The Global Metaverse Market Size is valued at 104.62 billion in 2023 and is predicted to reach 1449.45 billion by the year 2031 at a 39% CAGR during the forecast period for 2024-2031.
The phrase "metaverse" refers to deeply immersive 3D virtual world encounters made possible by combining AR, VR, and MR technologies. The metaverse platform enhances the internet experience by creating a virtual world where users can partake in immersive games, business transactions, social interactions, purchasing and selling virtual properties, and comprehensive entertainment, among other activities.
The rise of mixed reality (MR) and augmented reality (AR)virtual reality (VR), as well as COVID-19's outbreak and its future developments and outcomes, are three major causes that are anticipated to contribute to the metaverse market revenue increase. Another important element is the growing emphasis on fusing the digital and physical worlds through the Internet.
Furthermore, one of the metaverse's bright future promises is that customers in emerging and frontier economies now have far greater access to the market. Access to previously inaccessible goods and services has already been made possible thanks to the Internet. For instance, workers from developing nations may now be able to work in western firms without moving. Due to its low cost and efficiency as a learning tool, virtual reality environments will aid in enhancing educational options. Consumers have been using online games for leisure on the Internet. Because it provides a more user-friendly interface than conventional online gaming platforms, this has aided in the metaverse market expansion.
Additionally, gaming experience has been enhanced using tools and platforms like VR headsets, smart helmets, and MR displays, encouraging game creators to employ metaverse more frequently. As a result, the metaverse market demand has increased.
Recent Developments:
- In Feb 2023, Meta Platforms Inc., the parent company of Facebook, is launching a paid membership service called Meta Confirmed that will contain a variety of additional perks and features, including account verification badges. Subscription solutions have gained popularity among social networking sites in recent years as a strategy to diversify their advertising-heavy operations.
- In Aug 2022, Broadcom Inc. and Tencent Holdings Ltd. formed a strategic agreement to accelerate the use of co-packaged optics (CPO) network switches for cloud infrastructure. Broadcom will offer the 25.6-Tbps Humboldt CPO switch device, which includes Broadcom's best-in-class StrataXGS® Tomahawk® 4 switch chips directly linked and co-packaged with four 3.2-Tbps Silicon Photonics Chiplets In Package (SCIP) optical engines, as part of this cooperation.
- In May 2022, NetEase, Inc. revealed content upgrades and future plans for more than 50 of its current and upcoming products. NetEase has increased its attempts to collaborate with top game creators from many cultural backgrounds. This year, among its most recent global growth endeavours, NetEase established its first studio in the United States, Jackalope Games, and increased its presence in Japan by establishing the Nagoshi Studio in Tokyo. Both studios are dedicated to providing exciting NetEase games to the most popular platforms.
Competitive Landscape:
Some the Metaverse market players are:
- 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
- Antier Solutions Pvt. Ltd.
Market Segmentation:
The metaverse market is segmented based on product, platform, technology, application, and end-users. Based on product, the metaverse market is segmented as hardware and software. By platform, the market is segmented as desktop, mobile and headsets. By technology, the market is segmented as blockchain, VR & AR, mixed reality, and others. By offering, the market is segmented as virtual platforms, asset marketplaces, avatars, and financial services. The market is segmented by applications: online shopping, content creation, gaming, social media, and others. By end users, the market is segmented as BSFI, retail, media & entertainment, education, aerospace and defence, automotive and others.
Based On The Product, The Hardware Segment Particularly Contributes To The Metaverse Market
The hardware category is expected to hold a major share of the global Metaverse market in 2024. The hardware sector is anticipated to account for the most substantial 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. Companies are also attempting to create more sophisticated gear, such as VR/AR helmets, haptic sensors, and detectors, to enhance the realism of virtual worlds. This market's expected revenue growth will also be fueled by the creation of user interfaces that let users access 3D material on some gadgets, including smartphones, next-generation TVs, and the mixed reality smart glasses known as HoloLens.
The Desktop Segment Witnessed Growth At A Rapid Rate
The desktop segment is projected to grow rapidly in the global Metaverse market. With the advent of smartphones and wireless networks, workstations are no longer the main entry point into the metaverse. With the HTC Vivi, Facebook Rift / Rift S, WMR headsets, and Valve Index, users can use the computer in virtual reality thanks to the virtual desktop program. Users can play video games, browse the web, and watch Netflix movies on a sizable virtual screen. Virtual machines are becoming more popular for usage with VR equipment. Accessibility to the metaverse is now unmatched and almost constant, thanks to mobile phones and mobile networks. Large-scale data downloading, uploading, and sharing are becoming more frequent in networked cyberspace.
The North American Metaverse Market Holds A Significant Revenue Share In The Region
The North American metaverse market is expected to register the highest market share in revenue soon. Because an increasing number of users and clients in the area are embracing new, complicated equipment, another factor anticipated to boost the regional market's revenue growth is the rising number of startups concentrating on creating metaverse infrastructure for monetization. In addition, the Asia Pacific region is expected to increase in the global Metaverse market. This results from the president's quick digitalization ambitions in developing nations like China and India. Additionally, it is anticipated that the economic development of Asian nations will increase the region's use of the metaverse, spurring the market's expansion faster. Public policies supporting technology-driven startups are anticipated to play a big role in the market's expansion.
Metaverse Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 104.62 Bn |
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Revenue forecast in 2031 |
USD 1449.45 Bn |
|
Growth rate CAGR |
CAGR of 39% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments covered |
Product, Platform, Technology, Application, And End-Users |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Meta Platforms, Inc.; Tencent Holdings Ltd; Epic Games, Inc.; Nvidia Corporation; Unity Technologies, Inc. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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