Chicago, June 22, 2023 (GLOBE NEWSWIRE) -- The global Metaverse Market is projected to grow from USD 61.8 billion in 2022 to USD 426.9 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 47.2% during the forecast period, according to a new report by MarketsandMarkets™. Major growth drivers for the Metaverse Market are availability of affordable hardware, increased demand of extended reality in healthcare vertical, virtualization in fashion, art, retail space.
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Scope of the Report:
| Report Metrics | Details |
| Market Size Value in 2022 | $61.8 billion |
| Revenue Forecast size in 2027 | $426.9 billion |
| Growth Rate | CAGR of 47.2% |
| Key Market Drivers |
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| Key Market Opportunities |
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| Largest Market | North America |
| Market size available for years | 2018–2027 |
| Base year considered | 2021 |
| Forecast period | 2022–2027 |
| Market Segmentation | Component (Hardware, Software (Extended Reality Software, Gaming Engine, 3D Mapping, Modeling & Reconstruction, Metaverse Platform, Financial Platform), and Professional Services), Vertical and Region |
| Regions Covered | North America, Asia Pacific, Europe, Middle East and Africa, and Latin America |
| Top Players | Meta (US), Microsoft (US), Netease (China), Electronic Arts (US), Take-two (US), Tencent (China), Nexon (Japan), Epic games (US), Unity (US), and Valve (US). |
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The scope of the report covers the Metaverse Market by component, vertical, and region. Among components, the market has been segmented into hardware, software and professional services. The hardware segment is projected to be the major contributor to the market. This growth is supported by the increased adoption of HUD, HMD, other AR glasses, VR devices, the key applications of HMD are gaming and entertainment. Gesture-tracking devices (haptics) have been an integral part of VR hardware owing to their risen use in consumer applications. Gaming with haptics provides users an enhanced experience of the virtual world.
By vertical, consumer vertical is projected to have the largest market size during the forecast period. As consumer vertical companies deal with two sub-segments namely gaming & social media, and live entertainment & others. The technologies in metaverse can enhance the gaming experience of players by creating virtual objects and characters, which are mapped to defined locations in the real world. Players can easily access information, interact with digital objects in the real world and hence the demand for metaverse solutions in this industry is the highest.
By region, North America is held the highest market size in 2022, which the Metaverse Market in Asia Pacific is projected to grow at the highest CAGR during the forecast period. Steady income growth, significant consumer spending, and dynamic consumer demands have compelled vendors across Asia Pacific to improve their business processes with high-technology diffusion. Owing to this, companies in the region are expected to increasingly adopt metaverse solutions to offer state-of-the-art virtual experience to the consumers. North America region having major players being at the forefront in this market provides essential professional services, software and suitable hardware devices and hence contributing well to the overall revenue.
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Top Trends in Global Metaverse Market:
- Increased Industry Adoption and Investment: Major technology companies, gaming companies, and other organizations were heavily investing in metaverse-related technologies. This included creating immersive experiences, developing virtual reality (VR) and augmented reality (AR) platforms, and investigating ways to integrate the metaverse into various industries such as gaming, entertainment, education, and e-commerce.
- Convergence of Virtual Reality and Augmented Reality: The convergence of virtual reality and augmented reality was identified as a key trend in the Metaverse Market. The goal of this convergence was to create seamless experiences in which the physical and virtual worlds merged, allowing users to interact with digital content and with one another in more immersive and meaningful ways.
- Interoperability and Standardization: As the metaverse evolved, there was an increasing need for interoperability and standardization across various platforms and virtual worlds. Efforts were being made to develop common protocols and standards that would allow users to freely move between different metaverse environments.
- Social and Collaborative Experiences: It was anticipated that the metaverse would provide enhanced social and collaborative experiences. Within virtual environments, users could interact with one another, communicate, and participate in shared activities. The ability to connect with friends, attend virtual events, and participate in group activities was identified as a key driver of metaverse adoption.
- Integration of Blockchain and Non-fungible Tokens (NFTs): Blockchain technology and non-fungible tokens (NFTs) were viewed as potential enablers for the metaverse. Blockchain could provide a decentralized infrastructure for virtual world ownership, transactions, and digital asset management. NFTs, in particular, were investigated as a means of representing unique virtual assets while also enabling ownership rights and monetization opportunities.
Key Industry Development in global Metaverse Market:
- Initiatives by Major Technology Companies: Several major technology companies were actively exploring and investing in metaverse-related initiatives. Companies such as Facebook (now Meta), Google, Microsoft, and Tencent were working on metaverse platforms, virtual reality technologies, and immersive experiences. Facebook's rebranding to Meta and emphasis on the metaverse highlighted the growing interest and investment in this space.
- Integration of Gaming and Entertainment: The gaming and entertainment industries were early adopters of the metaverse. Many game developers were creating virtual worlds and experiences that demonstrated the potential of the metaverse. For example, in its virtual world, Fortnite, a popular online game, organized virtual concerts and events that drew millions of players. These projects demonstrated the convergence of gaming, entertainment, and the metaverse.
- Virtual Reality Advances: Virtual reality (VR) technology was a critical enabler of the metaverse. VR hardware advancements, such as headsets and controllers, were making immersive experiences more accessible and realistic. Companies such as Oculus (owned by Meta), HTC, and Sony were driving VR innovation, expanding the possibilities for metaverse interactions.
- Augmented Reality Experiences: Another technology with significant metaverse potential was augmented reality (AR). AR creates mixed reality experiences by superimposing digital content on the real world. Companies such as Apple, Google, and Microsoft were investing in augmented reality (AR) technologies such as smart glasses, which could seamlessly blend the physical and digital realms, thereby contributing to the metaverse ecosystem.
- User-Generated Content and Creation Tools: In the metaverse, user-generated content played an important role. Popularity grew for tools and platforms that allowed users to create and share virtual experiences. Companies were creating user-friendly creation tools that enabled users to create virtual environments, objects, and avatars, fostering a more participatory metaverse ecosystem.
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