Dublin, June 01, 2023 (GLOBE NEWSWIRE) -- The "Metaverse in Gaming Market by Component Hardware (AR Devices, VR Devices, MR Devices, Displays), Software (Extended Reality Software, Gaming Engines, Metaverse Platforms, Financial Platforms), Game Genre and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global metaverse in gaming market size is estimated at USD 22.7 billion in 2023 and is projected to reach USD 119.2 billion by 2028 at a CAGR of 39.3%.
Major factors expected to fuel the growth of the metaverse in the gaming market include robust and transforming growth landscape in the adjacent technology markets such as the extended reality which includes VR, AR, MR.
Blockchain technology, financial model for rewarding gamers in the gaming metaverse market such as cryptocurrency, virtualization, 5G, Internet of Things (IoT), and few others are also the major boosting factors which as a catalyst drive the reach, penetration and eventually the demand in the gaming metaverse market.
Further, the shift from traditional gaming to VR-based gaming, the advent of mixed reality, and the demand for decentralization in multiplayer games have provided ample opportunities for vendors in this market.
By Component, the services segment to showcase rising growth in the gaming metaverse development sector during the forecast period
Services are an important part of any solution's deployment life cycle. Hence, various vendors offer services associated with the metaverse to help companies effectively implement their metaverse-based business practices and strategies. The metaverse services involve application development, system integration, and strategy and business consulting services.
These services are required at various stages, from pre-sales requirement assessment to post-sales product deployment and execution, thus enabling the client to get maximum Return on Investment (RoI). Development services help in delivering world-class web and mobile applications that can release features faster, are scalable, and provide a delightful customer experience.
The metaverse development services include Metaverse Game Development, Metaverse NFT Marketplace Development, Metaverse Real Estate Platform Development, Metaverse App Development, Metaverse Social Media Platform Development, Metaverse Education Platform Development, Metaverse Event Platform Development, among others.
Components in the services segment include gaming metaverse marketplace, games launchpad development, NFT game development, and play-to-earn model game development, among others.
Europe to record the second-highest CAGR during the forecast period
The UK, Germany, and France are a few countries in Western Europe that invest heavily in developing new technologies. Russia and Spain are slowly gaining traction by adopting new display technologies for use in various applications.
The substantial growth of the virtual world immersive interactive gaming industry in Europe is a crucial driver for the gaming metaverse market in this region. The AR/VR/MR technologies are expected to witness significant demand from the entertainment (gaming metaverse) sector in the region.
The European Association for Virtual Reality and Augmented Reality (EuroVR) in the region helps bring new developments related to extended reality for use in various applications. This is projected to help the metaverse in the gaming market grow in this region. The European Union has taken up projects such as Augmented Heritage and International Augmented Med (I AM), which are anticipated to contribute to the market's growth.
The International Augmented Med project involves countries' participation in promoting tourism in the Mediterranean region using extended reality technologies. Spain, Portugal, Malta, Cyprus, France, Greece, and Italy are involved in this project. There is an increase in the number of startups related to extended reality in Sweden; as a result, the metaverse in gaming market is expected to witness higher growth in Europe by 2026.
Some of the notable large enterprises in the market include Accenture (Ireland), Adobe (US), HPE (US), Deloitte (UK), ANSYS (US), Autodesk (US), Intel (US), Tech Mahindra (India), ByteDance (China), Nvidia (US), Activision Blizzard (US), Samsung (South Korea), Google (US), Sony (Japan), HTC (Taiwan), Seiko Epson (Japan), Apple (US), Qualcomm (US), Panasonic (Japan), Lenovo (Hong Kong), and Razer (US).
There are also several emerging startups and SMEs in the market, including Eon Reality (US), Roblox (US), Nextech AR Solutions (Canada), ZQGame (China), TaleCraft (Marshall Islands), VR Chat (US), Decentraland (Argentina), Somnium Space (UK), and Sandbox VR (US).
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 247 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $22.7 Billion |
| Forecasted Market Value (USD) by 2028 | $119.2 Billion |
| Compound Annual Growth Rate | 39.3% |
| Regions Covered | Global |
Premium Insights
- Strong Vr, Mr Livestreaming, and Interactive Gaming Interest Among Youth to Drive Market
- Software Segment to Hold Largest Market Share During Forecast Period
- Ar Devices Segment to Hold Largest Market Share During Forecast Period
- Extended Reality Software Segment to Hold Largest Share During Forecast Period
- Adventure Segment to Hold Largest Market Share During Forecast Period
- Asia-Pacific to Emerge as Best Market for Investments in the Next Five Years
- Metaverse in Gaming Market in South Korea to Grow at Highest Rate During Forecast Period
Market Dynamics
Drivers
- Increasing Demand in Entertainment and Gaming Industries
- Vr Gaming Becoming More Immersive, Interactive, and Real
- Emerging Opportunities from Adjacent Markets
- Brand Promotions Using Gamification and Virtual World Simulators
- Availability of Affordable Hardware
Restraints
- High Installation and Maintenance Costs of High-End Metaverse in Gaming Components
- Health and Mental Issues from Excessive Use
- Regulating Metaverse in Gaming with Respect to Cybersecurity, Privacy, and Usage Standards
Opportunities
- Easier Hosting of Events and Better Engagement
- Significant Growth Opportunities Despite Possible Economic Slowdown
Challenges
- Regional Government Regulations, Coupled with Environmental Impact
Case Study Analysis
- Case Study 1: Unity Engine Leveraged Launch of Multiplatform Gaming Service
- Case Study 2: Tencent Cloud Amplified Mildom's Livestreaming User Experience
Value Chain Analysis
- Suppliers
- Hardware Manufacturers
- Software Vendors
- End-users
End-user Preferences and Trend Analysis, by Age Group
- 11 to 19 Years
- 20 to 35 Years
- 36 Years & Above
Technology Analysis
Technology Stack
Infrastructure Level
- 5G Network
- Internet of Things
- Cloud and Edge Computing
Design and Development Level
- Blockchain
- 3D Modeling and Real-Time Rendering
- Artificial Intelligence, Natural Language Processing, and Computer Vision
Human Interaction Level
- Virtual Reality
- Augmented Reality
- Mobile Augmented Reality
- Monitor-based Ar Technology
- Near-Eye-based Ar Technology
- Web Ar
Mixed Reality
Company Profiles
Key Players
- Meta (Formerly Facebook)
- Activision Blizzard
- Netease
- Electronic Arts
- Take-Two
- Tencent
- Nexon
- Epic Games
- Unity
- Valve
Other Companies
- 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
- Vr Chat
- Decentraland
- Somnium Space
- Sandbox Vr
For more information about this report visit https://www.researchandmarkets.com/r/5nmfts
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