News from the Wire

Metaverse market to reach about $2,369.7B by 2033

Friday, April 12, 2024 — 12:33:51 (EDT)

Paris, April 12, 2024 (GLOBE NEWSWIRE) -- The global metaverse market size was valued at USD 92.46 billion in 2023 and it is increasing around USD 2,004.27 billion by 2032, according to Precedence Research. Metaverse helps users socialize and connect with each other and participate in activities like concerts, events, and games worldwide in a virtual learning environment.

The metaverse market is using virtual reality, augmented reality, and other cool tech to advertise stuff in virtual worlds like Roblox or Fortnite. The market mainly benefits from the growing usage of new technology, including extended reality, blockchain, artificial intelligence (AI), and mixed reality (MR). The metaverse is the realization and identification of new applications that may transform how people use computers and the internet. Metaverse has many advantages, including increased connectivity, social interaction, innovation, and the ability to bridge distances for collaboration. Metaverse users may participate in virtual concerts, events, and games.

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Key Insights

North America metaverse market was valued at USD 34.24 billion in 2023 and it is expected to hit around USD 452.25 billion by 2030.

Europe metaverse market size was estimated at USD 24.40 billion in 2023 and it is expected to hit around USD 348.14 billion by 2030.

Asia-Pacific is estimated to be the fastest-growing during the forecast period of 2024-2033. By end-user type, the media and entertainment segment has accounted revenue USD 29.37 billion in 2023.

By platform, the mobile segment has accounted market share of 59.27% in 2023.

By components, the hardware segment has generated revenue share of 73.21% in 2023.

By offering, the virtual platforms segment has captured 39.72% of revenue share in 2023.

By technology, the virtual reality and augmented reality segment has held highest market share of 60.51% in 2023.

By end user, the media and entertainment segment has captured market share of 31.76% in 2023.

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Regional Stance

North America dominated the metaverse market in 2023. Increased investments in the metaverse sector by key players like NVIDIA Corporation, Roblox Corporation, Meta, and others help in the market's growth. The demand for metaverse increases worldwide because of the availability of many solutions cuttings across gaming, retail, and finance in North America, which contribute to the growth of the market. In consumer devices, increased use of AR technology helps the growth of the North American market. Also, this region uses metaverse technology in various sectors like defense, consumer products, healthcare, businesses, training, education, and aerospace, contributing to the growth of the market.

In March 2024, to accelerate mass adoption of the metaverse with improbable backing and to create a Decentralized Open Metaverse Network launched by the Virtual Society Foundation in New York, United States.

Asia-Pacific is estimated to be the fastest-growing during the forecast period of 2024-2033. Various advantages of the metaverse, including exploring the virtual world and various activities like shopping, entertainment, and gaming, help in the growth of the metaverse market in the Asia-Pacific region. Countries like Japan, China, and South Korea, known for their advanced technologies, all belong to the Asia Pacific region, which increases the growth of the market. India’s increasing e-commerce industry is the main role in the growth of the market.

In September 2023, India’s first jewelry showroom on the metaverse was launched by Senco Gold and Diamonds. This initiative helps customers to shop for jewelry from the comfort of their homes.

Report Highlights

By Component Type

The hardware segment dominated the market in 2023. In metaverse hardware, virtual reality (VR) headsets are at the highest level. The Meta Quest is the best platform for enjoying a cable-free experience and maybe a metaverse entry from anywhere with a connection to the internet. People may access metaverse processes with their phones, which helps the segment grow.

The software segment is significantly growing during the forecast period. SaaS is the leading online metaverse software process, and it all requires internet connections. For example, Mesh for Microsoft Teams meeting space is updated by Microsoft and may be accessed online or downloaded to the device.

GLOBAL METAVERSE MARKET, BY COMPONENT 2019-2023 ($BILLION)

Component 2019 2020 2021 2022 2023 Hardware 20.81 27.00 38.00 50.24 67.69 Software 7.39 9.66 13.70 18.25 24.77

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By Platform Type

The mobile segment dominated the market in 2023. The use of metaverse in mobile devices like tablets and smartphones helps in the growth of the market. To enhance the applications, mobile app developers use the metaverse concept. They may use AR features in the existing mobile apps. In virtual education, various materials are available for students for learning and education without leaving their classrooms. In travel and tourism, healthcare, gaming, remote working experiences, shopping, social networking, and real estate, the mobile segment is dominant in the metaverse market due to advances like AR, VR capabilities, and 5G connectivity.

GLOBAL METAVERSE MARKET, BY PLATFORM 2019-2023 ($BILLION)

Platform 2019 2020 2021 2022 2023 Mobile 16.45 21.47 30.39 40.43 54.80 Desktop 11.75 15.19 21.30 28.06 37.66

By Offering Type

The virtual platform segment dominated the metaverse market in 2023. The metaverse is used in various companies to enhance online platforms. These include virtual workplaces like Meta Horizons or Microsoft Mesh workrooms, virtual operating rooms, virtual dressing rooms, and online video games like Fortnite. Users can enjoy user-friendly reality, independence, and more digital by creating virtual space with the help of the metaverse. Virtual reality will be helpful in strengthening metaverse technology. A virtual platform is a digital platform where users may sell, buy, or trade digital assets like NFTs.

The asset marketplace segment is the fastest growing during the forecast period. The assets marketplace is digital assets, which include documents, cryptocurrencies, data, manuscripts, photos, and others. Digital assets are important because they are part of our personal and professional lives and essential for governments and businesses. The digital assets marketplace allows users to sell, trade, and buy digital assets like cryptocurrency, digital collectibles, and others.

GLOBAL METAVERSE MARKET, BY OFFERING 2019-2023 ($BILLION)

Offering 2019 2020 2021 2022 2023 Avatars 1.50 1.96 2.78 3.70 5.02 Virtual Platforms 11.61 14.96 20.90 27.45 36.72 Asset Marketplace 8.07 10.65 15.25 20.50 28.10 Financial Services 7.01 9.09 12.76 16.84 22.62

By Technology Type

The virtual reality and augmented reality segment dominated the market in 2023, and the augmented reality and virtual reality segment is steadily growing during the forecast period. Virtual reality is dependent on haptic technology functions like metaverse extension. It also allows for better telepresence in virtual platforms globally. At the same time, augmented reality uses real-world settings. Augmented reality may control their real-world presence. Augmented reality requires smartphones, while virtual reality is accessed with headset devices. Virtual reality strengthens functional reality, and augmented reality strengthens both the real and virtual world.

GLOBAL METAVERSE MARKET, BY Technology 2019-2023 ($BILLION)

Technology 2019 2020 2021 2022 2023 AR & VR 17.41 22.52 31.60 41.65 55.95 Mixed Reality 1.47 1.95 2.79 3.75 5.13 Blockchain 5.93 7.77 11.04 14.74 20.06 Others 3.39 4.43 6.27 8.34 11.31

By End-user Type

The media and entertainment segment dominated the market in 2023. Media and entertainment in the metaverse have benefits, like the level of submersion, that may strengthen the bond with narratives and make an enduring impact among viewers. This type of viewing helps in the education sector. Immersive experiences may be from the use of metaverse in films and concerts in the media and entertainment end-user, helping in the growth of the segment.

The retail segment is significantly growing during the forecast period. By using metaverse in the retail industry, consumers can get various types of products from the comfort of their homes without being involved in physical stores. Creating memorable and engaging experiences for various types of businesses helps the metaverse for retailers. Retailers may retain their customers by generating interactive, memorable, and fascinating virtual experiences and environments that contribute to the growth of the segment.

Market Dynamics

Driver

Increasing demand in the gaming and entertainment industry

The use of metaverse has increased in the gaming and entertainment industries. The gaming industry may be decentralized or centralized, but the gaming industry focuses on decentralized projects to solve future problems. This is also used in the new gaming reality called Web 3.0 gaming. The use of metaverse in the gaming industry to compete in online games with the community and keeps community individuals together. The individuals may also play solo games with other players or with artificial intelligence. For the transformation of entertainment industries, there is demand for metaverse, including live events like sports events, theatre productions, and concerts, which helps in the metaverse market growth.

Restraint

Potential health hazardous

The use of the metaverse has some restraints on health, such as some people or children getting addicted to video games and looking for an escape from reality. According to experts, some people or children can lose their ability to distinguish between reality and virtual reality. Long-term contact with virtual environments may lead to sleep disruption, mental health problems, addiction, and mental fatigue. Some may enjoy the virtual world much and stop to enjoy the real world.

Opportunity

Research and Development

There are some security concerns, including increased sensitive issues and cyber-attacks. There is an opportunity to help overcome these security concerns in the metaverse market. Giving some advice and tips before using the metaverse, modification of existing processes, and the development of new processes may avoid the metaverse's security concerns. Using a strong user authentication mechanism and secure infrastructure for malware processes can help in the growth of the market.

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Source: Company press release.