The global metaverse market was valued at $40.3 billion in 2021 and it is expected to reach $440.1 billion at a CAGR of 22.0% between 2022 and 2032. Major factors that are anticipated to contribute to the revenue growth include a growing interest in using the Internet to connect the virtual and real worlds, the popularity of Mixed Reality (MR), Augmented Reality (AR), and Virtual Reality (VR), as well as the results and developments of the current situation.
The Metaverse is expected to expand quickly, as many people have predicted. By depending on intuition, onlookers anticipate the quick evolution of the Metaverse. The underlying technology or financials are examined by experts. Calculations of the growth of the sectors that make up the developing metaverse industry are typically used to estimate the size of the market for the Metaverse. The industries that make up this industry are developing, and the idea of the Metaverse is still relatively new, making it difficult to estimate the size of the Metaverse market. The term "Metaverse" refers to a combination of virtual reality and mixed reality environments that may be accessed via a website or headset and enable real-time interactions and experiences amongst individuals who are physically apart. On the premise that the "Metaverse" will probably influence our lives in a variety of ways, some of which are currently incomprehensible, in the years to come—and that many of you are similarly puzzled by this and other technological advancements. The word "metaverse" refers to a deeply immersive 3D virtual world experience gained by the employment of a combination of AR, VR, and MR technologies. By creating a virtual world where users may play immersive games, conduct business, interact socially, buy and sell virtual properties, and enjoy immersive entertainment, the metaverse platform enhances the internet experience.
Source: SAI Research
An internet-based other reality called the metaverse is developing into its universe, complete with real estate, works of art, and communities. The novelty of non-fungible tokens (NFT) utilized in the metaverse will give way to their utility. Growing ecosystems driven by blockchain technology will open up entirely new avenues for monetization and income thanks to traceability and authentication built on interoperable frameworks. Additionally, to improve the trust of ownership and negotiate these novel characteristics to increase brand recognition among younger consumers, real estate developers are increasingly investing in the development of NFT and blockchain technologies.
To improve the overall gaming experience for end users, equipment like VR headsets, MR headsets, HUD, HMD, smart glasses, and smart helmets can provide a first-person perspective, serve as natural user interfaces, and offer 6-degree freedom. User experiences have significantly enhanced as a result of the development of numerous devices and solutions. One of the greatest blessings that technology has given humanity is the ability to simulate a user's experience in real-world situations.
Based on component type, the hardware segment accounted for the largest share of this market. The hardware sector is anticipated to account for the greatest revenue share throughout the projected period due to an increasing focus among companies on manufacturing products that give a better user experience and enable more extended user immersion. The category will increase during the projected period as more end-user industries, including those in healthcare/medical education, fashion & apparel, and aerospace and defense, adopt augmented and virtual reality.
In terms of platform type, the desktop segment holds most of the market share. Computers were the primary means of access to the metaverse before mobile devices and wireless networks were developed. With the HTC Vive, Oculus Rift / Rift S, WMR headsets, and Valve Index, users can use the computer in virtual reality thanks to the virtual desktop program. The wearable is crucial to working in the Metaverse, so it stands to reason that this market will grow more quickly than others.
By application type, the gaming application type has led the market with wide opportunities for the past few years. The primary Metaverse business prospect for video game developers is mostly centered on the already-existing cutting-edge gaming services and software. Additionally, another crucial feature is in-game advertising, which is why this market category is anticipated to develop the fastest. Additionally, the growing emphasis placed by businesses on using games to enhance their brand is anticipated to spur revenue development. Gaming, online shopping, content production & social media, events & conferences, content creation, digital marketing (advertising), testing & inspection, and others are the different application segments of the market.
Based on end-user type, the entertainment segment has led the market with a significant share and is also anticipated to accelerate the market growth over the forecast period. Businesses are putting more of an emphasis on hosting virtual music concerts, and as more companies adopt this idea, it's likely to help this market's revenue growth. Take Meta Platform, Inc. as an example. Major virtual reality concerts that took place entirely within the Horizon Venues metaverse were announced by Meta Platform, Inc. As a result of micro indications like high purchasing power for virtual clothes in the immersive digital world, the top fashion and apparel businesses in the world are also currently adopting and wagering on adopting the trend of digital clothing.
Geographically, the North American region has led the market over the past few years and is also expected to hold its dominant position during the forecast period from 2022 to 2032. Another factor anticipated to boost the regional market's revenue growth is the rising number of start-ups concentrating on the creation of metaverse platforms for commercialization. Additionally, the region's significant concentration of gaming and metaverse companies like The Sandbox, Nvidia Corporation, and Epic Games, Inc., which focus on merging metaverse into games, is generating market development potential. Furthermore, the prevalence of the top Metaverse enterprises in the United States and Canada is a key factor promoting the market's expansion. On the other hand, the Asia-Pacific region also accounted for the largest share of this market during the forecast period. One of the main factors for this region's rapid growth is the presence of numerous Metaverse start-ups there. Additionally, the region's expansion is being aided by the increasing interest in and use of cell phones in emerging nations.
According to the study, key players such as Antier Solutions (India), Alibaba (China), Decentaland (Argentina), Globant (Argentina), Lilith Games (China), Microsoft (U.S), Magic Leap (U.S), Meta (U.S), NetEase (China), NexTech AR Solutions (Canada), NVIDIA (U.S), Queppelin (India), Roblox (U.S), Tencent (China), among others are leading the global metaverse market.
|Market Size in 2021||US$ 40.3 Billion|
|Market Volume Projection by 2032||US$ 440.1 Billion|
|Forecast Period 2022 to 2032 CAGR||22.0%|
|Historical Data||2019, 2020 and 2021|
|Forecast Period||2022 to 2032|
By Component Types: Hardware, Software & Services
By Platform Type: Desktop, Mobile, Headset & Others
By Application Type: Gaming, Online Shopping, Digital Marketing, Content Creating, Testing and Inspection & Others
North America, Europe, Asia-Pacific, LAMEA
|Companies covered||Antier Solutions (India), Alibaba (China), Decentaland (Argentina), Globant (Argentina), Lilith Games (China), Microsoft (U.S), Magic Leap (U.S), Meta (U.S), NetEase (China), NexTech AR Solutions (Canada), NVIDIA (U.S), Queppelin (India), Roblox (U.S), Tencent (China), among others|
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