BEIJING, May 25, 2022 (GLOBE NEWSWIRE) — The global metaverse market size is anticipated to reach a market value of around USD 1,803 billion by 2030 growing at an annual rate of above 45.8% from 2022 to 2030
The metaverse is a united virtual society where everyone can socialize, work, play, transact, and relax. The metaverse is currently in its early stages of development. However, concepts of what the metaverse is and could be are beginning to emerge.
The metaverse is projected to generate new revenue streams by giving businesses a new opportunity to promote goods and services while also allowing them to collect new forms of data generated by user interactions. However, many technological problems and societal considerations must be overcome before corporations can expect a significant return on investment for this type of business effort. Microsoft, Facebook (rebranded Meta), Nvidia, and Roblox are frequently mentioned as metaverse pioneers. These companies are known for their mixed reality research and development, and they’re currently looking into ways to monetize head tracking and other sorts of user-generated data in the metaverse. For instance, In October 2021, Mark Zuckerberg described the metaverse as an integrated internet in which the user is an active participant. According to Zuckerberg, the metaverse will be the mobile internet’s replacement, significantly changing the way people work and interact.
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COVID-19 Impact on Metaverse Industry
According to a recent survey of corporations from chosen countries that already have invested in the metaverse, more than 90% of those polled said that the global COVID-19 epidemic had accelerated the establishment of metaverse technologies. Adoption of the metaverse was unavoidable, although the epidemic accelerated the process by years. There are numerous social, educational, and economic opportunities. When it comes to resuming physical labor, organizations have been mostly on a “will they or won’t they” basis since the initial outbreak lockdowns in 2020. Tech companies began developing this technology and announced investments in 2020. The year 2021 was a good year for metaverse technology investments, thanks to Meta’s billion-dollar investment (Facebook). In addition to the on-going trend of work from home, growth in online gaming, and venture capitalist investing in metaverse many SMEs saw an opportunity to launch and invest in this business. For instance, in February 2022 – Asgard, a decentralized finance startup, launched a decentralized autonomous organization (DAO) to bring the metaverse, decentralized finance (DeFi), and non-fungible tokens (NFTs) onto a single platform. Thus, according to our analysis, the pandemic functioned as a catalyst for the metaverse technology, and the post-pandemic environment is predicted to stimulate customer interest.
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The global metaverse market segmentation includes component, platform, technology, offering, application, end-use, and geography. Based on the component, the market is divided into hardware, software, and services. Among them, the hardware segment held a significant metaverse market share while the software segment is likely to attain a substantial growth rate in the coming years.
Based on the platform, the market is split into desktop, mobile, and headsets. Out of these, the headsets segment is anticipated to grow at a substantial rate all through the forecast period 2022 – 2030.
By technology, the market is divided into television blockchain, virtual reality (VR) & augmented reality (AR), mixed reality (MR), and others. Among them, the VR & AR segment generated the largest metaverse market revenue. However, the mixed reality segment is likely to obtain a noteworthy CAGR throughout the forecast timeframe.
The offering segment is split into avatars, asset marketplaces, virtual platforms, and financial services. The asset marketplaces segment will witness the fastest growth in the coming years, whereas the virtual platforms segment contributed to a leading market share in 2021.
Application segments can be classified into gaming, online shopping, events & conference, content creation & social media, digital marketing (advertising), testing and inspection, and others. Among them, the gaming segment acquired the maximum market share in 2021. Many gaming giants such as Tencent Holdings Ltd. and Epic Games are launching their metaverse platform to improve their gaming experience. This is witnessed to be one of the noteworthy trends in the metaverse market.
Furthermore, by end-use, the market is categorized into BFSI, automotive, media & entertainment, retail, education, aerospace & defense, and others. The media & entertainment industry is one of the leading segments with respect to market share while the aerospace & defense industry is expected to grow at a remarkable rate.
Interconnected Reports ICT Market
The global blockchain technology market is anticipated to grow at a CAGR of around 80.2% during the forecast period 2020 to 2027 and to value around US$ 3.7 Bn by 2020.
Global smart manufacturing market is expected to reach the market value of around US$ 582 Bn by 2028 and are anticipated to grow at a CAGR of around 13.3% in terms of revenue during the forecast period 2021 – 2028.
The global automotive AR and VR market is anticipated to reach market size of around US$ 55,000 Mn by 2027 and is anticipated to grow at a CAGR of around 77% in terms of revenue during the forecast period 2020 – 2027.
The global market for private 5G network accounted for US$ 1,372 Mn in 2021 and is estimated to reach US$ 31,589 Mn by 2030, with a significant CAGR of 42.4% from 2022 to 2030
North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa are the regional classification of the global metaverse market. Based on the regional classification, the Asia-Pacific region is anticipated to witness the fastest growth rate throughout the forecast period 2022 – 2030. Technological improvements in the Asia-Pacific have been much faster and more favored by tech titans, entrepreneurs, and government departments in the region. The Asia-Pacific market is additionally backed by a strong industrial environment, high commercial value, and technical revolutions such as gaming, education, entertainment, social networking, and digitalization. Meanwhile, the North America region accumulated the largest market share in 2021 due to the growing emphasis on merging digital and physical worlds over the internet, as well as the growing traction and popularity of mixed reality.
Key metaverse companies covered in the report are ByteDance Ltd., Decentraland, Epic Games, Inc., Meta Platforms, Inc., Microsoft Corporation, NetEase, Inc., Nextech AR Solutions Corp., Nvidia Corporation, Roblox Corporation, Tencent Holdings Ltd., The Sandbox, and Unity Technologies, Inc.
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