The global metaverse market size is predicted to attain USD 678.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to witness a CAGR of 39.4% over the forecast period, owing to increasing demand from end-use industries, which prominently include media and entertainment, education, and aerospace and defense is anticipated to propel the industry growth over the forecast period.
Metaverse Market Report Highlights
- The hardware sub-segment in the product segment dominated the global metaverse market in 2021 and accounted for the largest market share, owing to the increased adoption of AR, VR, and MR devices
- Displays captured the highest revenue share in the hardware sub-segment in 2021 whereas, programming engines dominated the software sub-segment with the largest market share
- Desktop and headsets dominated the market with 42.2% and 34.9% of the total revenue shares in 2021, respectively, and are projected to remain the highest revenue-generating segments during the forecast period
- The VR and AR technology sector held the largest revenue share in 2021 as multiple industries such as gaming, healthcare, education, and entertainment have increasingly incorporated VR and AR technology for numerous purposes. Human resource domains are also incorporating the use of VR and AR devices for employee training
- In terms of offerings, the virtual platform segment accounted for the largest market share in 2021 and is anticipated to exhibit significant growth, owing to the increased adoption of these platforms for multiple uses such as adverting, branding, and academics. Many key players have also realized that virtual platforms help reduce capital expenditures and operating expenses
- The gaming segment is projected to dominate the application segment. The content and social media segment is anticipated to witness considerable growth over the forecast period owing to the increased demand for social media applications
- The North American region accounted for the largest market share in 2021, owing to the high adoption of metaverse platforms
- The Asia Pacific region is likely to witness a robust growth rate over the forecast period, owing to factors such as demand for a better viewing experience, an increasing number of start-ups like OneRare, LOKA, and Bolly Heroes
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Metaverse is a hypothetical version of the Internet or a combination of the virtual reality and mixed reality worlds, as a single, universal, socially connected & immersive virtual world which is facilitated by virtual reality and augmented reality. It is the next big technology platform in digital media attracting online game makers, social networks and other technology leaders, and VR & AR are crucial technologies driving its development. Rise in popularity of cryptocurrencies and non-fungible tokens (NFTs) drives the global metaverse market. The metaverse market is also growing due to the steady adoption of XR technologies to enhance user experience on various platforms. The growing demand for metaverse to purchase digital assets using cryptocurrencies is expected to drive the market significantly. The development and distribution of Augmented reality (AR), Virtual Reality (VR), and Mixed Reality (MR) devices are anticipated to spur market growth in years to come.
The prefix “meta” is commonly used in Greek to denote “after” or “beyond.” The metaverse is a three-dimensional interactive and immersive environment where several people can interact through avatars. The usage of the metaverse to purchase digital assets using bitcoin is becoming more popular around the world. Gaming websites, messaging applications, and social media platforms such as Facebook are being used to communicate with one another online. The metaverse is the advent of new online environments in which people’s interactions are more multidimensional and they can engage more deeply with digital content rather than merely reading it.
The metaverse is widely used as a real-time virtual world to build and leverage vast opportunities for brand connection. It would also set the stage for the next phase of post-COVID-19 digital activity, namely the emergence of digital social experiences. On Metaverse platforms that allow blockchain technology to be utilized, users can create, own, and trade autonomous digital assets and virtual regions using cryptocurrencies like Bitcoin and Ethereum, as well as nonfungible tokens (NFTs). During the forecast period, rising demand for blockchain-based metaverse networks and platforms for trading digital assets is expected to drive considerable market revenue growth. One of the major factors driving the future expansion of the metaverse business is the rise of the gaming industry.
Metaverse Market Insights By Geographical Regions:
North America is likely to account for the largest revenue share of over 45.0% owing to the customers and users in the region that are adopting the new and more complex technology. Furthermore, the growing number of start-ups focusing on the establishment of metaverse platforms for commercialization is another factor projected to support the revenue growth of the regional market. The Asia Pacific region is expected to register a very strong CAGR over the forecast period. Virtual metaverse marketplaces and gaming platforms offer an immersive experience where users can participate in live and concurrent activities powered by their chosen third-party apps.
Industry Analysis By Major Players:
Key industry participants include Meta Platforms, Inc.; Epic Games, Inc.; Nvidia Corporation; Tencent Holdings Ltd; ByteDance Ltd.; Lilith Games; Unity Technologies, Inc.; Roblox Corporations; NetEase, Inc.; Nextech AR Solutions Corp. The introduction of innovative hardware solutions supporting the virtual world metaverse is anticipated to propel the business in the future.
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Metaverse Market Segmentation
Grand View Research has segmented the global metaverse market based on product, platform, technology, offering, application, end use, and region:
Metaverse Product Outlook (Revenue, USD Million, 2017 – 2030)
- Hardware
- Displays
- eXtended Reality (XR) Hardware
- Haptic Sensors & Devices
- Smart Glasses
- Omni Treadmills
- AR/VR Headsets
- Others
- Software
- Asset Creation Tools
- Programming Engines
- Services
Metaverse Platform Outlook (Revenue, USD Million, 2017 – 2030)
- Desktop
- Mobile
- Headsets
Metaverse Technology Outlook (Revenue, USD Million, 2017 – 2030)
- Blockchain
- Virtual Reality (VR) & Augmented Reality (AR)
- Mixed Reality (MR)
- Others
Metaverse Offering Outlook (Revenue, USD Million, 2017 – 2030)
- Virtual Platforms
- Asset Marketplaces
- Avatars
- Financial Services
Metaverse Application Outlook (Revenue, USD Million, 2017 – 2030)
- Gaming
- Online Shopping
- Content Creation & Social Media
- Events & Conference
- Digital Marketing (Advertising)
- Testing and Inspection
- Others
Metaverse End-use Category Outlook (Revenue, USD Million, 2017 – 2030)
- BFSI
- Retail
- Media & Entertainment
- Education
- Aerospace and Defense
- Automotive
- Others
Metaverse Regional Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- Japan
- India
- South Korea
- South America
- Brazil
- Middle East & Africa
List of Key Players of Metaverse Market
- Meta Platforms, Inc.
- Tencent Holdings Ltd.
- ByteDance Ltd.
- NetEase, Inc.
- Nvidia Corporation
- Epic Games, Inc.
- Roblox Corporation
- Unity Technologies, Inc.
- Lilith Games
- Nextech AR Solutions Corp.
- The Sandbox
- Active Theory
- Decentraland
- Microsoft Corporation
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
Grand View Research employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecast possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation that looks market from three different perspectives.