USD 42.05 billion
Report ID: SQMIG45D2039 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 92 | Figures: 76
Global Metaverse Market size was valued at USD 42.05 billion in 2021 and is poised to grow from USD 61.8 billion in 2022 to USD 322.02 billion by 2030, growing at a CAGR of 47.2% in the forecast period (2023-2030).
A metaverse is a virtual reality space in which users can interact with one another in a computer-generated environment. The metaverse has numerous applications such as healthcare, real estate, education, military, gaming, and so on. Individuals are increasingly utilizing the metaverse, primarily for work, art, or investment purposes. According to a PC Magazine study, 52% of global internet users join the metaverse for job opportunities, 48% for art and live entertainment, 44% for financial investment, 40% for education, 32% for online dating and socializing, and 29% for gaming. This universe is envisioned as the internet's future, bringing together augmented reality (AR), virtual reality (VR), and physical worlds in a common digital arena. NFTs and online events are exploding, opening up a world of possibilities for the metaverse and associated technologies.
The transition to the metaverse is fast approaching. Several components and features of this open-source platform have progressed to the point where they may be smoothly merged to investigate the idea of building a parallel virtual reality. Metaverse users can meet others by eliminating physical distances. It gives the user an immersive experience with improved online social interactions and much more that goes beyond social media. The metaverse offers newer business and financial growth opportunities. It enhances online learning, education, gaming, and the use of cryptocurrencies, NFTs, and the working environment in a variety of ways, which accelerates overall Metaverse Market growth.
US Metaverse Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 42.05 billion
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The global metaverse market is segmented based on type, technology, application, and region. Based on type, Metaverse Market is categorized into mobile and desktop. Based on technology, Metaverse Market is categorized into blockchain, VR & AR, mixed reality, and others. Based on application, Metaverse Market is categorized into gaming, online shopping, content creation, social media, and others. Based on region, Metaverse Market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Metaverse Market Analysis by Application
The gaming segment is expected to be the largest segment in the global metaverse market throughout the forecast period. Due to major ongoing innovations and advances by developers, as well as a rising focus on improving immersion and making games more realistic, the gaming segment will have the leading revenue share of more than 25% in 2021. Furthermore, corporations' growing emphasis on using games to enhance their corporate image is expected to drive revenue growth.
Metaverse Market Analysis by Technology
The metaverse segment in virtual reality (VR) and augmented reality (AR) had the highest Metaverse Market share in 2021, with revenue exceeding 35%. Metaverse VR and AR are currently being used in the gaming industry, propelling market growth. The use of virtual reality and augmented reality devices improves the user experience while lowering costs when organizations use VR for education and training. These factors increased demand for virtual reality and augmented reality devices, resulting in Metaverse Market growth. According to one study, approximately 50 million people in the United States used virtual reality and 83.7 million people used augmented reality in 2020, with these numbers expected to rise to 65.9 million and 110.1 million users, respectively, in 2023.
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North America is expected to account for the largest revenue share of more than 45.0% in 2021, owing to the region's significant adoption of new and more complex technology among consumers. Furthermore, growing number of start-ups focusing on the establishment of metaverse platforms for commercialization is expected to support the regional Metaverse Market's revenue growth. Furthermore, the region's strong presence of gaming and metaverse businesses such as The Sandbox, Nvidia Corporation, and Epic Games, Inc., which are focused on incorporating metaverse into games, is creating market growth potential. NVIDIA Corporation, for example, announced partnerships with Blender and Adobe that will allow NVIDIA Omniverse, the world's first collaboration and simulation platform, to reach millions more users.
Over the forecast period, the Asia Pacific region is expected to grow at a very rapid pace. A growing number of start-ups and organizations, including The Sandbox (Hong Kong), Bolly Heroes (India), Axie Infinity (Singapore), NextMeet (India), GuildFi (Thailand), and Shenzhen Zhongqingbaowang Interaction Network Co., Ltd. (ZQGame Global), as well as Shenzhen Zhongqingbaowang Interaction Network Co., Ltd. (ZQGame Global), and miHo These virtual metaverse marketplaces and gaming platforms provide an immersive experience in which users can engage in live and concurrent activities powered by third-party apps of their choice.
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Metaverse Market Drivers
Metaverse Market Restraint
The threat of cyber-based attacks on the metaverse is of significant concern. Even if the eventual implementation of the metaverse differs from today's concept, technologies like Virtual Reality (VR), Augmented Reality (AR), the Internet of Things (IoT), and cryptocurrencies will undoubtedly be implemented. These technologies have the ability to integrate and synchronize the physical and digital worlds. However, they will open up new avenues for fraudsters to target businesses and individuals. Concerns about data security and privacy in metaverse environments, problems concerning user identification, and difficulties persuading customers to utilize payment services in these settings are some of the primary reasons that are likely to limit global metaverse market revenue development throughout the forecast period.
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The global metaverse market is fairly concentrated, with a few big and medium-sized market participants accounting for a large portion of Metaverse Market revenue. Major players are implementing numerous tactics, including mergers and acquisitions, strategic agreements and contracts, and the development and testing of metaverse platforms.
Top Players in the Global Metaverse Market
Metaverse Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, current attempts to construct a metaverse are centred on the peaceful coexistence of stakeholders of all sizes, promote decentralised division of power, and hasten the transition to web 3.0. The promise of the metaverse is based on the disruption of existing technologies and the integration of multiple platforms for value creation in a virtual universe of possible applications spanning work, entertainment, financing, trade and exchange of services, virtual travel, gaming, and digital engagements in an immersive self-sustaining ecosystem powered by digital currencies and enabling edge computing.
|Market size value in 2021||USD 42.05 billion|
|Market size value in 2030||USD 61.8 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
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For the Global Metaverse 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 Global Metaverse 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.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Metaverse Market:
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