What Is the Size of Global Metaverse Industry?
Global Metaverse market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028F. The Metaverse Market is largely driven by the increase in popularity of virtual Reality, augmented reality, and mixed reality the metaverse is gaining momentum as it helps in connecting the physical world with the virtual environment.
Metaverse helps in purchasing digital assets such as cryptocurrencies and non-fungible tokens (NFTs) and as these digital assets are gaining popularity day by day this will provide a positive impact on the growth of the metaverse market. In February 2022, Decentraland a 3D virtual world browser-based platform raised US$ 1.2 million in a fungible token auction using metaverse.
The retail and eCommerce industry are investing in the metaverse as it helps to showcase products in the virtual world. In May 2021, United Nations Conference on Trade and Development, an intergovernmental organization stated that Global e-commerce sales had reached US$ 26.7 trillion in 2019 which get boosted due to online sales and such an increase in eCommerce will create a huge opportunity for the Metaverse Market to grow. Furthermore, COVID-19 plays an important role in the metaverse concept as people start working from home, students began education online, and users start adopting online video gaming.
Global Metaverse Market By Components
The Global Metaverse market is segmented by Component into Hardware, Software and Professional Services. The hardware segment held the largest market share of the Global Metaverse Market in 2022 as hardware provides components such as AR/VR headsets and displays to the user which is the primary need to access the metaverse.
Hardware is used to provide customers products like AR/VR headsets and displays, Extended Reality hardware. There are some other hardware products which include a tracking system, projectors & display walls, and scanning sensors. In 2021, Meta Platforms, an operator of social media technology, announced that its product Quest 2 VR headsets captured 78% (8.7 million units) of the entire headsets Market (11.2 million units).
Global Metaverse Market By Platform
The Global Metaverse Market is segmented by Platform into Desktop, Mobile, Wearable and Others. The desktop segment accounted for the majority share of the global metaverse market in 2022, owing to the raising adoption of online gaming. Increasing the video gaming audience creates a demand for desktop devices which helps in experiencing virtual reality gaming. The mobile segment is expected to grow with the highest CAGR as it is becoming a more useful and easiest way to connect to the metaverse.
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Desktop has the primary portal into the Metaverse Market, Virtual Desktop is a program that allows users to utilize Virtual Reality using VR headsets. Users can publish and communicate with each other using video conferencing using Metaverse. The smartphone market is increasing and they are becoming the more useful and easiest way to connect to the metaverse.
Global Metaverse Market By Offering
The Global Metaverse market is segmented by Offering into Virtual Platforms, Asset Marketplace, Avatars and Financial Services. Asset Marketplace segment held the largest share of the global metaverse market in 2022, due to an increase in the investment of bitcoins, NFTs (Non-Fungible Tokens), and Cryptocurrencies.
An Asset Marketplace is a platform for trading digital assets such as in-game assets, virtual land, and non-fungible tokens all the transaction which is done based on blockchain technology, and NFTs can be used and transferred in the metaverse. The US government still owned US$4.08 billion in Bitcoin as of February 2022, government involvement in the asset market drives the growth of the global metaverse market.
Global Metaverse Market By Technology
The Global Metaverse market is segmented by Technology into Augmented Reality (AR) & Virtual Reality (VR), Mixed Reality, Blockchain and Others (IoT, etc). Augmented reality and virtual reality segment held the largest share of the global metaverse market in 2022, due to the rising demand for services based on virtual reality (VR) and augmented reality (AR), as well as the usage of technology to produce the experience of virtual environment. Metaverse Virtual Reality and Augmented reality is been used in various industries such as Gaming and entertainment, Healthcare, Education, and many more.
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Global Metaverse Market By End-User
The Global Metaverse market is segmented by End-User into Gaming, social media & Live Events, Online Shopping, Industrial Manufacturing, Aerospace and Defense, Education, Healthcare and Others (Content Creation, Virtual Runway Shows, Fashion, Testing & Application).
The gaming segment held the largest share of the global metaverse market in 2022, due to the substantial ongoing improvements and advancements made by developers and the rising emphasis on increasing immersion and realism in games.
Market Taxonomy
By Component
- Hardware
- Software
- Professional Services
By Platform
- Desktop
- Mobile
- Wearable
- Others
By Offerings
- Virtual Platforms
- Asset Marketplace
- Avatars
- Financial Services
By Technology
- Augmented Reality (AR) & Virtual Reality (VR)
- Mixed Reality
- Blockchain
- Others (IoT, etc)
By End-User
- Gaming
- Social Media & Live Events
- Online Shopping
- Industrial Manufacturing
- Aerospace and Defense
- Education
- Healthcare
- Others (Content Creation, Virtual Runway Shows, Fashion, Testing & Application)
By Geography
- North America (USA Canada, Mexico)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Australia, Rest of Asia-Pacific
- Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
- Latin America, Middle East & Africa (LAMEA)
Key Competitors
- Meta Platforms Inc.
- NVIDIA Corporation
- Microsoft
- Nextech AR Solutions Inc.
- Decentraland
- Roblox Corporation
- Tencent Holdings Ltd.
- Bytedance
- Unity Software Inc.
- Antier Solutions
- Alibaba group holding limited
- Epic Games, Inc.
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