The remarkable growth in the market can largely be attributed to the increasing demand for the metaverse, where individuals are purchasing digital assets using cryptocurrencies.
New York, Aug. 07, 2023 (GLOBE NEWSWIRE) -- According to Market.us, The Global Metaverse Market is on track to achieve significant growth at a Compound Annual Growth Rate (CAGR) of 44.4%, expecting its value to surge from USD 65.2 billion in 2022 to approximately USD 2,346.2 billion by the year 2032.
Metaverse refers to a term that describes an experience of a highly immersive 3D virtual world that is attained through a mixture of technologies such as MR, AR, and VR. The metaverse platform improves the internet experience by establishing a virtual world where users can enjoy immersive entertainment, immersive gaming, buy and sell virtual real estate, conduct business, socialize, and other things.
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- By component, the hardware segment held the largest revenue share in 2022 and is expected to grow more during the forecast period from 2023 to 2032.
- By platform, the desktop segment dominated the global market with the largest market share of 42%.
- By technology, augmented reality (AR) & virtual reality (VR) technology accounted for the dominant segment with the highest revenue share of 36% in 2022.
- The gaming segment dominated the market by application with a leading revenue share.
- By end-user, the BFSI segment is anticipated to expand more over the forecast period from 2023 to 2032.
- In 2022, North America dominated the market with the highest revenue share of 43%.
- Asia-Pacific will likely grow at the highest CAGR from 2023-2032.
The key factors expected to boost the revenue growth of the metaverse market are increasing focus on physical and integrating digital worlds by using the internet, increase in momentum and popularity of Mixed Reality (MR), Augmented Reality (AR), and Virtual Reality (VR).
Factors Affecting the Growth of the Metaverse Market
There are several factors that can affect the growth of the metaverse industry. Some of these factors include:
- Rising demand for metaverse: The market expansion can be highly attributed to the rising demand for metaverse to purchase digital assets using cryptocurrencies.
- Rising use of metaverse in gaming: The increasing use of metaverse in gaming and recreation is likely to surge the growth of the metaverse market.
- Increasing use of metaverse among mobile phone users: Mobile phone users may publish photographs and movies to the metaverse as well as communicate with others through messaging apps and video conferencing, thereby contributing to the market growth.
- The threat of cyber-based attacks: The market is expected to be hampered due to cyber-based attacks and concerns regarding privacy and data security in the metaverse environments.
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Top Trends in Global Metaverse Market
Using equipment and platforms like smart helmets, VR headsets, and MR displays has helped improve the gaming experience, leading to gaming developers' rising use of metaverse. In addition, the internet has seen consumers use online games for recreational activities. This has aided in expanding the metaverse as it offers a better interface over traditional online gaming platforms. Hence, this has resulted in the expansion of the market.
The Internet has readily opened access to earlier unavailable goods and services. One of the promising prospects of the metaverse is that it is hugely increasing access to the marketplace for consumers in developing and frontier countries. In addition, workers from less-income countries can now work in Western corporations without getting migrated.
North America held the highest revenue share of the global metaverse market in 2022. The increasing number of start-ups that are focused on establishing the metaverse platforms for commercialization is a significant factor expected to support the market growth of this region. Additionally, the market expansion can be highly attributed to too high adoption of this region's new and more complex technology by users and customers. Additionally, this region's higher presence of gaming and metaverse businesses such as Nvidia Corporation, Epic Games, Inc., and The Sandbox concentrates mainly on incorporating metaverse into games, which is expected to drive market growth potential.
The Asia Pacific region is projected to register the highest CAGR during the forecast period. This is because of the increasing number of start-ups and organizations such as Axie Infinity (Singapore), Bolly Heroes (India), The Sandbox (Hong Kong), GuildFi (Thailand) NextMeet (India), and Shenzhen Zhongqingbaowang Interaction Network Co., Ltd. (ZQGame Global) are anticipated to boost the regional market growth. Moreover, this significant growth is expected to be influenced by rapid digitization adoption in nations like China, India, and Japan and due to the constant economic growth.
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The competitive landscape of the market has also been examined in this report. Some of the significant players include
- Nvidia Corporation
- Meta Platforms, Inc.
- Tencent Holdings Ltd.
- ByteDance Ltd.
- Epic Games, Inc.
- NetEase, Inc.
- Roblox Corporation
- Unity Software Inc.
- Nextech AR Solutions Corp.
- Antier Solutions Pvt. Ltd.
- Microsoft Corporation
- Other Key Players
Scope of Report
|Market Value (2022)||USD 65.2 Billion|
|Market Size (2032)||USD 2,346.2 Billion|
|CAGR (from 2023 to 2032)||44.4%|
|North America Revenue Share||43%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
The metaverse is the rise of new online settings in which individual interactions are highly multidimensional, and they can participate more profoundly with digital content rather than reading the information simply. Individuals can communicate digitally with each other via websites, social media platforms such as Facebook, and other messaging apps. Cryptocurrency pays for everything from NFTs to virtual real estate. They also aid in connecting the virtual and physical worlds. They allow the users to calculate the worth of digital assets in government-issued currency and the returns on those assets over a long time. The metaverse is primarily used to buy digital assets by using cryptocurrency, which is gaining attention across the globe. Due to the accessibility of crypto on exchanges worldwide, investors can make more money by selling metaverse coins and NFTs directly to the purchasers.
The concerns regarding privacy and data security in the metaverse environments, challenges of persuading users to use payment services, and issues about user identity in these settings are major factors expected to restrict the global metaverse market growth during the forecast period. Although the final implementation of the metaverse varies from today’s vision, the technologies such as the Internet of Things (IoT), Augmented Reality (AR), Virtual Reality (VR), and cryptocurrencies will be used indeed. These technologies, potentially synchronizing and merging the digital and physical worlds, will likely provide new opportunities for cybercriminals to attack individuals and businesses.
Increased opportunities for Business-to-Business (B2B) and Business-to-Consumer (B2C) enterprises are likely to propel the growth of the metaverse market in upcoming years. Currently, the metaverse has the power to modify each thing drastically. For example, business-to-business (B2B) marketing includes exhibitions, customer service, client meetings, and commercials. As several B2B products are commodities, excellent service to the customer can make a difference. In addition, the metaverse has a fascinating side effect of blurring the distinctions between B2C and B2B. Companies can utilize this to develop their traditional consumer bases whereas avoiding corporate traditions.
The hardware segment accounted for the largest revenue share in 2022. In order to improve the realism of virtual worlds, the major companies are concentrating on developing more advanced hardware, such as haptic devices, VR/AR headsets, and sensors. The segment growth is also propelled by the increasing focus among the firms on manufacturing products that deliver a better user experience and enable more extended user immersion. In addition, the designing interfaces which allow people to access 3D content on various devices, such as smartphones, next-generation TVs, and mixed-reality smart glasses known as HoloLens, are also anticipated to surge the revenue growth of this segment.
The desktop segment held the largest market share in 2022. Virtual Desktop is a well-known program allowing users to use the computer in virtual reality using the Oculus Rift / Rift S, HTC Vive, WMR headsets, and Valve Index. Users can surf the web, watch movies on Netflix, and play games on a massive virtual screen. As a result, virtual desktops are becoming popular for utilizing VR devices, thereby supporting market growth.
The augmented reality (AR) &virtual reality (VR) segment dominated the market in 2022. The rising demand for VR & AR devices will likely fuel the segment's growth during the forecast period. Furthermore, AR & VR technology is primarily used in the gaming industry to provide a better gaming experience and make the game more realistic. As a result, this segment is expected to contribute significantly to the metaverse industry's expansion.
The BFSI segment is expected to account for the largest revenue share during the forecast period. The rising gaming industry worldwide is one of the significant factors contributing to this segment's expansion. Businesses are primarily focused on organizing music concerts. In addition, several businesses' adoption of this concept is expected to drive the segment’s growth.
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- Other Platforms
- Virtual Reality (VR) & Augmented Reality (AR)
- Mixed Reality (MR)
- Other Technologies
- Content Creation & Social Media
- Digital Marketing (Advertising)
- Events & Conference
- Online Shopping
- Testing and Inspection
- Other Applications
- Aerospace & Defense
- Media & Entertainment
- Other End-Users
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
Recent Development of the Metaverse Market
- In January 2023, World Economic Forum (WEF) in Geneva publicized a collaboration with Accenture and Microsoft in order to create a Global Collaboration Village as the virtual future of public-private cooperation. This aims to promote virtual multistakeholder collaboration.
- In January 2022, The Sandbox partnered with Warner Music Group to launch the first music-themed world in The Sandbox metaverse. Warner Music Group (WMG) would be taking its initial steps into the metaverse as well as the NFT sector with this alliance.
- In September 2022, Meta Platforms announced a collaboration with the Indian IT Ministry to launch the XR Startup Program in the country to expand innovation in advancing technologies such as augmented and virtual reality. This initiative aims to promote technological innovation in smaller towns and cities.
- In January 2022, Tencent acquired Black Shark, one of largest China’s gaming smartphone manufacturers. This deal will aid black shark in manufacturing the VR headsets for Tencent.
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