Chicago, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The global Metaverse in Gaming Market size to grow from USD 22.7 billion in 2023 to USD 119.2 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 39.3% during the forecast period, according to a new report by MarketsandMarkets™.
The Metaverse in gaming Market is fuelled by rising demand for online gaming. The substantial global in-game Metaverse Gaming Market suggests many consumers are familiar and comfortable with making transactions in virtual worlds, which sets the stage for more commerce (market growth) to shift towards gaming metaverse experiences. AR and VR headsets will continue to be the primary choice for immersive interactive gaming metaverse experiences for quite some time, but less intrusive technologies will become more common in the near future. Glasses-free display technologies and holographic projection is already gaining traction and will mature to become a more common gaming metaverse gateway.
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Metaverse in Gaming Market Dynamics:
Drivers:
- Increasing demand in entertainment and gaming industries
- VR gaming becoming more immersive, interactive and real
- Emerging opportunities from adjacent markets
Restraints:
- High installation and maintenance costs of high-end metaverse in gaming components
- Health and mental issues from excessive use
- Regulating metaverse in gaming with respect to cybersecurity, privacy, and usage standards
Opportunities:
- Easier hosting of events and better engagement
- Significant growth opportunities despite possible economic slowdown
List of Key Players in Metaverse in Gaming Market:
- Meta (US),
- Microsoft (US),
- NetEase (China),
- Electronic Arts (US),
- Take-Two (US),
- Tencent (China),
- Nexon (Japan),
- Epic games (US),
- Unity (US),
- Valve (US),
- Accenture (Ireland),
- Adobe (US),
- HPE (US),
- Deloitte (UK),
- Ansys (US)
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Metaverse is a virtual world that technologically includes virtual reality working synchronizing in real-time scenario—characterized by persistent virtual worlds that continue to exist even when user is not involved—as well as augmented reality that combines aspects of the digital and physical worlds. However, it doesn't require that those spaces be exclusively accessed via VR or AR.
Major growth drivers for the Metaverse Gaming Market are availability of affordable hardware and use of MR devices in gaming.
The scope of the report covers the metaverse gaming market by component, hardware, software, game genre, and region. Among component, 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 sport games, such as tennis and cricket. Gaming with haptics provides users an enhanced experience of the virtual world.
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By game genre, adventure segment is projected to have the largest market size during the forecast period. Adventure-based games are open-world games where users can roam, go on missions, and meet new people (virtually). Expert players call these games the Web 3.0 version of GTA. Only the most skilled warriors, crafters, and explorers are granted access to places, where they take on the roles of exemplars with special powers to help themselves uncover the secrets of a given exclusive world. A few popular adventure games include Mirandus, Roblox, HELIX, Axie Infinity, My Neighbor Alice, and Chain of Alliance. Players can easily access information, interact with digital objects in the real world and hence the demand for metaverse solutions in this kind of games is the highest.
By region, North America is held the highest market size in 2023, whereas the Metaverse Gaming 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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