & Africa
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- Latin America
- Exhibit Company Overview
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- Brazil
- Exhibit Company Overview
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- Rest of Latin America
- Exhibit Company Overview
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- KEY MARKET PLAYERS
- Exhibit Company Overview
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- Meta
- Exhibit Company Overview
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- Activision Blizzard
- Exhibit Company Overview
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- Netease
- Exhibit Company Overview
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- Electronic Arts
- Exhibit Company Overview
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- Take-Two
- Exhibit Company Overview
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- Tencent
- Exhibit Company Overview
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- Nexon
- Exhibit Company Overview
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- Epic games
- Exhibit Company Overview
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- Unity
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- Valve
- Exhibit Company Overview
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- Accenture
- Exhibit Company Overview
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- Adobe
- Exhibit Company Overview
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- HPE
- Exhibit Company Overview
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- Deloitte
- Exhibit Company Overview
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- Ansys
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- Autodesk Inc.
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- Intel
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- Tech Mahindra
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- ByteDance
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- Nvidia
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- Microsoft
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- Samsung
- Exhibit Company Overview
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- Google
- Exhibit Company Overview
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- Sony
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- HTC
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- Seiko Epson
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- Apple
- Exhibit Company Overview
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- Qualcomm
- Exhibit Company Overview
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- Panasonic
- Exhibit Company Overview
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- EON Reality
- Exhibit Company Overview
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- Roblox
- Exhibit Company Overview
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- Lenovo
- Exhibit Company Overview
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- Razer
- Exhibit Company Overview
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- Nextech AR Solutions
- Exhibit Company Overview
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- ZQGame
- Exhibit Company Overview
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- TaleCraft
- Exhibit Company Overview
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- VRChat
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- Decentraland
- Exhibit Company Overview
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- Somnium Space
- Exhibit Company Overview
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- Sandbox
- Exhibit Company Overview
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Methodology
For the Metaverse in Gaming Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Metaverse in Gaming Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Metaverse in Gaming Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Metaverse in Gaming Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Metaverse in Gaming Market Report Snapshots
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