Metaverse Market (By Components: Software, Hardware; By Platform: Mobile, Desktop; By Offering's: Avatars, Virtual platforms, Asset marketplace, Financial services, By Technology: Virtual reality and augmented reality, Blockchain; By Application: Aircraft maintenance, Gaming, Online shopping, Social media, Virtual runway shows, Content creation, Others; By End User) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022 – 2030


The global metaverse market was valued at USD 40 billion in 2021 and it is estimated to surpass around USD 1,607.12 billion by 2030 with a registered CAGR of 50.74% during the forecast period 2022 to 2030.

Metaverse Market Size 2021 to 2030

Metaverse development is often linked to the advanced virtual reality technology as there is an increasing demand for immersion. Information privacy, user addiction, and user safety are the various concerns with metaverse. Access points for the metaverse includes general-purpose computers and smartphones, augmented reality, mixed reality, and virtual reality.

Dependency on the VR technology has limited the growth of metaverse and limited the development and wide-scale adoption. There are many limitations of portable hardware and there is need to balance cost and design that has caused a lack of high-quality graphics in this field and lack of mobility.

Growth Factors

The Metaverse is a collection of interconnected online realm which offers the interactions between the augmented, physical and virtual reality. Users are able to interact with their friends, work, travel, purchase goods and services, and attend different events. As more and more people have started working and going to school remotely, there has been an increased demand for ways in order to make online interaction more lifelike in the future. As a result, rising focus on converging digital and physical worlds with the use of Internet is driving the metaverse market growth. There is a growth of this market due to crypto gaming. Investments are increasing as the number of investors is contributing to this growth. The concept of play to on models it's followed by many game developers where the players are able to own assets or use tokens within the games. These on tokens are used to get their real life value. Or it can be reused for the in game assets. A new AR game was developed which allowed the players to earn Bitcoin in the Metaverse. This game is called fold AR Displayed by small number of people for the purpose of testing.

The global metaverse was marked is expected to witness good growth during the forecast as there is an increased focus on converging the digital and the physical worlds with the help of Internet. This is a major factor that is driving the market of but hours. There's a growing demand for metaverse in order to purchase digital assets using crypto currencies. This platform allows users to interact online, simulate situations and helps Winstanley takes sensor data. Metaphor serves as a link between the real and virtual worlds. The next stage in the evolution of Internet is the metaverse Augmented reality virtual reality machine learning and blockchain technology along with artificial intelligence are all the driving factors in the metaverse.

Report Scope of the Metaverse Market

Report Coverage Details
Market Size by 2030 USD 1,607.12 Billion
Growth Rate from 2022 to 2030

CAGR of 50.74%

Largest Market North America
Fastest Growing Region Asia Pacific
Base Year 2021
Forecast Period 2022 to 2030
Segments Covered Components, Offering's, Platform, Technology, Application, End User, Geography
Companies Mentioned Meta (Facebook,Inc.), Tencent holdings Ltd, Roblox corporation, Nvidia corporation, NetEase, Inc.

 

Components Insights

Based on the component, the hardware segment has accounted for the largest revenue share in 2021 and growing at a CAGR of 39% from 2022 to 2030. This segment is made up of providers of consumer hardware such as extended reality hardware, AR/VR headsets and displays. There are other hardware devices which are included in this segment which are tracking systems, projection, industrial cameras and scanning sensors. Advanced technological progress in the ER and VR are the key factors that are driving the growth of the hardware segment the software segment is also expected to register a significant growth during the forecast period. There are many companies that provide asset creation tools and programming engines. Unreal Engine and unity are the game engines which are used to create digital worlds in the gaming sector. The use of Unreal Engine and unity is used to create digital world in the game such as Fortnite. There's a creation of more realistic environment in games due to the rising interest in online gaming and this happens to be the major factor which is supporting the revenue growth of the software and the hardware segments.

Platform Insights

On the basis of the platform used the desktop segment had the largest revenue share in the global metals market till the year 2021. Valve index, HTC vive and Oculus are the augmented reality and virtual reality headsets which work well in conjunction with a powerful desktop computer. It is expected that there shall be a boost in the revenue growth of the desktop platform segment in the future as there is development in the enterprise spaces as well as the consumer space. There are many virtual reality experiences that are exclusive to the PC's which have high resolutions.

The desktop segment the mobile segment is also expected to register a steady revenue growth during the forecast period. The use of smartphones has become extremely significant over past decade. It has been noted that over the past decade there has been a major shift of watching YouTube content which is about 70% on mobile phones across the globe. Across many developing nations the smartphone is the only powerful multimedia device which the users have at their disposal. Therefore there is a growth in the concept of the metaverse on a mobile. In order to capture the developing nations this happens to be a growing area for many competing companies. Due to the COVID-19 pandemic and the lock down there was a significant market growth in the developing nations for the metaverse market. Owing to the reasons mentioned the metals market is expected to grow even in the developing nations.

Offering Insights

On the basis of offering, the asset marketplace segment is expected to grow at the highest CAGR of 41% over the forecast period.

The virtual platform is it related with the creation and management of immersive, settings, digital three-dimensional simulations and environments which enable people and other enterprises to create socialize explore and engage in wide range of activities. Increasing use of smartphones in the developing nations is helping in the penetration of metals along with the increase in the number of application developers. There is an increased availability of high speed and bandwidth connectivity of Internet which serve as the major reasons which are helping in the growth of revenue of the virtual platforms segment.

Followed by the world zoom platform segment the asset marketplaces segment is also expected to grow well during the forecast period. This segment will represent major revenue opportunities for many market players in the market. Asset marketplaces are used to purchase digital assets. Somnium space VR is an asset marketplace which is used to purchase digital assets. It allows the users to sell and buy virtual land on Etherium it is a platform that is powered by the blockchain technology. Many major investments are coming this way during the forecast and it is expected to support the growth of this segment.

Technology Insights

On the basis of technology, the virtual reality and augmented reality segment accounted market share of around 36% in 2021. The metaverse creates a sense of virtual presence with the use of 3D virtual environments. The technology which is used in order to create this sense of virtual presence is virtual reality and augmented reality. Virtual reality and augmented reality are expected to be the most transformative technological change in the coming five years. This happens to be a major factor which is expected to drive the marked during the forecast period.

Followed by the augmented reality and virtual reality segment the block chain segment is also expected to witness a steady growth during the forecast period. Blockchain technology helps in providing a digital proof of ownership, transfer of value through crypto or governors and digital collectability of assets. Axie Infinity, Secondlife and Decentraland are the blockchain based metaphors which are creating opportunities for various companies to serve the rising demand.

Application Insights

On the basis of application, the gaming segment held largest revenue share of around 28% in 2021.

The social media segment is expected to grow strongly during the forecast period. There's an increasing focus in order to enhance the social interactions of various users on the social media platforms. This happens to be the key factor which is driving the trend in the market. Virtual reality and 3D of the metals are being used by maybe social media companies to improve their social connections and to enhance the experience of the users. Due to the introduction of 5G networks and artificial technology apart from cloud processing are the key factors that are expected to support the revenue growth of the social media segment in the future. Across the gaming sector the adoption of metaverse is expected to gain momentum. There are many increasing investments in play to earn gains which is helping the gamers in earning money. There is also an increase in spending of money over virtual skins, virtual avatars, virtual events and other virtual items.

End User Insights

The media and entertainment accounted market share 39% in 2021. Metaverse is able to impact the content and experience of all these sectors. The media and entertainment sector is helping in improving the social interactions of the participants. In order to add value to the entertainment brands to enhance their operations like world building, immersive storytelling and unleashing the fan creativity the companies are making use of metaphors concept. Immersive storytelling, ward building and unleashing the frank creativity or helping in the franchise building process. It also helps in increasing the number of people that are engaged in these activities. Due to the immersive and interactive experience the concept of storytelling will be enhanced. During the pandemic the media and entertainment segment was supported well. Many performing artists had to play virtual concerts in 2020 due to the strict lockdowns during the pandemic. Insomniac partnered with Roblox. A music event was created with the help of this platform.

Metaverse Market Share, By End User, 2021 (%)

The defense and aerospace segment is also expected to grow significantly during the forecast period. There are many cases of military training for Navy army and Air Force with the help of metaverse which has enhanced the quality of personal training and increase the chances of delivering successful missions. The meter was training of soldiers and other personnel is extremely immersive and entertaining and enjoyable experience. It provides higher engagement and better understanding of the concept which helps in better learning.

Region Insights

The North American has garnered revenue share of around 46% in 2021. Due to the presence of many major companies which are situated in the North American market the market is expected to see a great growth. The various academic and research centers which are present in this region are working in order to explore the other potentials of the metals market theater there shall be or rapid and attributable growth in the Asia Pacific region. Due to steady economic developments and increase reduction of the digitization across countries like India China and Japan the market is expected to grow during the forecast period.

Metaverse Market Share, By Region, 2021 (%)

Technological advancements are favored by the presence of various tech giants, government departments and startups in this region. The presence of robust industrial environment, high commercial value and the technological revolution in the Asia Pacific market relating to the social networking, entertainment, digitization trend, education and gaming are the reasons why the market is expected to grow.

Key Market Players

  • Meta (Facebook,Inc.)
  • Tencent holdings Ltd
  • Roblox corporation
  • Nvidia corporation
  • NetEase, Inc.

Key market developments

In collaboration with videogame platform Roblox Corp Nike Inc launched a virtual world. NIKELAND is the digital space which was launched in November 2021 it allows the players to provide outfits Buddha router with Nike products and it is free of cost for the visit through Roblox.

Facebook changed its name to Meta Platforms Inc In order to reflect the focus and interest on metaphors. Facebook changed its name on 28th October 2021. The company has started working on finding ways to protect the users in the metaverse. It has collaborated with color in tech which is a UK based organization which works on transparent and inclusive Tech economy. This collaboration will facilitate competition and will support new ideas in this field.

Segments covered in the report

(Note*: We offer report based on sub segments as well. Kindly, let us know if you are interested)

By Components

  • Software
    • Asset Creation Tools
    • Programming Engines
  • Hardware
    • Displays
    • eXtended Reality (XR) Hardware
      • Haptic Sensors & Devices
      • Smart Glasses
      • Omni Treadmills
    • AR/VR Headsets
    • Others

By Platform

  • Mobile
  • Desktop

By Offering's

  • Avatars
  • Virtual platforms
  • Asset marketplace
  • Financial services

By Technology

  • Virtual reality and augmented reality
  • Blockchain

By Application

  • Aircraft maintenance
  • Gaming
  • Online shopping
  • Social media
  • Virtual runway shows
  • Content creation
  • Others

By End User

  • Media and Entertainment
  • BFSI
  • Retail
  • Aerospace and defense
  • Education
  • Automotive
  • Others

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Malaysia
    • Philippines
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa (MEA)
    • GCC
    • North Africa
    • South Africa
    • Rest of the Middle East & Africa

Frequently Asked Questions

What is the current size of metaverse market?
The global metaverse market was reached at USD 40 billion in 2021 and it is anticipated to rake around USD 1,607.12 billion by 2030.
The global metaverse market growth is projected to reach at a CAGR of 50.74% over the forecast period 2022 to 2030.
The major players operating in the metaverse market are Meta (Facebook,Inc.), Tencent holdings Ltd, Roblox corporation, Nvidia corporation, and NetEase, Inc.
The global Metaverse market is estimated to witness a substantial growth due to the rising focus on converging digital and physical worlds operating the internet.
North America region will lead the global metaverse market over the forecast period 2022 to 2030?

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