USD 42.05 billion
Global Metaverse Market Size, Share, Growth Analysis, By Type(Mobile, Desktop), By Technology(Blockchain, VR & AR), By Application(Gaming, Online Shopping) - Industry Forecast 2023-2030
Report ID: SQMIG45D2039 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 92 | Figures: 76
Global Metaverse Market Insights
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.
Market snapshot
Global Market Size
Largest Segment
Gaming
Fastest Growth
Online Shopping
Growth Rate
47.2% CAGR
Global Metaverse Market, 2021-2027 ($ Mn)
Country Share for Asia Pacific Region- 2021 (%)
Global Metaverse Market Size By Application , 2021-2027 ($ Mn)
Global Metaverse Market Size By Application , 2021-2027 (%)
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Global Metaverse Market Segmental Analysis
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.
Global Metaverse Market By Application , 2021(%)
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Global Metaverse Market Regional Insights
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.
Global Metaverse Market By Geography, 2021 - 2027
- Largest
- Fastest
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Global Metaverse Market Dynamics
Metaverse Market Drivers
- Rise of blockchain and digital assets is anticipated to drive the global metaverse market growth. With the arrival of a new open, decentralized internet, comes an increased focus on blockchain, for the management of transparent data. Blockchain allow for convenient, trustless data exchanges, recorded histories, and decentralized authority. Many experts believe the blockchain will play an important role in the creation of a safe and fair metaverse. The blockchain is also helping to form the creation of a new economy within the metaverse, one defined by creators being able to monetize the things they make and receive adequate compensation for their talents. NFTs, or non-fungible tokens, for instance, are an exciting part of the metaverse, which allow people to sell everything from data to services and experiences, in a way that benefits the actual artist or creator behind each asset.
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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Global Metaverse Market Competitive Landscape
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
- Roblox Corporation
- Epic Games, Inc.
- Unity Technologies
- Second Life
- High Fidelity
- Decentraland
- Somnium Space
- Cryptovoxels
- The Sandbox
- Horizon Workrooms by Facebook
- VRChat
- AltSpaceVR
- Sinespace
- Sansar
- Bigscreen
- Rec Room
- JanusVR
- Mozilla Hubs
- Spatial
- Engage VR
Metaverse Market Recent Developments
- In January 2022, Microsoft Corp announced a USD 68.7 billion acquisition of "Call of Duty" creator Activision Blizzard in 2022. It is regarded as the largest game industry transaction in history, with global technological behemoths staking their claims to a virtual future. Microsoft's gaming market share was forecast to be 6.5 percent in 2020, and the addition of Activision to their portfolio is expected to increase it to 10.7% by 2022.
- In January 2022, Brew Master, a new metaverse-based game, was announced by Zhongqingbao, one of China's earliest gaming firms. As a result, the company's stock price increased by more than 20% in the 24 hours after the news, prompting a trade stop.
- In January 2022, XRHealth and HTC announced that they will offer Virtual Treatment Rooms on the VIVE Focus 3 and VIVE Flow. Physical therapy, occupational therapy, and pain management will be among the treatments available in the virtual treatment rooms.
Global Metaverse Key Market Trends
- Global metaverse market is booming, with investors making multi-million-dollar deals. In 2021, sales of virtual land reached a new high of USD 500 million. Sales surged threefold in January 2022 compared to the same time in 2021. Rising interest in non-fungible tokens (NFTs) confirms that people are looking for novel and unconventional methods of investment. Over USD 100 million has already been spent on metaverse land plots. Sandbox, Decentraland, Cryptovoxels, and Somnium have been the "Big Four" in terms of real estate sales in Metaverse. The prices for virtual lands have risen by up to 500%, following Facebook's announcement that it was going all-in on virtual reality and changing its business name to Meta Platforms.
- Live events and social advertisements have the potential to boost market share. The potential to incorporate live events such as concerts, film screenings, and sports into 3D virtual worlds creates new opportunities for game developers as they elevate online experiences into 3D social environments in order to profit on the Metaverse possibility. Epic Games and Roblox have previously held concerts within their games, while Unity is looking to explore ways to include live sports content and tools into its 3D developer kit.
Global Metaverse Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 42.05 billion |
| Market size value in 2030 | USD 61.8 billion |
| Growth Rate | 47.2% |
| Base year | 2021 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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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 Global Metaverse 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 Global Metaverse 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
Methodology
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.
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 Global Metaverse Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Metaverse 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.
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