Global Metaverse Market Size, Share, and COVID-19 Impact Analysis, By Component (Hardware, Software & Services), By Technology (Blockchain, Virtual Reality and Augmented Reality, Mixed Reality & Others), By Application (Gaming, Online Shopping, Content Creation and Social Media, Events and Conference, Digital Marketing, Testing and Inspection & Others), By Vertical (BFSI, Retail, Aerospace and Defence, Education, Automotive, Media and Entertainment & Others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2030

KEY MARKET INSIGHTS

The global Metaverse Market was valued at USD 50.54 Bn in 2021. The market is projected to grow USD 626.65 Bn in 2030, at a CAGR of 45.2%.

The word "metaverse" refers to a deeply immersive 3D virtual world experience gained by the employment of a combination of AR, VR, and MR technologies. By creating a virtual world where users may play immersive games, conduct business, interact socially, buy and sell virtual properties, and enjoy immersive entertainment, the metaverse platform enhances the internet experience. A network of three-dimensional (3D) virtual environments focused on social interaction and communication is known as the metaverse. The use of virtual reality and augmented reality headgear makes it possible for metaverse platforms to be portrayed as a conceivable version of the Internet and as a single, global virtual environment in science fiction and futuristic literature. In the upcoming years, it is anticipated that such developments in metaverse technology will help the sector grow.

COVID-19 ANALYSIS

The Metaverse business experienced a boom in new investments during the COVID-19 pandemic, as well as a higher reliance on digital means. The outbreak created a sizable window of opportunity for new market entrants. Additionally, during the outbreak, people had to go into partial or complete lockdowns, which replaced real human interaction with participation through digital means. For example, L'Oreal and Snap Camera, a desktop application, collaborated in November 2020 to enable users to utilize virtual cosmetics during video chats on Google Hangouts, Google Meet, Houseparty, Microsoft Teams, Skype, Twitch, and Zoom.

Surging Demand of Digital Twins across Developing Regions

Digital twins like the digital and physical worlds become more complicated and powerful as time goes on. However, system and data integration across entire business ecosystems may be necessary for them to reach their full potential. Users can communicate online, use sensor data to recreate situations instantaneously, understand what-if scenarios clearly, more accurately predict outcomes, and send commands to alter the environment. It can display the technical specifications and dimensions of a brand-new product or all the subcomponents and their connections to the rest of the supply chain, from the design desk to the customer. It develops innovative techniques for production and gathers information to make better judgments and forecasts that could help with the automation of challenging chemical and biological processes.

DRIVERS

Growing Demand in the Entertainment and Gaming Industry

Due to the growing use of augmented reality, virtual reality, and mixed reality technology, the worldwide media, entertainment, and gaming industries have experienced the fastest growth. The main justifications for adopting these technologies are that the gadgets, such as VR headsets, MR headsets, HUD, HMD, smart glasses, and smart helmets, can provide a first-person perspective, act as natural user interfaces, provide 6-degree freedom, etc., to create virtual scenarios that look realistic to improve the overall gaming experience of end users.

Increasing Usage of Cryptocurrencies

The physical and digital worlds are connected through the use of cryptocurrencies. They enable us to determine the value of digital assets in terms of the money issued by the government as well as the growth of such assets over time. Cryptocurrency purchases through the metaverse are becoming more popular all across the world.

RESTRAINT

Concerns Pertaining to High Installation Costs

The cost of hardware and solutions is high which is hampering the growth of the global metaverse market. Fast networking, ample storage, and high-end technology are needed, which are pricy, to experience the metaverse in the most realistic and captivating way possible. To produce a realistic-looking virtual environment, these devices employed in the metaverse also make use of 3D and other cutting-edge technologies, which raises their costs even more.

SEGMENTATION

The global Metaverse market is segmented by Component (Hardware, Software & Services), By Technology (Blockchain, Virtual Reality and Augmented Reality, Mixed Reality & Others), By Application (Gaming, Online Shopping, Content Creation and Social Media, Events and Conference, Digital Marketing, Testing and Inspection & Others), By Vertical (BFSI, Retail, Aerospace and Defence, Education, Automotive, Media and Entertainment & Others) and Region. Based on the components, the market is categorized into hardware, software & services. Based on technology, the market is categorized into blockchain, virtual reality and augmented reality, mixed reality & others. Based on application, the market is categorized into gaming, online shopping, content creation and social media, events and conferences, digital marketing, testing, and inspection & others. Based on vertical, the market is categorized into BFSI, retail, aerospace and defense, education, automotive, media and entertainment & others. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.

By Component

Based on component, is categorized into hardware, software & services. The hardware segment is expected to dominate the market share of the global metaverse market owing to increasing focus among companies on manufacturing products that give a better user experience and enable more extended user immersion. Companies are also attempting to create more sophisticated gear, such as VR/AR headsets, haptic devices, and sensors, to enhance the realism of virtual worlds. This market's expected revenue growth will also be fueled by the creation of user interfaces that let users access 3D material on several gadgets, including smartphones, next-generation TVs, and the mixed reality smart glasses known as HoloLens.

By Technology

Based on technology, the market is categorized into blockchain, virtual reality and augmented reality, mixed reality & others. Virtual reality and augmented reality are expected to dominate the market share of the global metaverse market owing to the rising use of MR to interact in the metaverse more effectively. Based on technology, the world market can be classified into three categories: blockchain, virtual reality and augmented reality, mixed reality, and others. In the other section, you will find things like artificial intelligence (AI), IoT, 5G, 3D reconstruction, brain-computer interfaces, etc.

By Vertical

Based on vertical, the market is categorized into bfsi, retail, aerospace and defense, education, automotive, media and entertainment, and others. The media and entertainment segment is expected to dominate the market share of the global metaverse market owing to businesses putting more of an emphasis on hosting virtual music concerts, and as more companies adopt this idea, it is anticipated to help this market's revenue growth. Take Meta Platform, Inc. as an example. Major virtual reality concerts that took place entirely within the Horizon Venues metaverse were announced by Meta Platform, Inc. At the New Year's Eve event, famous singers and performers included Young Thug, DJ David Guetta, and The Chainsmokers. The virtual music theme park has officially begun operations on The Sandbox platform, according to Warner Music Group.

REGIONAL INSIGHTS

The global metaverse market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.

North America region is expected to dominate the market share of the global metaverse market owing to the huge customers in the area embracing new, complicated technology Another factor anticipated to boost the regional market's revenue growth is the rising number of start-ups concentrating on the creation of metaverse platforms for commercialization. Additionally, the region's significant concentration of gaming and metaverse companies like The Sandbox, Nvidia Corporation, and Epic Games, Inc., which focus on merging metaverse into games, is generating market development potential. The first collaboration and simulation platform in the world, NVIDIA Omniverse, will be able to reach millions more people thanks to collaborations Nvidia Corporation announced with Blender and Adobe.

However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period of the global metaverse market due to an increasing number of start-ups and organizations, including The Sandbox (Hong Kong), Bolly Heroes (India), Axie Infinity (Singapore), NextMeet (India), GuildFi (Thailand), Shenzhen Zhongqingbaowang Interaction Network Co., Ltd. (ZQGame Global), and miHoYo Co., Ltd. in China. Users can engage in real-time, concurrent activities powered by their preferred third-party apps on these virtual metaverse markets and gaming platforms, which provide an immersive experience.

LIST OF KEY COMPANIES PROFILED:

• Meta Platforms Inc.
• Nvidia
• Microsoft
• Tencent Holdings Ltd.
• Bytedance
• Epic Games
• Netease Inc.
• Roblox Corporation
• Lilith Games
• Nextech AR Solutions Inc.
• Unity Software Inc
• The Sandbox
• Others

KEY INDUSTRY DEVELOPMENTS:

January 2022- NVIDIA Corporation has launched an advanced software to distribute a free advanced version of Omniverse software to create virtual worlds for individual artists.

November 2021- Tencent Holdings has announced that it has partnered with The Asian Institute of Digital Finance to improve the areas of education, research, and entrepreneurship to support Asia's fintech industry.

September 2021- Meta has invested USD 50 million in global research and development of the platform.

April 2021- Microsoft launched a Microsoft Mesh which enables applications to allow users to experience a shared 3D virtual presence using any device, including mobile phones, VR headsets, tablets, and PCs.

SEGMENTATION:

By Component

• Hardware
• Software
• Services

By Technology

• Blockchain
• Virtual Reality and Augmented Reality
• Mixed Reality
• Others

By Application

• Gaming
• Online Shopping
• Content Creation and Social Media
• Events and Conference
• Digital Marketing
• Testing & Inspection
• Others

By Vertical

• BFSI
• Retail
• Aerospace and Defence
• Education
• Automotive
• Media and Entertainment
• Others

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America
• The Middle East and Africa- GCC, South Africa, Rest of the Middle East & Africa