ID: MRFR/ICT/9260-CR | February 2022 | Region: Global | 153 pages
The global Metaverse market is expected to witness substantial growth during the forecast period, primarily due to the increasing focus on converging digital and physical worlds using the Internet. As per MRFR, the Metaverse market size predicted to reach USD 105,597.5 million by 2030, registering a 45.2% CAGR during the forecast period, 2024–2030.
The metaverse has lately been a popular issue of discussion, with both Facebook and Microsoft claiming ownership. But what exactly is the metaverse? And when will it arrive? The term "metaverse" was coined by author Neal Stephenson in his 1992 science fiction novel "Snow Crash," in which he imagined lifelike avatars meeting in realistic 3D buildings and other virtual reality environments. Since then, significant advancements have paved the way for a true metaverse, an online virtual world that integrates augmented reality, virtual reality, 3D holographic avatars, video, and other forms of communication. As the metaverse expands, it will provide consumers with a hyper-real alternate universe in which to coexist. Metaverse inklings may already be seen in online gaming worlds such as Fortnite, Minecraft, and Roblox. And the corporations behind those games want to be a part of the metaverse's progress. It is unknown whether there will be one metaverse or many independent metaverses, but one constant appears to be: the metaverse will be a virtual or augmented reality-enhanced next-generation version of the internet.
This study on the global Metaverse market provides detailed information on industry trends, market dynamics, market size, competitive landscape, and growth opportunities. This research report categorizes the global Metaverse market by component, platform, technology, application, end-user, and region/country. The regions included in the study are North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. In terms of region, North America is anticipated to dominate the Metaverse market during the study period.
GLOBAL: METAVERSE MARKET, 2020-2030
Source: Industry Expert, Secondary Research, and MRFR Analysis
Adoption of the metaverse was unavoidable, although the epidemic accelerated the process by years. There are numerous social, educational, and economic possibilities. Since the initial pandemic lockdowns in 2020, companies have been primarily on a "will they or won't they" basis when it comes to resuming physical labor. Obviously, some businesses cannot function without physical personnel, but for those that have office workers and others who can work from home, the discussion over when it's safe to return to work, and whether individuals should return to work full-time at all, continues. Business owners claim that keeping employees in one location keeps them more efficient and capable of spontaneous cooperation, but workers have the majority of the cards with labor shortages at an all-time high. They are still unsure if they want to return to common settings with persons who may be infected with COVID-19. The metaverse is a firm compromise that can be relied on in the long run, regardless of other employees' COVID status. Before the pandemic, the Metaverse topic wasn’t much in limelight. The pandemic accelerated its importance among consumers as well as industries. Tech companies started to develop this technology and announced their investments in 2020 year. The 2021 year was the solid year for the Metaverse technology investments owing to the billion dollars spent by Meta (Facebook). According to industry experts, the pandemic acted as the catalyst for the Metaverse technology, and the post-pandemic world is expected to generate significant interest among the consumers.
The global Metaverse market is expected to witness substantial growth during the forecast period. The major factors driving the growth of the metaverse market are the increasing focus on converging digital and physical worlds using the Internet and the growing demand for Metaverse to purchase digital assets using cryptocurrencies. However, cyber-threats in Metaverse are hindering metaverse market growth. But technological advancements are creating an opportunity in the metaverse market.
Digital twins such as digital and physical worlds increase as their powers and complexity increase. However, realizing their full potential may necessitate system and data integration across whole business ecosystems. This allows users to interact online, instantly take sensor data and simulate situations, clearly grasp what-if scenarios, more precisely forecast consequences, and issue commands to change the actual environment. It can represent a new product's technical drawings and dimensions or show all subcomponents and their lineage in the larger supply chain, from the design table to the end user. It creates new production methods and collects data to enable better judgments and predictions, which might assist in the automation of complicated chemical and biological processes. However, the Metaverse serves as a link between the real and virtual worlds. The Metaverse is a collection of interconnected online realms where physical, augmented, and virtual reality interact. Users can interact with their friends, work, travel, purchase goods and services, and attend events. While numerous virtual worlds are available on the Internet, people cannot move between them while maintaining their identities and assets. This challenge could be solved in the future by combining diverse internet realms into a single, seamless entity. It has even been labeled the Internet's next phase. As more people have started working and going to school remotely, there has been an increased demand for ways to make online interaction more lifelike. As a result, rising focus on converging digital and physical worlds using the Internet driving the metaverse market growth.
The Metaverse represents the next stage in the evolution of the Internet. It is a shared online environment where physical, augmented, and virtual reality merge. The Metaverse is a four-dimensional counterpart of the modern Internet. It is planned to expand the concept beyond video games and social media platforms as it matures. Remote labour, decentralised government, and digital identity are some of the potential aspects of the Metaverse. The introduction of networked virtual reality (VR) headsets and glasses has the potential to make virtual reality (VR) more multidimensional, allowing users to move around and explore 3D settings. Gaming, social networking, education, and job training are examples of real-world uses. The Metaverse can further disrupt many industries by offering virtual reality (VR)-based wearables that transport people to a virtual environment from the comfort of their own homes. Artificial intelligence is overcoming the human-robot divide. In a number of ways, AI will improve the Metaverse. AI technology can help in the creation of Metaverse elements including people, landscapes, buildings, character routines, and other assets. Augmented reality, virtual reality, machine learning, blockchain technology, and artificial intelligence are all combined in the Metaverse. The Metaverse will permeate everyday life in ways that games do not, introducing new ways to buy goods and services, connect with friends and family, and cooperate with coworkers.
Cyber-based attacks on the Metaverse are a major worry in the worldwide economy. Cyber attacks are a major worry for the Metaverse's smooth operation. A cyber threat is a harmful act that causes software damage and interruption, as well as data theft, reducing system efficacy. Some examples of cyberattacks include data breaches and illegal commands. Cyberattacks induce system failure, which causes the Metaverse to malfunction. As a result, Metaverse must be built to avoid and mitigate cyber-attacks. Cybersecurity is critical to establishing a safe and dependable network for the correct operation of a Metaverse.
The global Metaverse market has been segmented based on component, platform, technology, application, and end user.
Based on the component, the metaverse market has been segmented into hardware and software.
Based on the platform, the metaverse market has been classified into desktop/laptops, mobile, and wearables.
Based on the technology, the metaverse market has been segmented into the blockchain, VR & AR, mixed reality, and others.
Based on the application, the metaverse market has been segmented into gaming, online shopping, content creation, social media, and others.
Based on the end user, the metaverse market has been categorized into consumers and enterprises. The enterprise's segment is further broken down into BFSI, retail, media & entertainment, education, real estate, aerospace & defense, healthcare, engineering, and others.
The global Metaverse market, by region is divided into North America, South America, the Middle East & Africa, Europe, and Asia-Pacific. North America is predicted to contribute the most to the metaverse business. This encompasses the United States, Canada, and Mexico. The increasing emphasis on integrating digital and physical worlds via the internet, as well as the rising traction and popularity of mixed reality, is the most major driver driving metaverse market growth. Many businesses in North America are heavily utilizing sophisticated virtual reality, 3D simulation, and augmented reality to improve their company processes. Technologies such as Extended Reality, 5G, and AI may make the metaverse futuristic from the standpoint of business intelligence. Europe is expected to be the fastest-growing market with the highest CAGR during the forecast period. The metaverse industry is likely to acquire traction in Europe as a result of key projects such as AEGLE (a European analytics framework for integrated and tailored healthcare services) and Meaningful Integration of Data, Analytics, and Services (MIDAS). Some virtual reality and augmented reality applications for healthcare have been attempted, with clinicians performing remotely through robotic arms utilizing a mix of technologies.
GLOBAL: METAVERSE MARKET, BY REGION, 2024 (% SHARE)
Source: Industry Expert, Secondary Research, and MRFR Analysis
In this study, MRFR has analyzed major players such as Meta Platforms Inc., Nvidia, Microsoft Corporation, Tencent Holdings Ltd., Bytedance, Epic Games, Netease Inc., Roblox Corporation, Lilith Games, Nextech AR Solutions Inc., and Unity Software Inc. that have contributed a significant share to the growth of the global Metaverse market.
These players focus on innovation and thus, invest in research & development to present a cost-effective product portfolio. There have been recent mergers and acquisitions among the key players, a strategy the business entities leverage to strengthen their reach to the customers.
This study estimates revenue growth at global, regional, and country levels and offers an overview of the latest developments in each of the sub-sectors from 2020 to 2030. For this analysis, MRFR segmented the global Metaverse market has been segmented based on component, platform, technology, application, and end user.
|Market Size||USD 105,597.5 million|
|CAGR||CAGR of 45.2%|
|Forecast Units||Value USD Billion|
|Segments Covered||• By Component (Hardware and Software) • By Platform (Desktop/ Laptops, Mobiles and Wearables) • By Technology (Blockchain, VR & AR, Mixed Reality and Others) • By Application (Gaming, Online Shopping, Content Creation, Social Media and Others) • By End User (Consumer and Enterprises [BFSI, Retail, Media & Entertainment, Education, Real Estate, Aerospace & Defense, Healthcare, Engineering, and Others]) • By Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)|
|Geographies Covered||• North America (US, Canada, and Mexico) • Europe (UK, Germany, France, Rest of Europe) • Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific) • Middle East & Africa • South America|
|Key Vendors||• Meta Platforms Inc. • Nvidia • Microsoft Corporation • Tencent Holdings Ltd. • Bytedance • Epic Games • Netease Inc. • Roblox Corporation • Lilith Games • Nextech AR Solutions Inc. • Unity Software Inc.|
|Key Market Opportunities|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
A 45.2% CAGR is expected to transform the market.
North America regional market is projected to be the major driver of the market.
The segments in the market are component, platform, technology, application, and end user.
The major contenders in the global market are Meta Platforms Inc., NVIDIA, Microsoft Corporation, Tencent Holdings Ltd, ByteDance, Epic Games, Netease Inc., Roblox Corporation, Lilith Games, Nextech AR Solutions Inc., and Unity Software Inc.