SAN FRANCISCO, March 9, 2022 /PRNewswire/ -- The global metaverse market size is predicted to attain USD 678.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to witness a CAGR of 39.4% over the forecast period, owing to increasing demand from end-use industries, which prominently include media and entertainment, education, and aerospace and defense is anticipated to propel the industry growth over the forecast period.
Key Insights & Findings from the report:
- The hardware sub-segment in the product segment dominated the global metaverse market in 2021 and accounted for the largest market share, owing to the increased adoption of AR, VR, and MR devices
- Displays captured the highest revenue share in the hardware sub-segment in 2021 whereas, programming engines dominated the software sub-segment with the largest market share
- Desktop and headsets dominated the market with 42.2% and 34.9% of the total revenue shares in 2021, respectively, and are projected to remain the highest revenue-generating segments during the forecast period
- The VR and AR technology sector held the largest revenue share in 2021 as multiple industries such as gaming, healthcare, education, and entertainment have increasingly incorporated VR and AR technology for numerous purposes. Human resource domains are also incorporating the use of VR and AR devices for employee training
- In terms of offerings, the virtual platform segment accounted for the largest market share in 2021 and is anticipated to exhibit significant growth, owing to the increased adoption of these platforms for multiple uses such as adverting, branding, and academics. Many key players have also realized that virtual platforms help reduce capital expenditures and operating expenses
- The gaming segment is projected to dominate the application segment. The content and social media segment is anticipated to witness considerable growth over the forecast period owing to the increased demand for social media applications
- The North American region accounted for the largest market share in 2021, owing to the high adoption of metaverse platforms
- The Asia Pacific region is likely to witness a robust growth rate over the forecast period, owing to factors such as demand for a better viewing experience, an increasing number of start-ups like OneRare, LOKA, and Bolly Heroes
Read 100-page market research report, "Metaverse Market Size, Share & Trends Analysis Report By Product, By Platform, By Technology (Blockchain, Virtual Reality (VR) & Augmented Reality (AR), Mixed Reality (MR)), By Offering, By Application, By End Use, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Metaverse Market Growth & Trends
The metaverse market is also growing due to the steady adoption of XR technologies to enhance user experience on various platforms. The growing demand for metaverse to purchase digital assets using cryptocurrencies is expected to drive the market significantly. The development and distribution of Augmented reality (AR), Virtual Reality (VR), and Mixed Reality (MR) devices are anticipated to spur market growth in years to come.
The prefix "meta" is commonly used in Greek to denote "after" or "beyond." The metaverse is a three-dimensional interactive and immersive environment where several people can interact through avatars. The usage of the metaverse to purchase digital assets using bitcoin is becoming more popular around the world. Gaming websites, messaging applications, and social media platforms such as Facebook are being used to communicate with one another online. The metaverse is the advent of new online environments in which people's interactions are more multidimensional and they can engage more deeply with digital content rather than merely reading it.
The metaverse is widely used as a real-time virtual world to build and leverage vast opportunities for brand connection. It would also set the stage for the next phase of post-COVID-19 digital activity, namely the emergence of digital social experiences. On Metaverse platforms that allow blockchain technology to be utilized, users can create, own, and trade autonomous digital assets and virtual regions using cryptocurrencies like Bitcoin and Ethereum, as well as nonfungible tokens (NFTs). During the forecast period, rising demand for blockchain-based metaverse networks and platforms for trading digital assets is expected to drive considerable market revenue growth. One of the major factors driving the future expansion of the metaverse business is the rise of the gaming industry.
- In January 2022, The Sandbox has announced a partnership with Warner Music Group to launch the first music-themed world in The Sandbox metaverse. Warner Music Group (WMG) would be taking its initial steps into the metaverse and NFT sector with this alliance
- In November 2021, Tencent has announced that it has partnered with The Asian Institute of Digital Finance. The companies will collaborate in the areas of education, research, and entrepreneurship to support Asia's fintech industry
- In November 2021, Epic Games, Inc acquired Harmonix Music Systems, Inc. While continuing to support existing products such as Rock Band 4, the Harmonix team will work closely with Epic Games, Inc to develop musical adventures and gameplay for Fortnite
- In October 2021, Facebook Reality Labs was estimated to spend at least USD 10 billion on the development of Augmented Reality (AR) and Virtual Reality (VR) hardware, software, and content. Facebook Reality Labs is the division of Meta Platform, Inc, which was formerly known as Facebook, Inc.
- In July 2021, Epic Games, Inc. acquired Sketchfab, Inc. Sketchfab is a 3D asset marketplace where users can publish, download, view, share, sell, and buy 3D models
- In June 2021, Tencent's game division, TiMi Studios had announced a new agreement with SNK CORPORATION to produce a new, unnamed mobile game based on the famous arcade franchise Metal Slug
- In March 2021, NetEase, Inc's NetEase Cloud Music, and Merlin Network have expanded their strategic alliance in China to embrace a broader range of collaboration. The original partnership between Merlin Network and NetEase Cloud Music was signed in 2018
- In December 2017, ByteDance Ltd. and EQUALS formed a partnership. EQUALS is a global network of CEOs, governments, non-profit organizations, communities, and individuals working to close the digital gender gap. The formal agreement was revealed at a ceremony hosted by Bytedance in Beijing during the Global Festival of AI, which included representatives from both organizations
Metaverse Market Segmentation
Grand View Research has segmented the global metaverse market based on product, platform, technology, offering, application, end use, and region:
Metaverse Product Outlook (Revenue, USD Million, 2017 - 2030)
- eXtended Reality (XR) Hardware
- Haptic Sensors & Devices
- Smart Glasses
- Omni Treadmills
- AR/VR Headsets
- Asset Creation Tools
- Programming Engines
Metaverse Platform Outlook (Revenue, USD Million, 2017 - 2030)
Metaverse Technology Outlook (Revenue, USD Million, 2017 - 2030)
- Virtual Reality (VR) & Augmented Reality (AR)
- Mixed Reality (MR)
Metaverse Offering Outlook (Revenue, USD Million, 2017 - 2030)
- Virtual Platforms
- Asset Marketplaces
- Financial Services
Metaverse Application Outlook (Revenue, USD Million, 2017 - 2030)
- Online Shopping
- Content Creation & Social Media
- Events & Conference
- Digital Marketing (Advertising)
- Testing and Inspection
Metaverse End-use Category Outlook (Revenue, USD Million, 2017 - 2030)
- Media & Entertainment
- Aerospace and Defense
Metaverse Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Asia Pacific
- South Korea
- South America
- Middle East & Africa
List of Key Players of Metaverse Market
- Meta Platforms, Inc.
- Tencent Holdings Ltd.
- ByteDance Ltd.
- NetEase, Inc.
- Nvidia Corporation
- Epic Games, Inc.
- Roblox Corporation
- Unity Technologies, Inc.
- Lilith Games
- Nextech AR Solutions Corp.
- The Sandbox
- Active Theory
- Microsoft Corporation
Check out more related studies published by Grand View Research:
- Digital Transformation Market - The global digital transformation market size is expected to reach USD 3,810.05 billion by 2030, registering a CAGR of 23.1% from 2022 to 2030, according to a new report by Grand View Research, Inc. The development is ascribed to the increasing need for the establishment of innovative solutions that are equipped to engage customers as well as employees to seamlessly integrate data, operations, IT, and business.
- Virtual Reality Market - The global virtual reality market size is anticipated to reach USD 69.60 billion by 2028, according to the latest report by Grand View Research, Inc. The market is expected to record a CAGR of 18.0% from 2021 to 2028. Technological advancements in the past years have made it feasible to experience real-world life in a digitally immersive environment with Virtual Reality (VR) and Augmented Reality (AR). The Covid-19 pandemic has given a rapid rise to VR-enabled platforms and tools, especially in the education and e-commerce sectors. VR technology has offered many companies new techniques and opportunities to attract potential customers to their business.
- Augmented Reality Market - The global augmented reality market size is estimated to reach USD 340.16 billion by 2028, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 43.8% from 2021 to 2028. Continued innovations in the Augmented Reality (AR) realm, which have triggered the adoption of the technology in several industries and industry verticals, is fueling market growth. People are increasingly adopting the AR-supported online platforms for shopping, education, and social media interactions, among other purposes, for a better immersion experience. The introduction of Website-based AR (WebAR), a digital technology that allows users to directly access AR on the internet without having to download any application, is expected to create substantial opportunities for the market growth.
- Mixed Reality Market - The global mixed reality market is expected to reach USD 6.86 billion by 2024, according to a new report conducted by Grand View Research, Inc. The surging acceptance in entertainment and automobile & aerospace designing arenas is expected to boost the market growth. The increasing acceptance in the entertainment industry, specifically in gaming and film-making, is further anticipated to bolster the market growth.
Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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