Metaverse Market Is Expected To Reach around USD 1.3 Trillion By 2030, Grow at a CAGR Of 44.5% during Forecast Period 2023 To 2030

According to a market research study published by Contrive Datum Insights, North America is likely to bring in the most money in 2021, more than 46.0% of share.

Farmington, Jan. 26, 2023 (GLOBE NEWSWIRE) — The Global Metaverse Market Was Valued At USD 51.69 Billion In 2022 And It Is Estimated To Surpass Around USD 1.3 Trillion By 2030 With A Registered CAGR Of 44.5% During The Forecast Period 2023 To 2030. Focusing on how the digital and real worlds are getting closer together, the fast-growing trends of virtual economy and crypto-gaming, and the growing popularity of online games are all big things that are driving growth in market revenue.

Metaverse is a place where the real world, Augmented Reality (AR), and Virtual Reality (VR) all live together. The metaverse works well because of important technologies like Virtual Reality (VR), Augmented Reality (AR), Extended Reality (XR), which combines the real and virtual worlds, and Artificial Intelligence (AI).

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Recent Developments:

• In January 2022, The Sandbox announced a partnership with Warner Music Group to launch the first music world in The Sandbox’s metaverse. Warner Music Group (WMG) would take its first steps into the Metaverse and NFT sectors with this alliance.

• In November 2021, Tencent Holdings, Ltd announced that it had partnered with the Asian Institute of Digital Finance. The companies will collaborate in education, research and entrepreneurship to support Asia’s fintech industry.

• In November 2021, Epic Games, Inc acquired Harmonix Music Systems, Inc. While continuing to support existing products such as Rock Band 4; The Harmonix team will be working closely with Epic Games, Inc to develop musical adventures and gameplay for Fortnite.

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Segment Overview

Product Insights

The hardware segment was worth USD 16.58 billion in 2021, and it is expected to grow by more than 38.0% each year. Hardware is expected to bring in the most money over the next few years because companies are working harder to make products that give users a better experience and let them stay immersed for longer. To make virtual worlds feel more real, companies are also making more advanced hardware like VR/AR headsets, haptic devices, and sensors. This segment’s revenue growth is also expected to be driven by the design of interfaces that let people access 3D content on different devices, like next-generation TVs, smartphones, and smart glasses called HoloLens.

Platform Insights

From 2022 to 2030, the segment that made the most money was desktops, followed by headsets. It was thought that the segment would be worth USD 16.38 billion in 2021. Before smartphones and wireless networks became popular, computers were the main way to get into the metaverse. Users can use the computer in virtual reality with the HTC Vive, Oculus Rift/Rift S, WMR headsets, and Valve Index. On a huge virtual screen, users can surf the web, watch Netflix movies, and even play games.

Offering Insights

With a CAGR of 40.0%, the asset marketplace segment is expected to grow the fastest during the forecast period. This is because more people are investing in cryptocurrencies like bitcoins, NFTs, Ethereum, and others. The virtual platforms segment is expected to make a lot of money during the forecast period because virtual metaverse platforms are growing. Virtual platforms are the design and management of integrated, usually three-dimensional, virtual simulations, settings, and environments where people and businesses can find, create, socialise, and do a wide range of other things while also running a business.

Technology Insights

In 2021, augmented reality (AR) and virtual reality (VR) technology brought in more than 35.0% of all income. In the technology segment of the global market, the Mixed Reality (MR) segment is expected to have the highest CAGR of 40.4% over the next few years. This is because more and more people use MR to better communicate with the metaverse. The global market is divided into three groups based on the technology: blockchain, virtual reality (VR) and augmented reality (AR), mixed reality (MR), and other technologies. The other segment includes AI, IoT, 3D reconstruction, brain-computer interface, machine learning, 5G, etc.

Application Insights

With a share of 27.17%, the gaming segment brought in the most money in 2021. This was because game makers were always coming up with new ideas and making their games better. They were also putting more effort into making games more realistic and immersive. Also, companies are putting more focus on using games to promote their corporate image, which is likely to bring in more money. The market is divided into gaming, online shopping, making content and social media, events and conferences, making content, digital marketing (advertising), testing and inspection, and other uses.

Regional Outlook:

North America is likely to bring in the most money in 2021, more than 46.0% of the total. This is because customers and users in the area are switching to newer technologies that are harder to use. The fact that more and more start-ups are focusing on building commercial platforms for the metaverse is also expected to help the regional market’s revenue grow. Also, there are a lot of gaming and metaverse companies in the area, like The Sandbox, Nvidia Corporation, and Epic Games, Inc. that focus on putting metaverse into games. This leaves room for the market to grow. For example, Nvidia Corporation announced partnerships with Blender and Adobe that will help millions more people use NVIDIA Omniverse, which is the world’s first platform for collaboration and simulation.

During the time frame of the forecast, the Asia-Pacific region is expected to have a very high CAGR.

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Scope of Report:

Drivers:

The metaverse market is growing because more and more people are using new technologies like mixed reality (MR), extended reality (ER), artificial intelligence (AI), and blockchain. Companies like Roblox, Facebook, NVidia, Fortnite, Epic Games, Microsoft, Google, USM, Oculus, and RTFKT Akira have already made metaverse XR/extended reality systems and other new technologies or are in the process of doing so. Research shows that LG Group filed almost 688 extended reality (ER) patents in about 455 patent families, Sony filed about 87 XR patents in about 78 patent families, and Qualcomm filed almost 80 metaverse patents in about 28 patent families.

Restraint:

If users don’t know about their service and security options, the metaverse market might not grow as quickly as it could. There have been cyberattacks on key players like Tencent Holdings, Globant, and others, which raises high security and sensitivity concerns. SonicWall says that between September 2021 and nearly 500 million cyberattacks, each organisation reported more than 1700 cyberattacks.

Opportunity:

Business-to-business, or B2B, marketing includes things like meetings with clients, trade shows, product demos, commercials, customer service, and so on. Since the metaverse came along, all of these things about B2B marketing have gotten a lot better. Most of B2B’s products are commodities, so good customer service through metaverse can help it grow in a big way. Also, metaverse has almost gotten rid of some of the biggest differences between B2C and B2B, such as ROI, Target Audience, etc., which will help the market grow in the future.

Key Segments Covered:

Top Market Players:
META, NVIDIA Corporation, Epic Games, Microsoft, Snap Inc., Nextech AR Solutions Inc., The Sandbox, Decentraland, Roblox Corporation, Qualcomm Technologies, Inc., and others.

By Product

By Platform

By Technology

By Offering

• Virtual Platforms

• Asset Marketplaces

• Avatars

• Financial Services

By Application

By End-use

• BFSI

• Retail

• Media & Entertainment

• Education

• Aerospace and Defense

• Automotive

• Others

Regions and Countries Covered

• North America: (US, Canada, Mexico, Rest of North America)

• Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)

• Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)

• The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)

• Latin America: (Brazil, Argentina, Rest of Latin America)

• Rest Of the World

Check out more related studies published by Contrive Datum Insights:

• Blockchain In Retail Market – The Global Blockchain In Retail Market Size Was Valued At USD 240.45 Million In 2022 And Is Projected To Reach USD 30,641.76 Million By 2030, Growing At A CAGR Of 91.67% From 2023 To 2030. In 2020, North America had the largest market share. To keep its place on the global market, the region has put a lot of money into blockchain in retail services and technology.

• Web 3.0 Blockchain Market – The Global Web 3.0 Blockchain Market Size Was USD 1.36 Billion In 2022 And Is Expected To Expand At A Compound Annual Growth Rate (CAGR) Of 44.9% From 2022 To 2030. North America will have nearly 56.2% of the market in 2023.

• Fintech blockchain Market – The Fintech blockchain Market size was valued at US$ 2.012 Billion. The total Fintech blockchain revenue is expected to grow by 75.80% from 2022 to 2030, reaching nearly US$ 183.56 Billion. North America is expected to show most of the growth in the FinTech blockchain market.

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