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Home » Information and Communication Technology » Metaverse Market Size, Industry Analysis Report, 2030

Metaverse Market By Components (Hardware, Software, Services), By Platform (Desktop, Mobile, Headsets), By Technology, Metaverse in Blockchain, Metaverse in Virtual Reality (VR) and Augmented Reality (AR), Metaverse in Mixed Reality (MR), Metaverse in Internet of Things (IoT), Others), By Offering, By Application, By End-Use, By Geography, Size, Share, Global Industry Analysis Report, Forecast, 2022-2030

Published On: Jun-2022   |   Base Year: 2022   |   No Of Pages: 135   |   Historical Data: 2015 - 2019   |   Formats: PDF   |   Report ID: 29932055

Report DescriptionTable of Contents

The global metaverse market size in 2022 was valued at USD 47.48 billion with a growth rate of 39.44% CAGR to a valuation of USD 678.80 billion by 2030.  North America comprehensively accounted for the largest market share, with over 45% in 2021.

 

A metaverse is a VR space where users can interact with other users in a computer-generated environment. The metaverse has many applications like healthcare, real estate, education, military, gaming, etc. The metaverse is increasingly used by individuals, mostly for work, art, or investments. According to a study published in PC Magazine, 52% of worldwide internet users join the metaverse for work possibilities, 48% for art and live entertainment, 44% for money investment, 40% for education, 32% for online dating and socialising, and 29% for gaming.

 

Metaverse allows its users to meet others by negating physical distances. It provides a platform with an immersive experience to the user having improved online social interactions and much more that are beyond social media. Newer business and financial growth opportunities are available in the metaverse. It improves online learning, education, gaming, and the use of cryptocurrencies, NFTs and the working environment in various ways, which in turn is expediting the overall market growth. 

 

metaverse market by share 2020-2030

Market Dynamics

Market Drivers (Increasing Adoption of New Technologies, Growing Demand for Metaverse Users to Purchase Digital Assets through Cryptocurrency)

  • The rising adoption of new technologies, like artificial intelligence (AI), mixed reality (MR), and blockchain, in the metaverse industry helps foster market growth. Companies like Facebook, Roblox, Fortnite, NVidia, Microsoft, epic, USM, Google, RTFKT Akira, and Oculus have incorporated metaverse extended reality (XR) systems and other new technologies or are in the process of incorporating them. According to a study, LG Group filed for 688 extended reality patents across 455 patent families, Sony filed for 87 XR patents across 78 patent families, while Qualcomm Incorporated filed for 80 patents across 28 patent families for the metaverse.

 

  • The metaverse uses cryptocurrency as its mode of transaction. Cryptocurrency is used to pay for everything on the metaverse, from non-fungible tokens (NFT) to avatar shoes. According to a study, 53% of companies invest in cryptocurrencies, while 44% invest in NFTs. According to a CNBC survey, 1 in 10 people invests in cryptocurrencies, which are used mostly in trading different commodities such as NFTs. As cryptocurrency exchanges are accessible worldwide, investors can use this currency to directly sell to purchasers on the metaverse, positively changing the metaverse market trends.

 

Market Restraints (Lack of Awareness of Service and Security Options)

  • The industry can face restraints to its growth due to its users’ lack of awareness of service and security options. Organisations operating in the market have been subject to cyber-attacks, which raises high sensitivity and security concerns. According to SonicWall, nearly 500 million cyber-attacks were reported through September 2021, with more than 1700 attacks reported per organisation.

 

Market Opportunities (Expansion of Opportunities for Business-to-Business (B2B), and Business-to-Consumer (B2C), Career Opportunities in the Metaverse)

  • Access to the metaverse’s marketplace for consumers is rapidly increasing in frontier and emerging economies. In the metaverse, the differences between B2C and B2B marketing are not visible that companies can leverage to grow their consumer bases while avoiding corporate trends. For example, a Gucci bag was worth more in the metaverse than in real life when it was resold for 350,000 Robux or USD 4115 in the Roblox metaverse. The same bag’s price in real life is approximately USD 3400. The expansion of opportunities can help boost the metaverse market size.

 

  • The career opportunities in the metaverse are growing. More jobs are being created due to the increasing demands for different products and services in the metaverse, which could ultimately increase market growth. According to a study, about 10,000 jobs across different sectors like research, planning, development, safety, world-building, storytelling, ad-blocking, and cybersecurity are expected to be created soon in the metaverse.

 

metaverse market by product 2020-2030

 

Global Metaverse Market Analysis Of Different Segments

The industry can be divided into segments based on components, platform, technology, offering, application, end-use, and region.

Based on Components

  • Hardware

  • Software

  • Services

 

Based on Platform

  • Desktop

  • Mobile

  • Headsets

 

Based on Technology

  • Metaverse in Blockchain

  • Metaverse in Virtual Reality (VR) and Augmented Reality (AR)

  • Metaverse in Mixed Reality (MR)

  • Metaverse in Internet of Things (IoT)

  • Others

 

Based on Offering

  • Metaverse in Virtual Platforms

  • Metaverse in Asset Marketplaces

  • Metaverse in Avatars

  • Metaverse in Financial Services

 

Based on Application

  • Metaverse in Gaming

  • Metaverse in Online Education

  • Metaverse in Advertising

  • Metaverse in Virtual Goods

  • Metaverse in edge computing

  • Metaverse in Online Shopping

  • Metaverse in social media

  • Metaverse in Conferences

  • Metaverse in Content Creation

  • Metaverse in Digital Twin Operations

  • Metaverse in Blockchain Applications

  • Metaverse in Virtualisation Tools

  • Metaverse in NFT

  • Metaverse in Payments

 

Based on End-Use

  • Metaverse in Healthcare

  • Metaverse in Real Estate

  • Metaverse in Customer Experience

  • Metaverse in Media and Entertainment

  • Metaverse in Manufacturing

  • Metaverse in Education

  • Metaverse in Military

  • Metaverse in Technology

  • Metaverse in Fashion

 

Based on Region
North America

  • United States of America

  • Canada

  • Mexico

  • Rest of North America

 

Europe

  • United Kingdom

  • France

  • Germany

  • Rest of Europe

 

Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Rest of Asia-Pacific

 

South America

  • Brazil

  • Rest of South America

 

The Middle East and Africa

  • United Arab Emirates

  • South Africa

  • Saudi Arabia

  • Rest of the Middle East and Africa

 

metaverse market by region 2020-2030

In terms of components, the hardware segment accounted for the maximum metaverse market share, with USD 16.58 billion in 2021, and is expected to grow at more than 38% CAGR. Due to an increasing focus by firms to produce products that have a better user experience and enable greater user immersion into the metaverse, the hardware segment is expected to account for the largest revenue size during the projected period. Many companies are developing hardware to enhance the user experience in the metaverse. In June 2021, analysts at JP Morgan suggested that Meta, Inc. will use Broadcom, Inc.’s application-specific integrated circuit (ASIC) chips to build its metaverse hardware.

 

In terms of Platform, the desktop segment accounted for the largest metaverse market size, with USD 16.38 billion in 2021. The desktop is currently a primary portal for entry into the metaverse. The desktop has more storage than a mobile device, allowing faster entry into the metaverse. The desktop processor has a larger screen and a physical keyboard, enabling smoother access to the metaverse. The internet connection speed is fixed for desktop, making it faster than the mobile internet connection speed. The different advantages of desktop over mobile cause more users to prefer it for multiverse entry, driving the market growth of this segment. According to a study, fixed internet connection speed on the desktop is 29.2 Mbps faster than mobile internet connection speed. According to another study, 48.88% of internet traffic for various purposes like metaverse entry comes from desktop users, while 47.59% of internet traffic comes from mobile users.

 

In terms of Technology, the metaverse in virtual reality (VR) and augmented reality (AR) segment showed the maximum market share in 2021, with revenue of over 35%. Currently, Metaverse VR and AR are being used in the gaming industry, propelling the market growth. The user experience is enhanced by using virtual reality and augmented reality devices, while costs can be cut when organisations use VR for education and training. These factors caused the demand for virtual reality and augmented reality devices to increase, fostering market growth. According to a study, around 50 million people used virtual reality in the United States and 83.7 million people used augmented reality in 2020, and these numbers are expected to rise to 65.9 million and 110.1 million users, respectively, in 2023.

 

In terms of Technology, Metaverse in Mixed Reality is expected to be the fastest-growing metaverse market, with a CAGR of 40.4%. Due to the increased use of MR for better engagement in the metaverse, the metaverse in the mixed reality market segment is growing tremendously. Mixed reality enables the user to see and immerse himself into the metaverse even as he interacts with it using his hands. Mixed reality helps adapt the metaverse to fit the real-life surroundings of the user. The benefits of mixed reality for the metaverse increase the number of users to adopt it, driving the market growth. A study by Boeing showed that mixed reality improved productivity in the metaverse by 25%, while another study showed that mixed-reality onboarding improved employee retention by 82% and productivity by 70%.

 

In terms of Offering, the metaverse in the asset marketplace is expected to have a high growth rate, with a CAGR of 40%. The increased investments in bitcoins, Ethereum, NFTs, and other cryptocurrencies have caused the metaverse’s rapid growth in the asset marketplace segment. Cryptocurrencies are protected from inflation, governed and managed by their user, decentralised, secure, and private. They are a cost-effective transaction method, allow for smooth currency exchange, and allow easy transfer of funds. The benefits of a cryptocurrency cause more users and businesses to adopt it in the metaverse, which causes its market expansion. According to a study, around 300 million people, or 3.9% of the total population use cryptocurrencies for different transactions in 2021. Around 18,000 businesses have started adopting cryptocurrency payments for transactions such as those in the metaverse.  

 

In terms of Application, the metaverse in gaming has the maximum revenue share with 27.17% in 2021. Due to developers’ significant ongoing developments and innovations and a growing focus on boosting immersion and realism in games, the gaming segment had the highest market share in 2021. VR, AR, and MR devices are increasingly being used to access and provide a real experience for gaming. Epic Games was reported to invest USD 1 billion to accelerate the gaming segment in the metaverse in 2021, and it announced a further USD 2 billion investment for metaverse advancement along with KIRKBI.

 

In terms of End-Use, The Media and Entertainment segment held a significant portion of total global industry revenue. The industry is working to improve participant social interactions. Companies are also using the metaverse concept to add value to entertainment brands by enhancing offerings such as immersive storytelling, unleashing fan creativity, and world-building. These three factors contribute to the franchise-building process while also increasing audience engagement. The concept will improve storytelling by incorporating an immersive and interactive experience. The COVID-19 pandemic aided the growth of the media and entertainment segment.

 

North America is having the largest share, with a revenue of over 70 % in 2021. The North American region’s market share is high due to the customers and users in North America that adopt new and complex technology. Americans are increasingly using VR, MR, AR, and other new technology to access and experience the metaverse as real as possible. Americans also enjoy their experience in the metaverse, which compels them to invest in devices that would further enhance their experience in the metaverse. The increased demand for devices that enhance their experience fosters market growth. According to a study, 37% of Americans believe life in the metaverse would be more fun than real life, 38% believe the metaverse makes their life better, 47% use it to socialise efficiently, and 48% do not feel overwhelmed about the multiverse, 40% understand the purpose of the metaverse, and 57% believe that the metaverse will be as popular as traditional social media platforms.

 

Due to many start-ups and organisations, the Asia-Pacific region could be the fastest-growing metaverse market. The industry in India, for example, is seeing tremendous growth due to a lot of start-ups and organisations plying in the metaverse being present. The metaverse consumer base is also growing in Asia-Pacific due to the increased adoption of technology that would enhance their experience in the metaverse, which increases the demand for these devices and the market growth. According to China’s Social Sciences Academic Press and NetEase, 31.8% of people use the QQ metaverse platform seven days a week, while another study suggests that the South Korean metaverse platform Zepeto has about 2 million active Asian users a day.

 

Report Attribute

Details

Forecast Period

2022 - 2030

Market size value in 2022

USD 47.48 billion

Revenue forecast in 2030

USD 678.80 billion

Growth rate

CAGR of approximately 39.44%

The base year for estimation

2022

Historical data

2015 – 2019

Unit

USD Billion, CAGR (2022 - 2030)

Segmentation

By Components, By Platform, By Technology, By Offering, By Application, By End-Use, and By Region.

By Components

Hardware, Software, Services

By Platform

Desktop, Mobile, Headsets

By Technology

Metaverse in Blockchain, Virtual Reality (VR) and Augmented Reality (AR), Mixed Reality (MR), Internet of Things (IoT), Others

By Offering

Metaverse in Virtual Platforms, Asset Marketplaces, Avatars, Financial Services

By End-Use

Metaverse in Healthcare, Real Estate, Education, Military, Manufacturing, Social Media, Customer Experience, Digital Twin Operations, Advertising, Online Education, Entertainment, Virtual Goods, Technology, Edge Computing, Online Shopping, Content Creation,  Conferences, Fashion, Blockchain Applications,  Virtualisation Tools, Payments, NFT, Gaming

By Region

Asia0Pacific, North America, Europe, South America, the Middle East and Africa

Country Scope

United States of America, Canada, Mexico, United Kingdom, France, Germany, China, Japan, India, South Korea, Brazil, Saudi Arabia, South Africa, United Arab Emirates

Company Usability Profiles

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

 

 

Global Metaverse Market Competitive Landscape Analysis

The investments in R&D and other advanced technologies such as AI, cloud, and machine learning (ML) and strategic decisions such as mergers & acquisitions enable major competitors to acquire a significant share in the industry. The key competitors in this market are:

 

  • Tencent Holdings Ltd.

  • Meta, Inc.

  • Alphabet, Inc.

  • Nvidia Corporation

  • Roblox Corporation

  • Microsoft Corporation

  • Globant

  • Queppelin

  • Alibaba Cloud

  • Netease, Inc.

  • Magic Leap, Inc.

 

Recent Developments

  • In January 2022, Microsoft announced its acquisition of Activision Blizzard, Inc. Microsoft believes that this acquisition will accelerate Microsoft’s gaming business growth across mobile, PC, cloud, and console and will lay the foundation for the metaverse industry.

 

  • In January 2022, The Sandbox announced a collaboration with Warner Music Group to launch the first music-themed world in the Sandbox gaming metaverse. This partnership marks WMG’s first main entry into the NFT metaverse realm and Sandbox’s first deal with a major music company.

 

  • In November 2021, TaleCraft Majuro announced the launch of its medieval-themed NFT gaming metaverse. TaleCraft believes that users on its platform will be able to explore a medieval game setting and use crafted NFTs for many activities in-game.

 

  • In November 2021, Microsoft announced Mesh for its Teams platform. Mesh combines Teams’ productivity tools, where people can attend virtual meets, collaborate on shared documents, send chats and more, with the mixed-reality capabilities of Mesh, which allows people in various physical locations to join shared and collaborative holographic experiences. Microsoft believes Mesh can help people engage more in the meetings while making the team more effective.

 

  • In November 2021, Tencent announced a collaboration with the Asian Institute of Digital Finance (AIDF). Through this partnership, Tencent Financial Technology (FiT) and AIDF will partner in education, entrepreneurship, and research to better support the Asian digital finance industry, which is growing rapidly.

 

List of Metaverse Platforms that Key Market Leaders Develop

 

Platform

Function

Key Player

Facebook Metaverse

Metaverse in social media

Meta, Inc.

Fortnite Metaverse

Metaverse in gaming

Epic Games

Ominverse - Nvidia Metaverse

Metaverse in digital twin operations

Nvidia Corporation

Microsoft Metaverse

Metaverse in mixed reality

Microsoft Corporation

Metaverse Minute – Unity Metaverse

Metaverse in digital twin operations

Unity

Frequently Asked Question About This Report

b: The key factors that drive the growth of the metaverse market are the increasing adoption of new technology and the growing demand for metaverse users to make transactions using cryptocurrency.

b: The main competitors in the metaverse market are Tencent Holdings Ltd., Meta, Inc., Alphabet, Inc., Nvidia Corporation, Roblox Corporation, Microsoft Corporation, Globant, Queppelin, Alibaba Cloud, Netease, Inc., and Magic Leap, Inc.

b: The expected CAGR for revenue for the global metaverse market over the forecast period (2022-2030) is 39.44%.

b: A metaverse is a VR space where users can interact with other users in a computer-generated environment.

b: The global metaverse market size will be USD 678.80 billion by 2030.

b: The global metaverse market size was $47.48 Bn in 2022 and is predicted to grow to $678.80 Bn by 2030, with a CAGR of 39.44% during the period 2022-2030.

b: The estimated metaverse market in 2030 is USD 678.80 billion at a CAGR of 39.44%.

b: The global metaverse market size will be USD 678.80 billion by 2030.

.