Saturday, January 28, 2023

Email id: support@kenresearch.com, Contact Us : +91-9871552944

Home Technology and Telecom Global Metaverse Market is expected to reach a revenue of US$ 700...

Global Metaverse Market is expected to reach a revenue of US$ 700 Bn by 2030: Ken Research

The Global Metaverse Market is expected to record an exponential CAGR of ~40% during the forecasted period (2022-2030) and expected to reach a revenue of US$ 700 Bn by 2030, due to 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.

Global Metaverse Market Revenue

For more information, request a free sample

Key Growth Drivers

  • 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.
  • Technology such as mixed reality, blockchain, and augmented reality in the metaverse helps in fostering market growth. Companies start adopting metaverse as Microsoft and Samsung own 158 and 122 patents on the 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.

  • The rise in concern related to cyber-attacks, data breaches, destruction, destroy, disruption, system controls, and others is the most significant barrier to the growth of the metaverse In August 2021, the FBI’s Internet Crime Complaint Center (IC3) reported 2,084 complaints of cyber-attacks from January to July 2021.
  • 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. According to the Newzoo report, the total esports (electronic sports) audience reached 495 million population in 2020 increasing by 11.7% such an increase in demand for gaming audiences has created a positive impact on the growth of the metaverse market.

Key Trends by Market Segment

By Component: The hardware segment held the largest market share of the Global Metaverse Market in 2021 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).
  • Increasing population leads to the adoption of the metaverse. In 2021, the number of AR/VR shipped increased by 92.1% as compared to previous years.

Global Metaverse Market Revenue Share by Component

For more information, request a free sample

By Platform: The desktop segment accounted for the majority share of the global metaverse market in 2021, 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.

  • Desktop has the primary portal into the Metaverse Market, Virtual Desktop is a program that allows users to utilize Virtual Reality using VR headsets.
  • Increasing use of smartphones and mobile networks have made access to the metaverse with the increasing number of application developers.
  • 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.

By Offerings: Asset Marketplace segment held the largest share of the global metaverse market in 2021, 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.

By Technology: Augmented reality and virtual reality segment held the largest share of the global metaverse market in 2021, 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.
  • In May 2022, India Brand Equity Foundation, a trust established by the government of India, stated that smartphone penetration was 54% in 2020 and is predicted to reach 96% by 2040, increasing the accessibility of AR/VR-based technologies.

By End-User: The gaming segment held the largest share of the global metaverse market in 2021, due to the substantial ongoing improvements and advancements made by developers and the rising emphasis on increasing immersion and realism in games.

  • In April 2022, Epic Games, an American video game and software developer, announced a US$2 billion round of funding to promote the company’s aim of building the metaverse and support its ongoing expansion.
  • The gaming industry is a leader in adopting cutting-edge technology like VR, and AR. These technologies can improve gaming experiences by developing virtual characters and things that are connected to particular real-world locations.

Global Metaverse Market Revenue Share by End User

Visit this Link Request for custom report

By Geography: The global metaverse market is divided into 4 regions North America, Asia-Pacific, Latin America, Middle East & Africa (LAMEA). North America is expected to dominate the global metaverse market during the forecasted period owing to the presence of major companies such as Nvidia Corporation, Microsoft, Meta Platforms, and Unity Games.

  • The Metaverse is expected to be primarily derived from North America. Virtual Reality, Augmented Reality, and 3D simulation is being used by several companies in North America to enhance their operations.
  • North America is increasing market share as a result of increased investment in Metaverse by leading players such as Meta Platforms, Nvidia Corporation, Roblox Corporation, and others. For Instance, NVIDIA expands the omniverse platform in August 2021 in order to draw millions more players to the metaverse.

Major Regions by Revenue Share Global Metaverse Market

Visit this Link Request for custom report

Competitive Landscape

The metaverse market is highly competitive with ~500 players which include globally diversified players, regional players as well as a large number of country-niche players having their niche in metaverse advancement for multiple industries. most of the country-niche players are metaverse developers.

Global players control about 10% of the market, while regional players hold the second largest share. Some of the major players in the market include Meta Platforms, Microsoft, Nvidia, Tencent Holdings Ltd, Roblox Corporation, Nextech AR Solutions Inc, Unity Software Inc, Bytedance, Epic Games, Inc., Decentraland, Antier Solutions, and Alibaba Group Holding Limited.

Competitive Landscape of Global Metaverse Market

Recent Developments Related to Major Players

  • In September 2022, Meta is collaborating with Qualcomm to design a customized chipset for extended reality platforms to deliver the next-generation platforms and core technologies to accelerate a fully immersive metaverse.
  • In January 2022, Microsoft is acquiring Activision Blizzard which will bring experience and community of Gaming to everyone. Activision Blizzard Inc. is a leader in gaming development and interactive entertainment content publisher and this acquisition will help the company to accelerate growth in Microsoft’s gaming business and will provide building blocks for the metaverse.

Conclusion

The Global Metaverse Market is forecasted to continue at an exponential growth rate that it has been witnessing since 2019, primarily driven by rise in demand for three-dimensional (3D) environment as remote working tool during the time of COVID-19 pandemic. Though the market is highly competitive with ~500 participants, few global players control the dominant share and regional players also hold a significant share.

Note: This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients and report delivered within a maximum of 2 working weeks.

Ken Research has recently published report titled, Global Metaverse Market Size, Segments, Outlook and Revenue Forecast 2022-2030, the market is segmented by Component, Platform, Offerings, Technology, and End-User. In addition, the report also covers market size and forecasts for the four major regions in the Metaverse markets. The revenue used to size and forecast the market for each segment is US$ billion.

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.
RELATED ARTICLES

Growing Volume of Big Data and Low Costs to Enterprises will Boost Germany Hyperscale Data Center Market: Ken Research

Buy Now 1. Hyperscale Data Center market in Germany expanded at a CAGR of 21.7% in between 2017 and 2022P. To Know More about this report, download...

Shifts In Creative Media Content Towards Content Delivery Networks, Iot, Growth Of Big Data And The Roll Out Of 5G Is Driving The Demand...

Buy Now The market is Fragmented with several important players. Equinix, Digital Reality, Iron Mountain are among the top players in the market. Top Hyper Scale...

Germany Hyperscale Data Centre Market is in the Growing Stage, Driven by Continuous Efforts of the Government to Improve Digital Economy to Undertake Technological...

Buy Now New business models are likely to emerge including pay-per-use utility model, built to suit, etc. Location and design, easy scalability, security, infrastructure, sustainable...

Most Popular

Rising demand of personal vehicles with increasing population and future expansion strategies of market players to drive the Lubricants Market in Philippines: Ken Research

Buy Now Philippines Lubricants Market Ecosystem The Philippines lubricants market is fragmented with too many lubricant manufacturers operating in the industry. Petron and Shell are the...

Dossier 360, Provides You Unrestricted Access to All Bundled Research Reports: Ken Research

Ken Research is one of the best market research and consulting firm, based out of India, UAE, and Indonesia. We recommend business intelligence and...

Around 80% of the BNPL Market revenue in UAE was generated by Online mode of payment fueled by the Covid-19 pandemic: Ken Research

Buy Now 1.  The Covid-19 pandemic is a driving force in exhilarating and paving the way for newer companies to enter the BNPL space in...

The versatile nature and being great substitutes for helicopters, unmanned flights at a lower cost, the USA Drone market is expected to flourish in...

Buy Now USA Drone Market Ecosystem USA Drone Market is in the growing stage, the market is majorly consolidated. Domestic and International players coexist in the...