Redding, California, Aug. 17, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Metaverse Market by Offering (Hardware, Platforms), Medium (HoloLense, Headsets, Others), Application (Virtual Learning, Virtual/Enhanced Gaming, Others), End-use Industry (Gaming, Marketing & Advertising, Others), Geography - Forecast to 2030, the metaverse market is projected to reach $815.8 billion by 2030, at a CAGR of 47.2% from 2023 to 2030.
A metaverse can be any 3D virtual space powered by technologies—including virtual reality (VR), augmented reality (AR), artificial intelligence (AI), the Internet of Things (IoT), and blockchain—that allow people to interact with each other (and in some cases, with non-human avatars). Metaverse applications are followed in every key area, including education, gaming, tourism, and healthcare.
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Some of the major factors driving the growth of this market are the increasing demand for metaverse in the entertainment & gaming industry, rising government initiatives and investment in metaverse, and growing adoption of metaverse to enhance customer experience. In addition, the rising adoption of virtual experiences in corporate and hospitality sectors and the growing need for metaverse in education and training are expected to provide opportunities for market growth. However, high installation and maintenance costs, and health issues from excessive use can restrain the growth of the market.
The metaverse market is segmented by offering (hardware, platforms), medium (hololense, desktops, smartphones, and headsets), application (virtual learning, VR entertainment, virtual work settings, virtual/enhanced gaming, virtual socialization, digital health resources, and other applications), end-use industry (gaming, IT & telecommunications, education, finance, marketing & advertising, healthcare, travel & hospitality, construction, transportation, manufacturing, retail & e-commerce, and other end-use industries), The study also evaluates industry competitors and analyses the market at the regional and country levels.
Based on offering, the metaverse market is segmented into hardware and platforms. In 2023, the hardware segment is expected to account for the larger share of the global metaverse market. However, the platforms segment is expected to record the highest CAGR during the forecast period. Growth of the segment is mainly driven by the rising adoption of metaverse among various end-use industries such as BFSI, retail, and media & entertainment, along with growing investment in immersive technologies.
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In addition, the rising focus of players on product development and enhancement is expected to drive the segment growth. For instance, in August 2021, NVIDIA Corporation (U.S.) announced a major expansion of NVIDIA Omniverse™ — the world’s first simulation and collaboration platform to deliver the foundation of the metaverse — through new integrations with Blender and Adobe that will open the platform to millions more users.
Based on medium, the metaverse market is segmented into hololense, desktops, smartphones, and headsets. In 2023, the desktops segment is expected to account for the largest share of the global metaverse market. However, the smartphones segment is expected to record the highest CAGR during the forecast period. The advancement of technology and emergence of web3 has increased the use of smart devices. Most of the Metaverse applications are made available on Android devices. Users can download Android Apps and access some of the metaverses using an Android device. For instance, in November 2021, Baidu, Inc. (China) released a metaverse app, allowing users to explore virtual environments through smartphones, personal computers, or VR goggles.
Thus, the growth of the segment is primarily attributed to the increasing popularity of smartphones, strong growth in companies’ revenue generation capacity from mobile gaming, and the convenience and accessibility offered by these devices.
Based on application, the metaverse market is segmented into virtual learning, entertainment in VR, virtual work settings, virtual/enhanced gaming, virtual socialization, digital health resources, and other applications. In 2023, the virtual/enhanced gaming segment is expected to account for the largest share of the global Metaverse market. However, the virtual learning segment is expected to record the highest CAGR during the forecast period. The growth of the segment is mainly driven by the rising adoption of metaverse to make learning more interactive and engaging, facilitate greater learning speed, provide immersive learning experiences, and enhance students' performance.
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Furthermore, in December 2022, Edverse (India), an education metaverse company, launched Edverse Meta Classroom. The platform is the world’s first virtual classroom designed to be conducted inside the Metaverse. It provides educators and learners with 3D visualizing and storytelling, creating an immersive environment for an unparalleled learning experience.
Based on end-use industry, the metaverse market is segmented into gaming, IT & telecom, education, finance, marketing & advertising, healthcare, travel & hospitality, construction, transportation, manufacturing, retail & e-commerce, and other end-use industries. In 2023, the gaming segment is expected to account for the largest share of the global metaverse market. However, the marketing & advertising segment is expected to record the highest CAGR during the forecast period. Growth of the segment is driven by the rising need to create immersive and engaging experiences that can help increase brand awareness, enhance user engagement, generate new revenue streams, and gain valuable insights into user behavior and preferences.
Based on geography, the metaverse market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. Asia-Pacific is expected to register the highest CAGR during the forecast period. Factors such as rising demand for metaverse in the media & entertainment and gaming industries, evolving opportunities from adjacent markets such as virtual reality (VR), augmented reality (AR), mixed reality (MR), rising investment in metaverse and digitalization in art, fashion, & retail industries are expected to drive the metaverse market growth in the country.
Some of the recent developments:
- In March 2023, South Korea announced an investment of USD 21 million (27.7 billion KRW) into local services looking to utilize the metaverse
- In September 2022, Meta Platforms, Inc. (U.S.) collaborated with the IT Ministry of India to release the XR Startup Program to develop advancements in evolving technologies such as virtual and augmented reality. This initiative focused on encouraging technological improvement in smaller towns and cities.
- In August 2022, Animoca Brands Corporation Ltd (China) received USD 100 million from Singapore state-owned Temasek, further solidifying the firm as a metaverse mainstay.
- In February 2022, i-City Malaysia announced an investment of USD 2.17 million (RM 10 million) to enhance a theme park with 3D metaverse
The key players operating in the metaverse market are Meta Platforms, Inc. (U.S.), Microsoft Corporation(U.S.), Google LLC (U.S.), Unity Software Inc. (U.S.), Accenture PLC (Ireland), Adobe Inc. (U.S.), Hewlett Packard Enterprise Company (U.S.), Infosys Ltd. (India), TCS (India), Qualcomm Technologies, Inc. (U.S.), Ansys (U.S.), Autodesk (U.S.), Intel Corporation (U.S.), Tech Mahindra (India), Samsung (South Korea), NetEase, Inc. (China), Electronic Arts Inc. (U.S.), Epic games (U.S.), Take-Two (U.S.), and Valve (U.S.)
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Scope of the report:
Metaverse Market Assessment—by Offering
- Hardware
- AR Devices
- VR Devices
- MR Devices
- Displays
- Platforms
- Traditional
- Blockchain
- Centralized Metaverse
- Decentralized Metaverse
Metaverse Market Assessment—by Medium
- HoloLense
- Desktops
- smartphones
- Headsets
Metaverse Market Assessment—by Application
- Virtual Learning
- VR Entertainment
- Virtual Work Settings
- Virtual/Enhanced Gaming
- Virtual Socialization
- Digital Health Resources
- Other Applications
Metaverse Market Assessment—by End-use Industry
- Gaming
- IT & Telecommunications
- Education
- Finance
- Marketing & Advertising
- Healthcare
- Travel & Hospitality
- Construction
- Transportation
- Manufacturing
- Retail & E-commerce
- Other End-use Industries
Metaverse Market Assessment—by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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