Metaverse in Gaming Market – Insights on $663.8 Billion Industry Opportunity, The Next Frontier or Hype?

The Global Metaverse in Gaming Market Size is projected to surpass around USD 663.8 Billion by 2030 from valued at USD 36.93 Billion in 2022 and poised to grow at a CAGR of 37.85% from 2023 to 2032. Rising adoption of AR & VR, coupled with interactive gaming to boost the industry growth, states Strategic Market Research.

New York, USA, Dec. 28, 2022 (GLOBE NEWSWIRE) — The Global Metaverse in Gaming Market in 2021 was USD 36.93 billion, and it will be worth USD 663.8 billion by 2030 at a 37.85% CAGR. Players may indulge themselves in virtual reality while playing games thanks to the Metaverse, and a large number of businesses are working on creating digitally engaging platforms to render clients good gaming experiences. A growing user base in the gaming sector, the prominence of play-to-earn games, and the quick advancements in AR, VR, and XR technologies are some key factors fostering market revenue growth. 

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The Metaverse in Gaming Market Insights: 

• The gaming engine segment ruled the entire market with a revenue share of nearly 59.91% on the basis of software.
• In the year 2022, the Metaverse wearables held the largest market position, with a revenue share of 47.21% on the basis of hardware.
• On the basis of technology, the AR and VR segment ruled the entire market.
• The 11-19 years’ segment held the largest market share of 67.23% during the projected period of (2022-2030) by age group.
• North America significantly ruled the entire regional market in 2022. 

Factors influencing the Metaverse in Gaming Market growth: 

Factors like the advent of avatars and AR & VR in games will foster market growth.

• A virtual representation of a certain person used in metaverse gaming platforms is referred to as an avatar. Avatars hold the key to giving players more intense and satisfying gaming experiences and promoting player loyalty. Each avatar is unique and greatly impacts how games are designed. Additionally, avatars are a connection between players and non-playable characters, making them a crucial part of games in a metaverse.
• The use of sound systems, AR, and VR technology is essential to the virtual game industry. These technologies are growing at an exponential rate as the metaverse advances highlighting their worth and importance in today’s industry. Global shipments of VR headsets increased by 241.6% y-o-y in the first quarter of 2022, as per a study by the International Data Corporation (IDC), driven by persistent demand and supply limitations.

Metaverse in Gaming Market Segmentation Analysis

The market segmentation of metaverse in gaming is done on the basis of software, hardware, age group, technology, and region.

By Software

• Gaming Engine
• VR Metaverse Games

By Hardware

• Metaverse Wearables
• 3D Headset
• Gaming Console

By Technology

• Mixed Reality
• AR & VR
• Blockchain (NFTs & Cryptocurrency)
• Others

By Age Group

• 20 to 35 years
• 11 to 19 years
• Above 35 Years

 By Region

North America

• Canada
• The U.S.
• Mexico
• Remaining North America

Europe

• United Kingdom
• France
• Germany
• Russia
• Remaining Europe

Asia-Pacific

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

LAMEA

• The Middle East
• Africa
• Brazil
• Argentina
• Rest of LAMEA

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The gaming engine segment ruled the entire market with a revenue share of nearly 59.91% on the basis of software. Unity and Unreal, the two most well-known game engines, are very engaged in creating games that are complementary with the Metaverse, boosting creation and selling in an open market, establishing communities and AR/VR platforms, creating avatars, and communicating with other players like Fortnite, thereby fostering the market growth.

In the year 2022, the metaverse wearables held the largest market position, with a revenue share of 47.21% on the basis of hardware. The digital accessories and virtual clothing used to modify avatars in metaverse gaming scenarios are NFT wearables. Designers can employ NFTs built on the blockchain to ensure the ownership, uniqueness, and validity of digital clothes and accessories in the Metaverse. 

On the basis of technology, the AR and VR segment ruled the entire market. Virtual reality (VR) and augmented reality (AR) are closely related to the idea of metaverse gaming. A.R. technology allows users to add virtual gaming elements to the real environment. The integration of 3D computer modeling, one of the most exciting visual design styles, in virtual reality headsets to fully immerse users in 3D virtual gaming environments and accelerate market growth

The 11-19 years segment held the largest market share of 67.23% during the projected period of (2022-2030) by age group. As time goes on, the number of players on metaverse gaming platforms is growing exponentially. According to an SMR research of 5,521 metaverse gamers, the largest proportion of the top three games (Fortnite, Minecraft and Roblox) are below the age of 20, with 59% being male.

North America significantly ruled the entire regional market in 2022. This is due to the rising popularity of virtual reality (VR) gaming, the growing desire for realistic gaming experiences, the development of A.R. and VR technology, and the release of extremely sophist

Metaverse in Gaming Market Report Coverage

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Key players in the Metaverse in Gaming Market:

• Lilith Games
• Epic Games
• Magic Leap Inc.
• Roblox Corporation
• The Sandbox
• Unity
• Tencent Holdings Ltd.
• Meta
• Decentraland
• Microsoft
• Autodesk
• NVIDIA

Recent Developments

• On November 2022, Web3’s most potent lynchpin, MetaMask, announced a partnership with blockchain gaming launcher, HyperPlay. They are gearing up to usher in a new era in which every desktop game will have accessibility to a cryptocurrency wallet.
• On September 2022, Epic Games partnered with Hadean and contributed $30 million towards constructing Hadean’s metaverse game infrastructure. Epic Game’s extremely advanced Unreal Engine will help Hadean develop its existing technologies for suitably constructing metaverse gaming platforms by allowing massive numbers of concurrent users and opening up new gaming tools for the creators and developers.

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