Published Date : 14 Sep 2022
The global metaverse market size is projected to hit around USD 1,300.89 billion by 2030 and growing at a CAGR of 44.5% over the forecast period 2022 to 2030.
Metaverse is one of the biggest trends in the marketplace all over the world. Increasing investments of the big market players for the development of metaverse is one of the major driving factors augmenting the growth of metaverse market. Growing adoption of new technologies and the increasing research and developments in the field of metaverse are anticipated to create lucrative opportunities in the years to come. NFT crypto projects, advancement of virtual world in the metaverse, growing popularity of metaverse entertainment events, corporates moving towards this solution, and sophistication of metaverse avatars are a few of the biggest trends of the metaverse market, which have a significant impact on the growth of the market.
Metaverse offers alluring opportunities to diverse range of companies operating in several markets and end use sectors. Art galleries is one of the most common conventional business models in the metaverse. Growing popularity and the adoption of the metaverse has concocted tremendous revenue opportunities to buy artworks with the usage of Non-Fungible Tokens (NFTs). Moreover, concepts like Voxel Architects and MetaEstate are procuring traction nowadays. This trend involves selling and buying of digital real estate and leasing. Landowners are able to rent their backup parcels to other individuals having ideas of operations or the construction in the metaverse. Further, end use market of Karoke TV and data analytics is creating opportunities for well-established as well as emerging entrants in the market.
Scope of the Report
|Market Size In 2021||USD 51.69 Billion|
|Revenue Forecast by 2030||USD 1.3 Trillion|
|By End User||
Facebook caught everyone’s attention when it rebranded as Meta. This change ushered awareness of the metaverse among public on a level never seen before. Many companies from various industries are working on metaverse-based projects currently. Some of these are based on gaming. Other firms are working on solutions which are on enterprise-level. Companies like Microsoft and NVIDIA produce software and hardware which helps power the metaverse. Platforms for gaming like ROBLOX have developed into the metaverse. Other companies such as Sony, Tencent, and among others are shifting their platforms to new ventures in metaverse. This opens up points of entry into the metaverse for users using their products. Meta’s investment worth $10 billion is just the tip of an iceberg when it comes to investment being made in metaverse. Microsoft spent over $70 billion on metaverse-based interests.
There are a number of other examples of firms spending gigantic amount of money to facilitate themselves within the metaverse. The expanded interest of corporate enterprises shows that it has become greatly valuable. The biggest firms are heavily investing for a good reason. These companies can see just how much the metaverse sector is rising.
One of the major concerns posing a restrain to this exponentially growing market is the concern related with the security and legalities of virtual currencies. It has been difficult to convince users in accordance with the safety of any trade over the virtual marketplace that combines various digital and physical currencies to make it quick and effortless exchange. In addition, cryptocurrencies are banned in several countries as a few of them perceive it as a threat to their ongoing monetary systems while being distressed about its usage to give access to unlawful activities such as money laundering, drug trafficking, and terrorism. For instance, as of 2021, the government of India has forbidden financial institutions along with banks from dealing in virtual currencies and offering any services to facility use. Furthermore, some of the major leading players in the metaverse market have gone through a loss of billions of dollars, due to the cyber-attacks in the atmosphere. Thus, with the increase in the cyber-attacks, and highly sensitive issues are hampering the growth of this market.
North America accounted for the largest share in the revenue in the year 2022 attributed to the users and customers in the region that are practicing the new and complex technology with respect to metaverse. The U.S. is the leading country with respect to metaverse, followed by Canada. Further, the rising number of corporations focusing on the formulation of metaverse platforms for it to become profitable is another determinant likely to support the growth in the revenue of the market in North America. Additionally, rising use of smartphones, growing smart devices adoption, and rising demand for AR/VR in numerous applications are also the major factors facilitating the growth of Metaverse in the region.
Asia Pacific market will grow at a strongest CAGR over the forecast period 2023 to 2032. These gaming platforms and digital metaverse marketplaces offer a mesmeric experience where customers can participate in concurrent and live activities powered by third-party apps which has been chosen. The rising popularity of metaverse is set to shift the outlook of the gaming industry in Asia Pacific. Apart from this, the virtual technology and artificial intelligence sector is likely to witness a substantial revolution in the forecast period. As a result, it will drive the growth of the metaverse market in the region.
Key Players Includes:
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