Pune, India, April 12, 2023 (GLOBE NEWSWIRE) -- The global metaverse market size was valued at USD 63.83 billion in 2021. The market is estimated to expand from USD 100.27 billion in 2022 to USD 1527.55 billion in 2029, exhibiting a CAGR of 47.6% over the forecast period. The rising penetration of online shopping and gaming will have a notable influence on the business outlook. Fortune Business Insights™ provides this information in its research report, titled “Metaverse Market Forecast, 2023-2029”.
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Key Industry Development:
Niantic, Inc., the virtual and augmented reality platform, raised USD 300 million from Coatue Pokémon GO gaming company. The company plans to build a real-time virtual world platform.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 47.6% |
| 2029 Value Projection | USD 1527.55 Billion |
| Base Year | 2021 |
| 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 |
Key Takeaways:
- Metaverse Market size in North America was USD 45.97 billion in 2021
- Major driving factors include the emergence of blockchain technology
- The desktop segment has the largest share in the global market.
- Global demand is driven by gaming applications
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Drivers and Restraints:
Expanding Footfall of VR Devices to Trigger Disruptions
Stakeholders expect the metaverse market share to gain traction from the rising footprint of VR devices across developed and developing economies. The trend for mixed reality, Artificial Intelligence (AI), and blockchain across the end-use applications will be pronounced over the next few years. To illustrate, in February 2022, Decentraland raised USD 1.2 million with fungible tokens auction and marketplace. Moreover, a notable uptick in the e-commerce industry will encourage leading companies to inject funds into the landscape. According to the United Nations Conference on Trade and Development (UNCTAD) report, the global e-commerce sale reached USD 26.7 trillion in 2020.
Trend for Online Gaming Brings Paradigm Shift
An exponential rise in online video game services amidst the COVID-19 pandemic has aided the business forecast. According to Newzoo report, the global gaming audience for e-sports could reach USD 646 million by 2023. Moreover, in November 2021, Niantic, Inc. raised USD 300 million from Coatue Pokemon GO gaming company. Considering the investment trend, leading players could boost their portfolios in the ensuing period.
Segments
Based on component, the metaverse market is segmented into software/platform, hardware, and services.
In terms of device, the market is segregated into mobile, desktop, console, and others.
With respect to application, the market covers gaming, online shopping, content creation, social media, conferences, and others.
On the basis of region, the market is segmented into Europe, North America, and the Rest of the World.
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Regional Insights
Flourishing Gaming Business in the U.S. to Propel North America Market
Stakeholders are poised to explore opportunities across the U.S., Canada and Mexico during the assessment period. The prevailing trend is mainly attributed to the penetration of the gaming business and online shopping. The North America market forecast will be strong on the back of bullish strategies adopted by prominent companies. For instance, in September 2021, Meta injected around USD 50 million in global research and development of the platform.
The Europe metaverse market growth will be noticeable against the backdrop of technological advancements across gaming and social medical platforms. MejoresApuestas.com claims gaming audiences in Europe could reach 351.0 million by 2023. It is worth noting that leading financial service providers are seeking meta platforms to streamline their services.
Industry participants expect Asia Pacific to emerge as a lucrative hub in the wake of the surging popularity of smartphones and desktops for gaming, online shopping, and content creation. Specifically, in January 2022, Tencent Holdings Ltd rolled out Metaverse services to foster Japanese companies. Growth of the platform and services across Japan, China, Australia, and India will solidify the position of Asia Pacific in the global market.
List of Key Players Mentioned 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.)
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Major Table of Contents:
- Global Metaverse Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Hardware
- Software/Platform
- Services
- By Device (USD)
- Desktop
- Mobile
- Console
- Other (Smart Wearables, etc.)
- By Application (USD)
- Online Shopping
- Gaming
- Social Media
- Content Creation
- Conferences
- Others (Virtual Runway Shows, etc.)
- By Region (USD)
- North America
- Europe
- Rest of World
- Middle East & Africa
- Asia Pacific
- South America
- North America Metaverse Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Hardware
- Software/Platform
- Services
- By Device (USD)
- Desktop
- Mobile
- Console
- Other (Smart Wearables, etc.)
- By Application (USD)
- Online Shopping
- Gaming
- Social Media
- Content Creation
- Conferences
- Others (Virtual Runway Shows, etc.)
- By Country (USD)
- United States
- Canada
- Mexico
- Europe Metaverse Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Hardware
- Software/Platform
- Services
- By Device (USD)
- Desktop
- Mobile
- Console
- Other (Smart Wearables, etc.)
- By Application (USD)
- Online Shopping
- Gaming
- Social Media
- Content Creation
- Conferences
- Others (Virtual Runway Shows, etc.)
- By Country (USD)
- United Kingdom
- Germany
- France
- Italy
- Spain
- Russia
- Nordics
- Benelux
- Rest of Europe
TOC Continued…!
FAQs
How big is the metaverse market?
Metaverse market size was USD 63.83 billion in 2021. It is expected to reach USD 1527.55 billion by 2029.
How fast is the metaverse market growing?
The metaverse market will exhibit a CAGR of 47.6% during the forecast period, 2022-2029
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