Metaverse Market Statistics – A $678.80 Billion Industry Size by 2030; The Next Big Thing

Metaverse Industry Report published by Strategic Market Research confirms that the global market value is $47.48 billion in 2022, having a robust CAGR of 39.44%, and it is expected to surpass the value of $678.80 billion by 2030.

New York, USA, Oct. 12, 2022 (GLOBE NEWSWIRE) — Metaverse is a digital environment that uses cutting-edge technologies to simulate the actual world. People can interact and create virtual communities by using a variety of avatars. Any organization can create its Metaverse. Artificial intelligence (AI), blockchain, cybernetics, digital identity models, 5G, edge computing, community and power platforms, and virtual reality are the significant technological forces behind the Metaverse.

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Investments in the Metaverse industry are rising rapidly. Apart from gaming, many new applications are emerging. “Metaverse is generally thought to be just the immersive VR. However, MR will also play an important part in this industry. There are industries and applications that will use a mix of VR and AR based on requirements.” as stated by Amritesh Suman, Manager at Strategic Market Research.

“In the Metaverse ecosystem, VR/MR technology and Avatars will play the most important part. As most of the things are moving towards the virtual world, there are probabilities that in the coming future, one will be able to visit places, attend concerts, meet people and do much more by the help of Avatars.” Adds Amritesh Suman

Metaverse Market Insights: 

• By component, the hardware segment generated $16.58 billion in 2021. 
• In 2021, With USD 16.38 billion, the desktop segment accounted for the largest Metaverse market size. 
• In 2021, the virtual and augmented reality segments contributed approximately 36% of the market share in terms of technology.
• With a CAGR of 40%, the asset marketplace segment is predicted to rise rapidly.
• In 2021, the gaming segment registered the highest revenue share of greater than 27.17% based on application.
• On the basis of end-user, the media and entertainment segment in 2021 held a significant share of more than 39% of the market. 
• Based on region, North America ruled the overall market with a remarkable revenue share of around 46% in 2021.

Factors accelerating the Metaverse Market growth: 

The rising focus on the converging digital and physical world and the rise of blockchain and digital assets are expanding the overall growth of the market.

• The increasing emphasis on connecting digital and physical worlds via the internet is the major factor spearheading the growth of the Global Metaverse Market. Metaverse created several computer-mediated virtual environments, such as virtual 3D, video conferencing, and social networks. Although temporary and detached, these virtual circumstances have brought about various degrees of digital change.
• The rise of blockchain and digital assets is expected to propel the Global Metaverse Market forward. With the advent of a new, decentralized internet, there will be a greater emphasis on blockchain technology for the administration of transparent data. Blockchain enables efficient, secure data transfers, historical records, and decentralized control. The development of a secure and impartial metaverse depends heavily on the blockchain. The blockchain will play a significant role in the development of a safe and equitable metaverse.

Metaverse Market: A thorough Segmentation Analysis

The Global Metaverse Market segmentation has been done on the basis of components, platform, technology, offering, application, end-user, and region.
By Component:

• Services
• Software
• Hardware

By Platform:

• Headsets
• Mobile
• desktop

By Technology

• Mixed Reality
• Virtual Reality & Augmented Reality
• Blockchain
• Internet of Things
• Others

By Offering

• Avatars
• Financial Services
• Asset Marketplace
• Virtual Platforms

By Application

• Online Shopping 
• Gaming
• Content Creation & Social Media
• Online Education
• Virtual Goods
• Advertising
• Blockchain Operations
• NFT
• Payments
• Edge Computing
• Conferences

By End-User

• Fashion
• Manufacturing
• Real Estate
• Healthcare
• Education
• Military
• Media and Entertainment
• Customer Experience

By Region

North America

• Canada
• United States
• Mexico
• Rest of North America

Europe

• United Kingdom
• Germany
• France
• Rest of Europe

Asia Pacific

• Japan
• India
• South Korea
• China
• Rest of Asia Pacific

South America

• Brazil
• Rest of South America

The Middle East and Africa

• South Africa
• Saudi Arabia
• United Arab Emirates
• Rest of the Middle East and Africa

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By component, the hardware segment generated $16.58 billion in 2021, and during 2022-2030 it will grow at a 39% CAGR. Hardware components like extended reality gear, monitors, and AR/VR headsets are extensively used in metaverse technologies. The growing emphasis on offering products that provide a better consumer experience and allow more sustained user immersion among businesses positions the segment to grow with a sizeable metaverse market share. Furthermore, advances in AR and VR technology and accessories are significant factors accelerating the growth of the hardware segment.

In 2021, With USD 16.38 billion, the desktop segment accounted for the largest metaverse market share. As online gaming becomes more popular, desktops have become the main gateway into the metaverse. Virtual desktops are also becoming increasingly popular for use with VR devices. Additionally, the mobile platform will experience a steady growth from 2022 to 2030, owing to the increased use of smartphones.

Report Coverage

In 2021, the virtual and augmented reality segments contributed approximately 36% of the market share in terms of technology. The usage of 3D virtual surroundings in the metaverse gives a feeling of virtual presence. Technologies like Virtual and augmented reality are utilized to generate a sense of virtual presence. In the coming years, virtual reality, as well as augmented reality, are destined to be the most significant technology changes. This is a significant element that is projected to boost the metaverse market in the future.

With a CAGR of 40%, the asset marketplace segment is predicted to rise rapidly. It is due to the increased investments in Ethereum, bitcoin, NFTs, and other cryptocurrencies. Additionally, in 2021, the virtual platforms market category held the dominant market share. By building and maintaining realistic, digital three-dimensional simulations, surroundings, and settings, virtual platforms enable people and enterprises to create, connect, explore, and engage in a variety of activities. 

In 2021, the gaming segment registered the highest revenue share of greater than 27.17% on the basis of application. It is due to the factors such as significant continuous developments and advancements by developers and a growing emphasis on enhancing immersion and creating more realistic games. Online gaming worlds such as Minecraft, Fortnite, and Roblox contain metaverse implications.

Top Metaverse Platforms to Watch

On the basis of end-user, the media and entertainment segment in 2021 held a significant share of more than 39% of the market. The segment aims to strengthen social relations among participants. Companies are also adopting the idea of a metaverse in order to benefit the entertainment industry by enhancing products like world-building, immersive storytelling and fostering fan invention. Furthermore, the aerospace and defense industries will likely benefit from metaverse technology during the forecast period. This technology allows them to practice in a virtual world, which helps them get ready for an actual crisis.

On the basis of region, North America ruled the overall market with a robust revenue share of approximately 46% in 2021. Factors such as the increasing emphasis on the converging physical and digital world, the presence of major companies, and the increasing importance of the metaverse in the education sector are expected to stimulate the growth of this region’s market in the coming years. However, the Asia-Pacific region had the fastest growth rate because of the region’s extensive use of metaverse platforms in the gaming, entertainment, and social segment.

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Key players Covered in the Metaverse Industry Report:

• Globant
• Magic Leap, Inc
• Netease, Inc.
• Alibaba Cloud
• Roblox Corporation
• Microsoft Corporation
• Nvidia Corporation
• Meta, Inc.
• Tencent holdings Ltd.
• Alphabet, Inc.
• Queppelin

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Recent Developments

• On October 2022, Multiverse Labs which is an artificial intelligence ecosystem, established a new metaverse city in the United Arab Emirates (UAE) in order to boost the region’s tourism business. The virtual city will benefit the local tourism economy and may generate new metaverse jobs.
• On October 2022, IndiGG announced a partnership with Metaverse Magna (MVM) to promote blockchain-based gaming throughout the Indian subcontinent and Africa. Through this collaboration, players from both communities can share in-game assets.
• On September 2022, Starbucks announced its entry into the metaverse. Starbucks Odyssey, a Web3, will be launched in late 2022, allowing Starbucks Rewards members to buy and exchange collectible limited edition NFTs in order to unlock new rewards, perks and complete interactive activities just to earn the NFT digital badges which is also known as “journey stamps.”

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Jun-2022