Metaverse in Gaming Market worth $119.2 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, May 22, 2023 /PRNewswire/ -- In terms of the gaming industry, the metaverse's future appears bright. It provides improved social interaction, engaging gameplay, a player-driven economy, and limitless potential for both gamers and game producers. The permanent environment and cross-platform integration of the metaverse have the potential to change the gaming business and offer a revolutionary and inclusive gaming experience.

The global Metaverse in Gaming Market size to grow from USD 22.7 billion in 2023 to USD 119.2 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 39.3% during the forecast period, according to a new report by MarketsandMarkets™. The Metaverse in Gaming Market is fuelled by rising demand for online gaming. The substantial global in-game metaverse market suggests many consumers are familiar and comfortable with making transactions in virtual worlds, which sets the stage for more commerce (market growth) to shift towards gaming metaverse experiences. AR and VR headsets will continue to be the primary choice for immersive interactive gaming metaverse experiences for quite some time, but less intrusive technologies will become more common in the near future. Glasses-free display technologies and holographic projection is already gaining traction and will mature to become a more common gaming metaverse gateway. 

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200 - Tables
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247 - Pages

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Scope of the Report

By component, hardware segment to record highest CAGR during the forecast period

The use of HUD in the entertainment sector is expected to fuel the growth of the AR devices segment of the market. The ability of AR devices to combine the real world with virtual objects has increased their demand in various applications. Mobile-based HMDs have a high resolution and a 360° viewing angle. The use of mobile phones for 3D navigation with a real-time overlay of computer graphics has numerous applications in the gaming sector and live entertainment; this is expected to drive the growth of the AR devices segment of the market. The use of AR in mobile applications for Android- and iOS-based devices has significantly contributed to the growth of this segment. Presently, AR smart glasses are the most demanded among AR devices in industrial applications, thereby contributing to the growth of the AR devices segment.

By hardware, the VR devices segment to exhibit significant growth during the forecast period

VR technology provides users with a virtual environment using computer hardware and software. It provides a fully immersive environment wherein users can interact with objects like those in the real world. This technology uses gesture-recognition systems, sensors, and embedded electronic components. Processors help execute input and give users an output to perceive that virtual objects are a part of the environment. VR technology is used in military, consumer, training, education, and retail applications. VR is a fascinating way to traverse using nothing more than the power of technology, with a headset and motion-tracking technology. Prominent VR devices are Meta Quest, Valve Index, HTC Vive, HP Reverb, and Sony PlayStation, among others. VR headsets quintessentially include a stereoscopic display (providing separate images for each eye), stereo sound, and sensors like accelerometers and gyroscopes for tracking the position of the user's head to match the orientation of the virtual camera with the user's eye positions in the real world. Few VR headsets also have eye-tracking sensors and gaming controllers. The VR glasses use a technology called head-tracking, which changes the field of vision or Field of View (FoV) as a person turns his/her head.

By region, North America to showcase immense growth during the forecast period

North America has an advanced communication, blockchain and extended reality technology infrastructure that helps Metaverse in gaming solution providers offer quality services to players. The US invests heavily in R&D activities. It is also one of the early adopters of metaverse in gaming. The region is home to companies such as Google, Meta, Microsoft, Qualcomm, Unity, and Nexon which aids in driving the growth of the market in the country. The use of AR, VR, MR technologies in gaming hardware, gaming engines for gaming platforms design is expected to fuel the US market growth. More than half of 9- to- 12-year-olds in the United States play on Roblox at least regularly, and ten of the top 14 gaming platforms utilized by American children feature a social play component. Metaverse demands large bandwidth of internet for seamless functioning. North America is a decent playground with increasing internet speeds associated with new generation of air waves, and hence the adoption of gaming metaverse is subject to only increase going forward. Higher Internet speed ensures reduced latency and higher bandwidth to handle better resolutions. 

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Market Players

Major vendors in the Metaverse in Gaming Market include Coursera (US), edX (US), Pluralsight (US), Udemy (US), Udacity (US), Edureka (India), Alison (Ireland), LinkedIn Learning (US), Jigsaw Academy (India), Iversity (Germany), Miriadax (Spain), Intellipaat (India), FutureLearn (UK), Edmodo (US), SWAYAM (India), Novoed (US), Xuetangx (China), Khan Academy (US), Kadenze (US), Federica Web Learning (Italy), My Mooc (France), Treehouse (US), Skillshare (US), CreativeLive (US), CXL (US), Go1 (Australia), Byju's (India), Datacamp (US), Platzi (US), Thinkful (US). 

Recent Developments:

• In April 2023, Electronic Arts launched EA SPORTS FC which unveiled its new brand identity, vision, and logo. FC will become an EA SPORTS platform for creating, innovating, and expanding new football experiences, connecting hundreds of millions of fans via console, mobile, online, and esports products.
• In March 2023, Unreal Editor for Fortnite (UEFN), a version of the Unreal Editor that has the ability to create and publish experiences directly to Fortnite. With many of Unreal Engine 5's powerful features at users' fingertips, creators and developers have access to an entire world of new creative options for game production and experiences that can be enjoyed by millions of Fortnite players. UEFN will also permit the use of 'Verse,' which the company claims come(s) with powerful customization capabilities such as chaining devices together, and the ability to conveniently create new game logic hassle-free.
• In January 2023, Unity, which is a global platform for creating and growing real-time 3D (RT3D) content, and Google together simplified ways for developers to create multiplayer experiences by offering two solutions from Unity Gaming Services (UGS), Game Server Hosting (Multiplay) and Voice and Text Chat (Vivox), on the Google Cloud Marketplace.

Metaverse in Gaming Market Advantages:

• Players can interact and communicate with a sizable global gaming community through the metaverse. It fosters new friendships and teamwork by generating a sense of presence and social involvement. The overall gaming experience is improved by the ability for players to collaborate, compete, or simply explore the virtual environment together.
• A more realistic and engaging gaming experience can be had thanks to the metaverse. In order to create a more engaging experience, it can integrate cutting-edge technology like virtual reality (VR) and augmented reality (AR). A deeper level of immersion and satisfaction can be achieved when players feel truly a part of the gaming universe.
• For both game developers and gamers, the metaverse offers practically endless options. It makes it possible to build enormous, continuously growing virtual worlds with a variety of topographies, gaming elements, and plots. This creates chances for players to continuously explore new journeys and experiences, keeping the gaming industry vibrant and new.
• A player-driven economy where virtual goods like in-game objects, virtual people, or virtual real estate can be purchased, sold, and traded amongst players could be introduced via the metaverse. As a result, players have possibilities to get real-world value from their in-game actions. It also offers a way for developers and content producers to make money off of their works in the metaverse.
• Players can access the virtual world regardless of their preferred platform because to the metaverse's ability to interconnect different gaming systems and gadgets. This enables smooth communication and interaction between gamers using consoles, personal computers, or even mobile devices. It encourages diversity and lowers barriers between various gaming communities.

Report Objectives

• To describe and forecast the Metaverse in Gaming Market based on components, hardware, software, services, game genres, and regions
• To forecast the market size of five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
• To strategically analyze the market's subsegments for individual growth trends, prospects, and contributions to the total market
• To provide detailed information related to the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
• To analyze industry trends, patents and innovations, and pricing data related to the market
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape
• To track and analyze competitive developments, such as product developments, product enhancements, partnerships, and collaborations, in the market.

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