New Companies with Their Innovative Thinking Paving Way for Future of Metaverse Gaming. North America is set to be the most lucrative market for metaverse entertainment.
Rockville, April 20, 2023 (GLOBE NEWSWIRE) -- As per this new study by Fact.MR, a provider of market research and competitive intelligence, the global metaverse gaming market is expected to garner US$ 1,300 billion by the end of 2033, expanding stupendously at a CAGR of 38.2% from 2023 to 2033.
The metaverse, which has been attracting a lot of new users, includes gaming as an important component. The utilization of virtual reality technology, cross-reality gaming, gamification of other activities, blockchain-based gaming, and mobile metaverse gaming are some of the current trends in this field. The future of metaverse gaming is expected to be heavily influenced by creativity and experimentation because the metaverse is a young and rapidly developing subject.
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|Metaverse Gaming Market Scope|
|Growth momentum & CAGR||Accelerate at a CAGR of 38.2 %|
|Market growth 2023-2033||US$ 1,300 Billion|
|Regional analysis||North America, Europe, APAC, South America, and Middle East and Africa|
|Key countries||US, Canada, UK, France, and Germany|
|Competitive landscape||Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks|
|Key companies profiled||Magic Leap Inc., Tencent Holdings Ltd, Facebook Inc., Magic Leap Inc., Roblox Corporation, Decentraland, Epic Game, The Sandbox, Improbable, Meta Platform|
|Market dynamics||Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.|
|Customization purview||If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.|
The introduction of mixed reality, augmented reality, extended reality, and virtual reality technologies as well as the growing investment in the creation of new applications for the metaverse have been some of the key factors driving the market for metaverse gaming. The metaverse in the gaming sector is also anticipated to increase as blockchain-based technologies like cryptocurrencies and non-fungible tokens (NFT) are widely used.
The metaverse platform improves the digital experience by constructing a virtual world where users may engage in immersive gaming, complete transactions, connect, interact, exchange virtual goods, consume digital material, and attend virtual events. High costs of equipment, early stages of research, unwillingness to invest in novel and unproven technologies, and concerns about privacy are impediments to the growth of the metaverse gaming market.
Key Takeaways from Market Study
- The global metaverse gaming market is valued at US$ 51 billion in 2023.
- Worldwide demand for metaverse gaming is projected to surge at a CAGR of 38.2% from 2023 to 2033.
- The global market is estimated to reach US$ 1,300 billion by 2033.
- Metaverse gaming hardware accounts for 48% of the global market share in 2023.
“Major gaming and digital technology businesses are making significant investments in the creation of customized metaverses. One of the main reasons for this increase in expenditure on metaverse technology is the enormous marketing possibilities for a variety of items in the metaverse,” says a Fact.MR analyst.
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The competitive landscape for the metaverse gaming market includes a mix of established gaming companies and new startups. These companies are investing heavily in research and development to create more immersive and engaging virtual worlds as well as exploring the integration of new technologies such as blockchain and NFTs.
The market is expected to become more competitive as more companies are entering the space and existing players are focusing on innovation.
Some of the recent developments in metaverse gaming are:
- Epic Games and Haedan partnered in September 2022 with the intention of investing US$ 30 million in the creation of Haedan's metaverse gaming infrastructure.
- Tencent Holdings Limited announced the opening of an F1 studio under the TiMi Studio Group subsidiary in October 2021 with a focus on metaverse development.
The metaverse allows gamers to immerse in virtual reality while playing games, and many companies are attempting to build digitally engaging platforms to give customers satisfying gaming experiences. A few important drivers promoting market revenue growth include an expanding user base in the gaming industry, the popularity of play-to-earn games, and the speedy development of AR, VR, and XR technologies.
- More than US$ 10 billion have been used by Meta Reality Lab to create its metaverse.
- To fund its metaverse endeavors, Epic Games raised more than US$ 1 billion in April 2021.
- Within three months of its launch, the metaverse casino operated by Decentraland made over US$ 7 million.
With the growing popularity of the gaming metaverse, businesses are concentrating on their socializing and player engagement modules.
Key Segments of Metaverse Gaming Industry Research
- By Type:
- By Device:
- VR Headsets
- Gaming Consoles
- By Technology:
- Virtual Reality
- Augmented Reality
- Mixed Reality
- Extended Reality
- By Region:
- North America
- Latin America
- Asia Pacific & China
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global metaverse gaming market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights into the market based on type (hardware, software), device (mobiles, VR headsets, PCs, gaming consoles), and technology (NFT, blockchain, virtual reality, augmented reality, mixed reality, extended reality), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
Key Questions Covered in the Metaverse Gaming Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Metaverse Gaming sales grow until 2033?
- Which are the factors hampering the Metaverse Gaming demand?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Metaverse Gaming Market during the forecast period?
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