Size, Share, and Possibilities of the Metaverse Market, 2023


Metaverse is a networked 3D virtual environment that enables user interaction virtually. Virtual Reality, Augmented Reality, Online Gaming, Social Media, and Mixed Reality are combined in digital reality. Healthcare, gaming, social networking, live events, and other industries are among the metaverse’s end users.

The market worth of metaverse in 2022 was USD 47.48 billion, and it will reach USD 678.80 billion by 2030, growing at a 39.44% CAGR During the forecast period. 

The metaverse facilitates the purchase of digital assets like cryptocurrencies and non-fungible tokens (NFTs), and as these assets are becoming more and more popular, this will positively affect the expansion of the metaverse market. Decentraland, a browser-based 3D virtual world platform, raised US$ 1.2 million in a fungible token auction using metaverse in February 2022.

Market Dynamics

Drivers

The top software developers and startup businesses are increasingly interested in and focused on fusing and converging the digital and physical worlds. Other factors driving the market growth include the rising adoption of mixed reality, rising smart phone and internet penetration in developing regions, and the COVID-19 pandemic. The market is also being supported by an increase in the number of product launch plans, particularly in the gaming industry, the penetration of blockchain technology into 3D environments, and the expanding popularity of trading digital goods and tokens.

Restraints

The expansion of the metaverse market is restricted because many of its users are unaware of the service and security alternatives available. Cyberattacks against important players like Tencent Holdings, Globant, and others have raised serious security and sensitivity issues.

Opportunity 

The metaverse offers an increasing number of professional choices. Because of the growing demand for various goods and services in the metaverse, more employment is being generated, which may accelerate market expansion. In the near future, the metaverse will generate 10,000 new jobs in fields like research, planning, development, safety, narrative, world-building, cybersecurity, and ad-blocking.

Market Segmentation

Platform Insights

The desktop segment ruled the market with the largest revenue share of more than 43.4% in 2021 due to the growth of online gaming. The market is growing due to rising video game revenues and an increase in the global audience for video games. In 2021, there will be more than 2.5 billion gamers worldwide. There is a growing need for desktop computers that can be utilize to play virtual reality games as the number of consumers who play video games rises.

Technology Insights

In 2021, the virtual reality and augmented reality segment ruled the entire market, with the highest revenue share of 35%. The gaming business is currently using metaverse VR and AR, accelerating market growth. When businesses employ VR for education and training, the user experience is enhance while expenses are reduce by using augment reality and virtual reality equipment. Due to these causes, the market for virtual reality and augmented reality gadgets has grown. According to one study, there were roughly 50 million virtual reality users and 83.7 million augmented reality users in the United States in 2020. 

Application Insights

In 2021, the gaming segment contributed for the biggest market share of 25% on the basis of application. It is due to significant developments & advancements by developers and a growing focus on enhancing immersion and making games more realistic. 

End-Use Insights

In 2021, the media and entertainment segment held the largest market, with a revenue share of 39%. The media and entertainment industry aids in enhancing participants’ social relationships. The companies leverage the metaphor notion to better the operations of entertainment brands. Such as world creation, immersive storytelling, and fostering innovation.

Offering Insights

Due to rising investments in bitcoins, NFTs, Ethereum, and other cryptocurrencies. The asset segment will expand at the highest CAGR of 40.0%. The virtual platforms category will account for a sizable revenue share. During the projection period due to the expansions in virtual metaverse platforms.

Regional Overview

North America held the highest revenue share of over 70% in 2021. As a result of the region’s considerable consumer adoption of new and more sophisticated technology. Additionally, a rising number of startups concentrating on creating metaverse platforms for commercialization will boost the expansion of the regional market’s revenue. Additionally, the region has a significant number of gaming and metaverse businesses focused on integrating metaverse into games, including The Sandbox, Nvidia Corporation, and Epic Games, Inc.

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Key Players 

  • Magic Leap, Inc.
  • Metease, inc.
  • Alibaba Cloud
  • Queppelin
  • Globant
  • Microsoft Corporation
  • Roblox Corporation
  • Nvidia Corporation
  • Alphabet, Inc.
  • Meta, Inc.
  • Tencent Holdings Ltd.

The market worth of metaverse in 2022 was USD 47.48 billion. And it will reach USD 678.80 billion by 2030, growing at a 39.44% CAGR During the forecast period. The metaverse presents an opportunity for monetary and commercial expansion. It improves online education, gaming, the use of cryptocurrencies, NFTs. And the working environment in many ways, fostering overall market expansion.

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Muteeb Asim

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