In 2021, the value of the worldwide metaverse market was USD 63.83 billion. It is anticipated to grow from USD 100.27 billion in 2022 to USD 1,527.55 billion in 2029, with a CAGR of 47.6% over the forecast period of 2022–2029 Fortune Business Insights released this data in its most recent research study, “Metaverse Market Size, Share and Industry Forecast, 2029.”
The report predicts that the growing popularity of online gaming and commerce will significantly impact the economy. In particular, the introduction of blockchain technology has boded well for top businesses striving to diversify their business lines. For instance, Space Falcon raised about USD 4 million in January 2022 to advance conventional gaming using blockchain technology. Players in the industry are also likely to evaluate how the COVID-19 epidemic has affected the world market.
Important Developments in the Metaverse Industry
November 2021: To accelerate complete digital and cognitive changes, Globant announced the acquisition of Navint.
Segmenting & Scope of the Report
Gaming Trend Online Brings Paradigm Shift
|Forecast Period||2022 to 2029|
|Forecast Period 2022 to 2029 CAGR||47.6%|
|2029 Value Projection||USD 1527.55 Billion|
|Metaverse Market Size in 2021||USD 63.83 Billion|
|Historical Data for||2018 to 2020|
|No. of Pages||140|
|Segments Covered||Component, Device, Application, and Geography|
The COVID-19 epidemic has caused online video gaming services to grow rapidly, which has helped the business forecast. The Newzoo analysis estimates that by 2023, the worldwide e-sports gaming audience will be worth USD 646 million. Additionally, in November 2021, the Pokemon GO gaming business Coatue donated $300 million to Niantic, Inc. Leading players’ portfolios may be strengthened in the coming years given the current investing trend.
The software/platform, hardware, and services market segments in the metaverse are based on components.
The market is divided into mobile, desktop, console, and other categories depending on the type of device.
Gaming, online shopping, content creation, social networking, conferences, and other applications are all included in the industry.
The market is divided into three regions based on geography: Europe, North America, and the Rest of the World.
Drivers and Restrictions
Expanding Use of VR Equipment Will Cause Disruptions
Due to the growing use of VR devices in both developed and developing economies, stakeholders anticipate that the metaverse market share will grow. Over the next few years, there will be an increase in the use of blockchain, mixed reality, and artificial intelligence (AI) in end-use applications. Using an auction and marketplace for fungible tokens, Decentraland raised USD 1.2 million in February 2022, as an example. Furthermore, significant growth in the e-commerce sector will encourage major corporations to invest money in the environment. According to a forecast by the United Nations Conference on Trade and Development (UNCTAD), worldwide e-commerce sales will exceed USD 26.7 trillion in 2020.
Although the adoption of cutting-edge technology will be positive, the industrial outlook is expected to be harmed by a lack of understanding, security worries, and strict government regulations.
Coverage of the Report
The study offers a comprehensive analysis of market size, share, volume, and revenue. SWOT analysis and Porter’s Five Force Analysis have also been covered. Both qualitative and quantitative analysis was used to compile the study to support the strategic approach. Assumptions, conclusions, and current business scenarios have all been validated using primary interviews. The report was also created using secondary sources, including press announcements, white papers, journals, and annual reports.
Growing Gaming Industry in the US to Drive North American Market
During the evaluation period, stakeholders are ready to look into potential throughout the U.S., Canada, and Mexico. The dominance of the gaming industry and online purchasing is primarily to blame for the current trend. Due to the bullish techniques used by well-known organizations, the North American market outlook will be positive. For instance, Meta invested over $50 million in platform research and development worldwide in September 2021.
Technology improvements in gaming and social medical platforms will serve as a backdrop for the Europe metaverse market growth. By 2023, 351.0 million people in Europe are expected to play video games, according to MejoresApuestas.com. Notably, top financial service companies are looking for meta platforms to streamline their offerings.
As a result of the growing popularity of smartphones and computers for gaming, online shopping, and content creation, industry participants anticipate that Asia Pacific will establish itself as a lucrative hub. In order to support Japanese businesses, Tencent Holdings Ltd. specifically launched Metaverse services in January 2022. The expansion of the platform and services in Japan, China, Australia, and India will strengthen Asia Pacific’s position in the global market.
Leading businesses emphasize product portfolio expansion to increase their presence in the metaverse.
The launch of new products, the development of new technology, and mergers and acquisitions are all expected to get funding from stakeholders. Both fresh and experienced players might spend money on R&D to obtain a competitive advantage. As a result, expenditures in geographic expansion may become more noticeable over the following several years.
Significant Participants Profiled in the Report
- Tencent Holdings Ltd. (China)
- NVIDIA Corporation (U.S.)
- Meta (Facebook Inc.) (U.S.)
- Roblox Corporation (U.S.)
- Microsoft Corporation (U.S.)
- Globant (Luxembourg)
- Queppelin (India)
- Alibaba Cloud (U.S.)
- Netease Inc. (China)
- Magic Leap, Inc. (U.S.)
With the predicted worldwide alterations provided by the metaverse, we will be able to move around the globe with ease, improving our ability to work, socialize, and communicate without being constrained by physical distance. A native economy with digitally native assets and commerce is anticipated to exist in the Metaverse in the future.