USD 63.45 billion
Metaverse Market Size, Share, Growth Analysis, By Component(Hardware and Software), By Technology(AR, VR, and MR), By Application(Gaming and Social Media), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45D2039 |
Region:
Global |
Published Date: August, 2024
Pages:
157
|Tables:
153
|Figures:
77
Metaverse Market Insights
Global Metaverse Market size was valued at USD 63.45 Billion in 2022 and is poised to grow from USD 86.31 Billion in 2023 to USD 803.29 Billion by 2031, growing at a CAGR of 39.68 % in the forecast period (2024-2031).
Metaverse is a terminology that describes the 3D virtual world experience, which is immensely engaging and can be accomplished through the incorporation of technologies such as AR, VR, and MR. The metaverse platforms improves the internet by developing a virtual world where users can easily take part in immersive gaming and conduct businesses. Companies are also utilizing metaverse for socializing, purchasing, and selling real estate and indulging in immersive entertainment. The global market is experiencing massive advancement owing to the rise in demand for work from home and remote work instruments during the COVID-19 pandemic and post COVID. It is also estimated that a positive trend towards decentralized network technology will also offer massive opportunities for market development. Furthermore, many gaming companies and digital technology businesses are also emphasizing offering particular metaverse for the consumers by investing in them. More factors which are increasing the growth of the market revenue are the rise in the number of participants and the advancement conducted in metaverse (XR) technologies.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Gaming
Fastest Growth
Online Shopping
Growth Rate
39.68% CAGR
Global Metaverse Market ($ Bn)
Country Share for North America Region (%)
To get more reports on the above market click here to Buy The Report
Metaverse Market Segmental Analysis
The metaverse market is segmented based on component, technology, application, and region. Based on components, the market is segmented into Hardware and Software. Based on technology, the market is divided into Artificial Intelligence, Virtual Reality, and MR. Based on application, the market is segmented into Gaming and Social Media. Region wise, the market is divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Application
Based on application, the gaming segment is witnessing the highest growth and dominating the market. The gaming applications provide rich, interactive experiences that successfully engage the users for extensive periods, developing a strong foothold for the developing metaverse settings. Furthermore, the gaming sector has a massive and diversified user base that includes demographics and geographic regions, offering a wide audience for metaverse applications. The gaming applications also frequently serve as social hubs where gamers can interact, collaborate and compete with each other, encouraging community engagement and user retention. Furthermore, gaming organizations are leading technological innovation, boosting advancements in areas like network, AI, and graphics, which are vital for developing compelling metaverse experiences.
The social media segment is growing rapidly due to the social media platforms that are used for generating content of different kinds. With the help of these advanced platforms people can create virtual events and digital communities. Prominent social media organizations like Meta, Decentraland, VR Chat Platforms, and others are increasingly advancing their market presence with the increasing users of social media platforms in every corner of the world. The popularity of these platforms has also increased as the encourage people to seamlessly connect in virtual realities, create and share contents, and even host virtual contents imitating physical-world connections
Analysis by Technology
Based on technology, the VR and AR segment is witnessing the largest market share. AR and VR technologies provide immersive and interactive experiences that allow users to engage with virtual environments in unique ways. It encourages in applying deeper levels of immersion and presence. This increasing sense of reality and interactivity has gained immense attention from many users throughout various industries. It includes gaming, entertainment, education, and medical care, boosting the demand for AR and VR solutions. Furthermore, developments in hardware like VR headsets and AR glasses have also made these technologies more available and cost-efficient, fueling the adoption rates. Additionally, the flexibility of AR and VR applications allows a vast range of use cases like virtual meetings, training simulations, product visualizations. They are serving diverse requirements and preferences, boosting the metaverse market growth.
The mixed reality segment is showing immense growth in the metaverse market. Mixed reality (MR) generally mixes components of AR and VR, offering a compact fusion of virtual and real-world environments. Such innovative abilities allow highly immersive and interactive experiences that can reduce the gap between physical and digital worlds. It helps to offer users an outstanding level of presence and engagement. Furthermore, MR technologies allow users to communicate with virtual objects and environment in real-world settings. This has helped in developing various applications for industries like gaming, education, medical care, and enterprise. The developments in MR hardware, like headsets and glasses and making these technologies more available and user-friendly, fueling the demand for MR solutions.
To get detailed analysis on other segments, Request For Free Sample Report
Metaverse Market Regional Insights
North America is dominating the global metaverse market. The consumers in these regions are considered as the early adopters of advanced technologies. They have often focused on investments in devices like VR headsets, gaming consoles embedded with metaverse abilities, and high-speed internet connection for smooth metaverse experiences. This shift has established a robust market for metaverse products and services in the region. Using North America’s prominent gaming culture, the gaming sector is estimated to emerge has a vital driver of the metaverse. Platforms like Roblox and Fortnite, developed by organizations like Roblox Corporation and Epic Games are incorporating metaverse components into their offerings. The current user base places them in a better position for early adoption of metaverse concepts, boosting market growth.
The Asia Pacific region is showing the fastest growth in the metaverse market. The region is popular for its rapid adoption of technologies, which is boosted by increase in population, high internet penetration, and usage of smartphones. This technologically advanced group prefers to use new digital experiences, particularly the ones offered by Metaverse. Asia Pacific region also has robust gaming and entertainment sectors, with increasing demand for immersive and interactive experiences. Metaverse platforms incorporate gaming features and virtual entertainment. The high demand for these experiences is fueling the market growth. Developing markets in Asia Pacific offer substantial opportunities for the Metaverse Market. Countries like China, India, and Southeast Asia have massive consumer bases, increasing middle-class populations, and growing disposable incomes. This is increasing Metaverse expansion and investment.
Global Green Metaverse Market By Geography
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Metaverse Market Dynamics
Drivers
Growing Demand for Interactive and Immersive Digital Experiences
- The Metaverse market is substantially boosted by the growing demand for immersive and interactive digital experiences. This is majorly fueled by the developments in virtual reality (VR), augmented reality (AR), and mixed reality (MR). These technologies improve user engagement by providing more realistic and engaging scenarios, especially in the media, entertainment, and gaming sectors. The growing popularity of XR (Extended Reality) devices such as VR headsets providing a first-person perspective and natural user interfaces, contributes to developing massively engaging virtual settings.
High Demand for Metaverse Platforms
- With the rising usage of metaverse platforms, companies and people have got to know innovative methods of socializing with other people worldwide and helped them to hang out with virtually. Metaverse provides businesses with various tools to deal with the current difficulties related to working remotely, work from home, along with remote education. It can give businesses and institutions a setting in which they can meet and manage workers virtually, communicate with them, and keep a check on their body language. Metaverse platforms also help in managing in-person consultation while working remotely.
Restraints
Increasing Cybersecurity Threats
- The growing extension of the metaverse also brings immense cybersecurity difficulties. The incorporation of VR, AR, IoT, and cryptocurrencies develops new avenues for cyberattacks. Concerns about data security and privacy are growing as user identities and financial transactions in Metaverse can become the initial targets for hacking, phishing, and other malevolent activities. It has become important to ensure proper security measures and privacy protections will be vital for gaining and maintaining user trust and encouraging more adoption of metaverse technologies.
High Installations and Maintenance Expenses
- One of the major restraints in metaverse market is the extreme expenses related with the installation and current maintenance of advanced metaverse elements. The complex infrastructure needs to support immersive experiences, like unique XR devices and high-speed connectivity, requires initial and operational expenses. These costs can create hindrance to entry for smaller enterprises and restrict the wider adoption of metaverse technologies among cost-sensitive customers.
Request Free Customization of this report to help us to meet your business objectives.
Metaverse Market Competitive Landscape
Many companies are using product launches and advancements, along with expansions, mergers & acquisitions, contracts, agreements, and collaborations as their main business strategy for increasing their market share and presence. Companies are also using various methods to improve market penetration and boost their position in this competitive sector. For example, in February 2024, The Walt Disney Company partnered with Epic Games Inc., as Disney invested $1.5 billion to secure a significant ownership interest in Epic Games. Disney has planned to develop a massive games and entertainment universe related to Fortnite. This collaboration aims to incorporate Disney stories and characters into Fortnite by using Unreal Engine.
Top Player’s Company Profile
- 3i Inc. (South Korea)
- Apple Inc. (US)
- Atari, Inc. (France)
- Autodesk Inc. (US)
- Dapper Labs (Canada)
- Decentraland (China)
- Epic Games, Inc. (US)
- Fastly (US)
- Google LLC (US)
- IBM Corporation (US)
- Infosys (India)
- Magic Leap, Inc. (US)
- Meta Platforms, Inc. (US)
Recent Developments
- In January 2023, the International Organization for Public-Private Cooperation in Geneva partnered with Microsoft and Accenture. The aim was to develop a Global Collaboration Village. The platform will emphasize virtual multi-stakeholder cooperation.
- In December 2022, Meta announced that it will invest USD 2.5 million for supporting European academic research. This will help in discovering opportunities and problems in the metaverse.
- In February 2024, Roblox launched a real-time AI chat translator for improving interaction within its virtual worlds. It will help to develop a more inclusive and accessible metaverse environment.
Metaverse Key Market Trends
Growing Use of Metaverse in Gaming and Recreation to Surge Market Expansion
- It has been seen that consumers are utilizing online games for recreational purposes. This is helping them in extending the metaverse as it provides a better interface compared to the conventional gaming platforms. Furthermore, using equipment and platforms such as smart helmets, VR headsets, and MR displays have assisted in enhancing the gaming experience, resulting in the increasing use of metaverse in games. Therefore, this has resulted in the expansion of the market.
Evolution in Digital Asset Transactions
- The metaverse offers considerable opportunities for the economy of digital assets, using blockchain technology and cryptocurrencies. Users in the metaverse can develop, purchase, and sell digital assets like NFTs and metaverse securely and efficiently. This not only improves user engagement through monetization but also implements new economic models where digital ownership and transactions are vital.
Metaverse Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the global metaverse market, many prominent organizations are massively investing in metaverse technologies. They are launching platforms, hardware, and tools that allow virtual experiences, social interactions, and immersive content creation. Many market leaders in the gaming sectors are developing expansive virtual worlds, developer tools, and platforms that enable users to create and monetize their contents. These organizations are using their massive user bases and established networks to boost metaverse adoption among their audiences.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 63.45 Billion |
| Market size value in 2031 | USD 803.29 Billion |
| Growth Rate | 39.68% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Metaverse Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Metaverse Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Metaverse Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Metaverse Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Metaverse Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Metaverse Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
