Metaverse Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Software, Service); By Technology; By Application; By Industry Vertical; By Region; Segment Forecast, 2022 - 2030
- Published Date:Oct-2022
- Pages: 101
- Format: PDF
- Report ID: PM2661
- Base Year: 2021
- Historical Data: 2018-2020
Report Summary
The global metaverse market was valued at USD 38.77 billion in 2021 and is expected to grow at a CAGR 39.3% during the forecast period. The metaverse is a virtual digital ecosystem that uses blockchain, augmented reality (AR), and virtual reality (VR) for social interaction and communication.
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It provides a unified network of 3D virtual worlds, which can be experienced through a virtual reality headset. It offers access and navigation through voice commands, feedback controllers, or eye movements. Several companies have announced developments related to the metaverse. Facebook announced its rebranding to Meta, which is a VR social platform. Roblox is developing platforms to provide user-generated video games.
The industry is expected to grow during the forecast period. These platforms can help provide its users and businesses with a more engaging and interactive social media experience. Moreover, such platforms can provide more intrusive user data, helping businesses to find their customers more easily and even promote their products.
Moreover, during the pandemic, this sector remained mostly unaffected but rather witnessed a positive growth period. Although metaverse platforms are a relatively new sector in the gaming and social media industry, it is already experiencing certain issues. For instance, in December 2021, Meta Inc. discovered cybercriminals running phishing scams designed to deceive people into sharing their login credentials.
Similarly, in November 2021, scammers targeted users of the platform of Facebook (Meta) to attract users and make them invest in their fake cryptocurrency projects, such as “META coin,” disguising it as the official currency for Facebook’s platform. To counter such scams, Facebook later notified its users about the same and declared that it would not have an exclusive cryptocurrency as its currency.
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Industry Dynamics
Growth Drivers
Decentralization provides access to user-generated content and interconnected environments with the ability to interface between various virtual environments, which enables users to enjoy an unrestricted experience. In addition, many metaverse companies are adopting a decentralized blockchain network for their platforms, which is expected to boost the growth of the overall industry. Moreover, with the push toward a decentralized internet network (Web 3.0), demand for social media and gaming platforms based on advanced technologies is expected to grow at a brisk pace in the coming few years.
Report Segmentation
The market is primarily segmented based on component, technology, application, industry vertical, and region.
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By Component |
By Technology |
By Application |
By Industry Vertical |
By Region |
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Software segment is expected to hold a significant share in 2021
The market for software is expected to have a considerable share during the forecast period. Metaverse software is an application that is used by various industries to increase speed, reduce latency, and improve the flexibility of the virtual world. In addition, the growth of the software segment is predicted to be driven by the appealing interface and intuitiveness of the software.
In addition, industrial metaverse software helps customers to increase their productivity by providing them with enhanced simulators, which helps them to eliminate the time required to deploy the device, thus augmenting the growth of the industry.
Furthermore, various game development companies are adopting metaverse software for developing games that have high quality and provide an enhanced experience to end users. In addition, simulator software is important as it majorly contributes to the user interface and increases the security of the gamers, which, in turn, provides lucrative opportunities for the market.
Virtual reality & augmented reality accounted for the largest market share
Among these, virtual reality & augmented reality is expected to be the largest market in the metaverse industry. Virtual reality and augmented reality enable access to the metaverse for providing peer-to-peer interactions. Real-world experiences are combined with elements of virtual and augmented reality to offer an immersed experience to users.
Content creation and social media is expected to be the most lucrative segment
Content creation and social media are expected to be the most lucrative segment during the forecast period. Content is the very nature of experiences on the internet. Content creators play a huge role in creating the Web 2.0 and Web 3.0 space. In addition, the growing number of content creators across the globe and a surge in need for the such platform by various content creators is driving the growth of the industry.
North America region will lead the global market by 2030
North American region is expected to account for a larger share in the metaverse market owing to its expanding investments in new technologies such as AI, AR/VR, and blockchain. Expanding the presence of metaverse providers and increasing government support for compliance with regulations are the major factors that boost the industry's growth.
Furthermore, North America is expected to maintain its dominance during the forecast period, owing to growth in the adoption of metaverse solutions across end-user industries, such as BFSI, retail, and media & entertainment.
Competitive Insight
Some of the major players operating in the global market include Alibaba Group Holding Limited, ByteDance Ltd, Facebook, Inc., Huawei Technologies Co. Ltd., Meta, Microsoft Corporation, Nextech AR Solutions Inc., NVIDIA Corporation, Roblox Corporation, Sandbox VR, Shenzhen Zqgame Co., Ltd, Tencent, Unity Technologies, VR Chat, and ZQGame.
The prominent players operating in the global metaverse market are adopting new technologies and solutions to introduce new platforms to serve a wider customer base. Partnerships and collaborations between major players are being observed to strengthen market presence and enter new geographies. Several small and medium sized business have entered the industry to capitalize on the growing demand for metaverse.
Recent Developments
In May 2022, Nextech AR Solutions Corp launched 365 Marketplace with Restaurants Canada at the RC Show 2022. This new development to the event platform is aimed at providing a hybrid platform for international marketplace and virtual event space. The new development provides a centre for ecommerce with superior level of interaction through use of ARitize 3D technology.
In March 2022, NVIDIA Corporation launched NVIDIA Omniverse which will enable the developers to collaborate, share assets, sort asset libraries, and deploy AI to animate characters facial expressions.
Metaverse Market Report Scope
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Report Attributes |
Details |
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Market size value in 2022 |
USD 47.91 billion |
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Revenue forecast in 2030 |
USD 680.80 billion |
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CAGR |
39.3% from 2022 - 2030 |
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Base year |
2021 |
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Historical data |
2018 - 2020 |
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Forecast period |
2022 - 2030 |
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Quantitative units |
Revenue in USD billion and CAGR from 2022 to 2030 |
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Segments covered |
By Component, By Technology, By Application, By Industry Vertical, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Alibaba Group Holding Limited, ByteDance Ltd, Facebook, Inc., Huawei Technologies Co. Ltd., Meta, Microsoft Corporation, Nextech AR Solutions Inc., NVIDIA Corporation, Roblox Corporation, Sandbox VR, Shenzhen Zqgame Co., Ltd, Tencent, Unity Technologies, VR Chat, and ZQGame. |
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- Segmentation analysis
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