Metaverse Market to be Worth $815.8 Billion by 2030
Added: (Thu Oct 26 2023)
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Meticulous Research®—a leading global market research company, published a research report titled, ‘Metaverse Market by Offering (Hardware, Platforms), Medium (HoloLense, Headset, Others), Application (Virtual Learning, Virtual/Enhanced Gaming, Others), End-use Industry (Gaming, Marketing & Advertising, Others), Geography - Global Forecast to 2030.’
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According to this latest publication from Meticulous Research®, the Metaverse market is projected to reach $815.8 billion by 2030, at a CAGR of 47.2% from 2023 to 2030. Some of the major factors driving the growth of this market are increasing demand for metaverse in the entertainment & gaming industry, rising government initiatives and investment in the metaverse, and the growing adoption of metaverse to enhance customer experience. In addition, the rising adoption of virtual experiences in corporate and hospitality sectors and the growing need for metaverse in education and training are expected to provide opportunities for market growth. However, high installation and maintenance costs and health issues from excessive use can restrain the growth of the market.
The metaverse market is segmented by offering, medium, application, and end-use industry. The study also evaluates industry competitors and analyzes the regional and country-level markets.
Based on offering, the metaverse market is segmented into hardware and platforms. In 2023, the hardware segment is expected to account for the larger share of the global metaverse market. The large share of this segment is mainly attributed to the growing focus among firms on producing products that provide a better user experience and enable more extended user immersion. To improve the realism of virtual worlds, companies are also working to develop more advanced hardware, such as VR/AR headsets, haptic devices, and sensors which are expected to drive segment growth.
For instance, in June 2023, Meta Platforms, Inc. (U.S.) announced the company's next-generation mixed-reality headset. This new headset boasts several upgrades compared to its predecessor. Notably, it features a sleeker design, with its thickness reduced by 40%. However, the platforms segment is expected to record the highest CAGR during the forecast period.
Based on medium, the metaverse market is segmented into hololense, desktops, smartphones, and headsets. In 2023, the desktop segment is expected to account for the largest share of the global metaverse market. Some of the metaverse platforms, such as decentraland, can be experienced using a desktop PC or a laptop with an internet browser. In addition, if users want to expand beyond the capabilities of a smartphone, a computer with good graphics and memory will enhance their experience. Thus, all such factors are attributed to the large share of the segment. However, the mobile segment is expected to record the highest CAGR during the forecast period.
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Based on application, the metaverse market is segmented into virtual learning, entertainment in VR, virtual work settings, virtual/enhanced gaming, virtual socialization, digital health resources, and other applications. In 2023, the virtual/enhanced gaming segment is expected to account for the largest share of the global Metaverse market. The large market share of this segment is mainly attributed to the significant ongoing innovations and developments by developers, as well as a growing focus on boosting immersion and making games more realistic. However, the virtual learning segment is expected to record the highest CAGR during the forecast period.
Based on end-use industry, the metaverse market is segmented into gaming, IT & telecom, education, finance, marketing & advertising, healthcare, travel & hospitality, construction, transportation, manufacturing, retail & ecommerce, and other end-use industries. In 2023, the gaming segment is expected to account for the largest share of the global metaverse market. The large market share of this segment is mainly attributed to the rising adoption of metaverse in gaming to provide players with a socialistic environment where they can build relationships with the elements around them to gain a more flexible immersive gaming experience.
In addition, rising investment in immersive technologies to incorporate them into gaming is expected to drive segment growth. For instance, in February 2022, Sony (Japan) released the VR2 and VR2 Sense Controllers for the PlayStation 5 to provide customers with a high-quality virtual reality experience that enables users to lose themselves in the gaming world with a broad spectrum of experiences. However, the marketing & advertising segment is expected to record the highest CAGR during the forecast period.
Based on geography, the metaverse market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the Metaverse market. Being technologically advanced and developed, North America is the leading market in developing cutting-edge technologies used in display devices. The rising expenditure of companies and individuals on digital solutions and advanced technologies also boosts market growth. Furthermore, the strong presence of gaming and metaverse businesses concentrating on incorporating metaverse into gaming is creating market growth potential.
Some of the recent developments:
• In January 2022, Microsoft Corporation (U.S.) acquired Activision Blizzard, Inc. (U.S.) to foster the metaverse industry's development and accelerate Microsoft's gaming business growth across mobile, PC, cloud, and console platforms.
• In January 2023, the International Organization for Public-Private Cooperation in Geneva, also known as the World Economic Forum (WEF), collaborated with Microsoft Corporation (U.S.) and Accenture PLC (Ireland) to build a Global Collaboration Village. This metaverse platform focuses on promoting virtual multi-stakeholder cooperation.
Key Players
The key players operating in the metaverse market are Meta Platforms, Inc. (U.S.), Microsoft Corporation(U.S.), Google LLC (U.S.), Unity Software Inc. (U.S.), Accenture PLC (Ireland), Adobe Inc. (U.S.), Hewlett Packard Enterprise Company (U.S.), Infosys Ltd. (India), TCS (India), Qualcomm Technologies, Inc. (U.S.), Ansys (U.S.), Autodesk (U.S.), Intel Corporation (U.S.), Tech Mahindra (India), Samsung (South Korea), NetEase, Inc. (China), Electronic Arts Inc. (U.S.), Epic games (U.S.), Take-Two (U.S.), and Valve (U.S.)
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Key questions answered in the report-
• Which high-growth market segments are based on offering, medium, application, and end-use industry?
• What was the historical market for metaverse?
• What are the market forecasts and estimates for the period 2023–2030?
• What are the major drivers, restraints, and opportunities in the metaverse market?
• Who are the major players, and what shares do they hold in the metaverse market?
• How is the competitive landscape in the metaverse market?
• What are the recent developments in the metaverse market?
• What strategies are adopted by the major players in the metaverse market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the global metaverse market, and how do they compete with the other players?
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