Metaverse Market – Trends Forecast Till 2030

Market Snapshot

Market Overview

The global Metaverse Market size is projected to reach a CAGR of 41.6% from 2023-2030.

Metaverse platforms are a network of three-dimensional (3D) virtual environments centered on social interaction and communication. Metaverse platforms are frequently portrayed in futuristic and science fiction as a potential iteration of the Internet as a single, worldwide virtual environment made possible by the usage of virtual reality and augmented reality headgear. Such advancements in metaverse technology are expected to contribute toward the development of the metaverse industry in the coming years.

The rise in demand for work-from-home and remote working tools during the period of the COVID-19 pandemic led to the growth of the global metaverse market. Growth in the popularity of cryptocurrencies and non-fungible tokens (NFTs) positively impacts the metaverse market growth. Furthermore, a positive drive toward decentralized network technology is expected to offer remunerative opportunities for the expansion of the metaverse market during the forecast period.

On the other hand, complex security and privacy challenges on the Metaverse platform can hamper the Metaverse market.

The COVID-19 pandemic played a significant role in stimulating interest in the metaverse concept. People started working from home and students began taking classes online, creating a need for practical techniques or channels to make online contact more realistic. The COVID-19 pandemic catalyzed metaverse technology, and the post-pandemic environment is predicted to pique customer interest. The pandemic has accelerated the creation of virtual online communities as key lifestyle areas for users who were confined due to the lockdowns and closures, including interactive game landscapes and the expanding use of mixed reality. The COVID-19 pandemic has positively impacted the metaverse market, which has potentially improved many industries.

Delvens Industry Expert's Standpoint

Within virtual worlds and universes, there is a growing market for virtual products and services called the Metaverse. With various platforms and marketplaces providing a wide range of virtual goods and services, the industry is now fragmented. However, as the Metaverse Market expands, it is anticipated that some consolidation will occur as bigger corporations buy smaller platforms and virtual goods markets and as dominating players arise within particular market segments. The Metaverse Market has the potential to overtake the real-world market for tangible products and services as a major force in the global economy. It will be interesting to observe how the industry evolves and what possibilities and difficulties it brings for both businesses and consumers as it continues to change.  

Market Portfolio

Key Findings

• The product segment is further fragmented into Hardware, Software, and Services. The hardware segment accounted for the largest share and is anticipated to dominate the market during the forecast period. The growth is due to a growing focus among firms on producing products that provide a better user experience and enable more extended user immersion. To improve the realism of virtual worlds, companies are also working to develop more advanced hardware, such as VR/AR headsets, haptic devices, and sensors.

• The platform segment is further fragmented into Desktop, Mobile, and Headsets. The desktop segment accounted for the largest revenue share and is anticipated to dominate the market during the forecast period. Computers used to be the primary portal into the metaverse, but with the introduction of smartphones and wireless networks, that has changed. Virtual desktop is a program that allows users to utilize the computer in virtual reality using the HTC Vive, Oculus Rift / Rift S, WMR headsets, and Valve Index. On a massive virtual screen, users may surf the web, view movies on Netflix, and even play games.

• The offering segment is further fragmented into Virtual Platforms, Asset Marketplaces, Avatars, and Financial Services. The asset marketplace segment is expected to grow at the highest CAGR. The growth is due to the increased investments made in bitcoins, NFTs, Ethereum, and other cryptocurrencies. Because of the expansions in virtual metaverse platforms, the virtual platforms segment is expected to account for a significant revenue share during the forecast period.

• The technology segment is further fragmented into Blockchain, Virtual Reality (VR) & Augmented Reality (AR), Mixed Reality (MR), and Others. Augmented reality (AR) and virtual reality (VR) technology contributed to the largest revenue share. AR and VR technology is being utilized in the gaming industry to make the game more realistic and to provide a better gaming experience. However, the demand for VR and AR devices is expected to exhibit substantial growth in the coming years. Thus, the segment is predicted to contribute significantly to the overall Metaverse industry. The demand for VR and AR devices is expected to rise owing to the rising gaming industry.

Regional Analysis

North America to Dominate the Market

• The metaverse industry was dominated by North America in 2021 and is expected to retain its position during the forecast period.
   
• The growth is due to its high concentration of metaverse technology vendors such as Meta Platforms, Inc. (formerly known as Facebook, Inc.) and Roblox Corporation, which is expected to drive the market for metaverse technology within the region during the forecast period.

Competitive Landscape

• Meta Platforms, Inc.
• Epic Games, Inc.
• Nvidia Corporation
• Tencent Holdings Ltd
• ByteDance Ltd.
• Lilith Games
• Unity Technologies, Inc.
• Roblox Corporations
• NetEase, Inc.
• Nextech AR Solutions Corp
• Valve
•  Accenture
•  Adobe
•  HPE
•  Deloitte
• Ansys
•  Autodesk
•  Intel
• Tech Mahindra
• Google
• Sony
• Apple
• Panasonic

Recent Developments

• In January 2022, The Sandbox announced a partnership with Warner Music Group to launch the first music-themed world in The Sandbox metaverse. Warner Music Group (WMG) would be taking its initial steps into the metaverse and NFT sector with this alliance.
   
• In November 2021, Tencent Holdings, Ltd announced that it has partnered with The Asian Institute of Digital Finance. The companies will collaborate in the areas of education, research, and entrepreneurship to support Asia's fintech industry.

Reasons to Acquire

• Increase your understanding of the market for identifying the best and most suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
   
• Gain authentic and granular data access for Metaverse Market so as to understand the trends and the factors involved in changing market situations.
   
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
   
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

Report Scope