In 2022, the market is worth USD 124.04 billion and, with a CAGR of 38.25%, is expected to be worth USD 1.6 trillion by 2030 according to Strategic Market Research.
New York, United States, June 23, 2022 (GLOBE NEWSWIRE) -- The factors driving the market are the widespread use of new technologies and the increasing demand of Metaverse users to purchase digital assets using cryptocurrencies.
Key Insights of the Metaverse Market:
North America held the largest share of the revenue of the metaverse market, which stood at 70% of the total market.
By Component, the hardware component held the largest part of the market share bringing in approximately USD 16.5 billion of the revenue.
By technology, virtual and augmented reality brought in 35% of the revenue.
By Platform, the desktop segment accounted for the majority of the revenue at USD 16.3 billion.
By Offering, the metaverse in the assets marketplace is expected to have an extremely high CAGR of 40%.
By Application, gaming had the highest market share of 27%.
By End Users, the media and entertainment segment held the highest market share.
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Key Factors Driving the Metaverse Market:
The advancement of technologies is causing immense market growth for the Metaverse Market. Technologies such as blockchain, artificial intelligence, mixed reality, and machine learning are new technologies being developed that would aid in using newer functions in the metaverse. Several companies have adopted the use of extended reality (XR) systems.
The increased use of cryptocurrency and digital assets trading is further causing a boom in the market. Approximately USD 41 billion was spent on the NFTs (Non-Fungible Token) marketplace in 2021. Further, between October and November 2021, over 1.5 million NFT art sales were transacted, mostly in cryptocurrency.
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Detailed Segmentation Analysis of the Metaverse Market as conducted by Strategic Market Research:
Metaverse offering in Asset Marketplaces
Metaverse offering in Virtual Platforms
Metaverse offering in Financial Services
Metaverse offering in Avatars
Virtual and Augmented Reality
Internet of Things (IoT)
Based on Application
Metaverse in Online Education
Metaverse in Gaming
Metaverse in social media
Metaverse in edge computing
Metaverse in Online Shopping
Metaverse in NFT
Metaverse in Advertising
Metaverse in Virtualisation Tools
Metaverse in Conferences
Metaverse in Digital Twin Operations
Metaverse in Blockchain Applications
Metaverse in Virtual Goods
Metaverse in Payments
Metaverse in Content Creation
Based on End-Use
Metaverse in Military
Metaverse in Healthcare
Metaverse in Customer Experience
Metaverse in Real Estate
Metaverse in Education
Metaverse in Fashion
Metaverse in Manufacturing
Metaverse in Media and Entertainment
Metaverse in Technology
Rest of Europe
Rest of Asia Pacific
Latin America, Middle East and Africa (LAMEA)
Rest of LAMEA
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Forecast Period 2020 to 2030 CAGR
2030 Value Projection
USD 1655.29 billion
Market Size in 2020
USD 124.04 billion
Historical Data for
2015 - 2019
No. of Pages
Tencent Holdings Ltd,Meta Inc,Alphabet, Inc,Nvidia Corporation,Roblox Corporation,Microsoft Corporation,Globant,Queppelin,Alibaba Cloud,Netease Inc,Magic Leap, Inc.
Leading Segment Based on Components
Based on Components, Based on Platform, Based on Technology, Based on Offering, Based on Application, Based on End-Use and Based on Region
Increasing Adoption of New Technologies, Growing Demand for Metaverse Users to Purchase Digital Assets through Cryptocurrency
By the component segment, the hardware segment led the market share with a revenue generation of USD 16.5 billion in 2021. As of 2020, there are over 26 million users of VR headsets. With increasing sales of hardware components of mobiles, desktops and headsets, there will be enhanced integration of users with the metaverse market.
By platform, the desktop accounted for the highest share of the revenue. In 2021, there were over 340 million units of PCs that were shipped globally. Further, Desktop shipments increased by 7% between 2020 and 2021. Thus, with increasing desktop sales, more users would get involved in the Metaverse.
By Offering, the asset marketplace dominated the market. The metaverse is frequently used as a safe platform for exchanging assets such as NFTs and cryptocurrencies. The market capitalization of cryptocurrencies is USD 2.79 trillion, which makes it the 8th largest ‘economy’ globally. Etherium, a popular cryptocurrency, is expected to transact 10 million coins per day by 2025.
By Technology, the mixed reality segment dominated the market, and due to the increasing engagement of customers in the metaverse using mixed reality, the market is expected to grow at a CAGR of 40%. As per strategic market research, nearly 90% of brand advertisers intend to use mixed realities as a part of their marketing campaigns. Thus, with companies engaging heavily with consumers in the mixed reality segment, we would see a rise in the number of users of the metaverse.
Based on application, the gaming market segment is expected to see the fastest growth in the market. As of 2020, there are nearly 2.7 billion gamers worldwide, and by 2023, the number is expected to rise to over 3 billion. In the US, three out of four households have at least one member who regularly engages in video games. Thus, with the rising number of gamers on multiple platforms, there would also be an increase in the number of gamers involved in the metaverse, which would further solidify the market.
Based on End Use, the media and entertainment component of the market dominates the segment due to companies getting involved in the platform to further interact with their customers in the virtual world in a more holistic manner. The media and entertainment industry is worth USD 2.2 trillion and is growing at a CAGR of 8.9%. With a high growth rate and market value, more media companies will soon involve themselves in the metaverse to increase their respective market share in the segment.
By Region, North America held the highest market share at nearly 70% of the market. This is because there is sufficient infrastructure with all the latest technologies readily available to the populous. Additionally, the US market is one of the world's largest spenders of consumer goods. In Q4 2021, consumer spending stood at USD 13.8 trillion. Thus, with increasing consumer spending, the market for metaverse and related goods would see tremendous growth in the future.
Key Players in the Metaverse Market:
Magic Leap, Inc.
Tencent Holdings Ltd.,
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Recent Developments in the market:
In June 2022, KPMG announced that it was entering the metaverse platform with a virtual hub meant for the collaboration of various company stakeholders.
In June 2022, large technology companies such as Huawei, Meta, Microsoft, Qualcomm, Nvidia, Sony Interactive Entertainment and Adobe created a forum so as to enable set standards through which they and their clients can interact without any glitches on the metaverse platform.
In June 2022, Translucia Global and Two Bulls announced a USD 100 million R&D centre that would be developed in Melbourne. The centre would work on developing the economics and further gamification of the platform along with improving the energy efficiency of the platform.
In June 2022, Meta announced the payment platform Meta Pay. The system will enable users to pay for the goods that they purchase on the platform.
In June 2022, ViewSonic Corp. announced that it was entering the metaverse with its platform UNIVERSE, which would help create a virtual classroom and interactive platforms, aiming to create the classroom experience on the metaverse.
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