Metaverse Market Size to Worth USD 3,118.67 Billion by 2032

OTAWA,ON, Nov. 27, 2023 /PRNewswire/ -- The global metaverse market size surpassed USD 68.49 billion in 2022 and is estimated to be worth around USD 3,118.67 billion by 2032, expanding at a CAGR of 44.5% from 2023 to 2032.

Forecasted Metaverse Market

The metaverse, also known as the virtual universe, is a digitally produced reality that allows users and digital objects to interact in real-time. It combines several immersive technologies such as virtual reality (VR), augmented reality (AR), and near-field communication (NFTs) to provide a fully immersive and interactive experience.

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Metaverse provides users with immersive virtual experiences in which they are able to interact with other people and objects in real-time. Users can also customize their avatars and virtual places to represent their own personalities and preferences. This interconnected virtual environment promotes global sociability by allowing users to connect with people all around the world. Shared activities such as games, events, and virtual concerts improve the Metaverse experience even more. Access is wide as it includes multiple platforms such as mobile phones, tablets, and desktop computers. Users can own and exchange digital assets such as virtual real estate, cash, and unique things. The Metaverse has the ability to integrate effectively with the actual world, with applications such as virtual tourism, remote employment, and e-commerce.

The metaverse market is segmented based on components, platform, offering, technology, application, end-user, and region. Factors such as the rise of gaming, increasing popularity of AR and VR, development of new metaverse applications, increasing investments from major tech companies, increasing demand for immersive experiences, growing adoption of enterprise applications, and increasing investment from venture capitalists are driving the growth of the market. However, the high cost of hardware and infrastructure, technological complexity, lack of standardization, and security and privacy concerns are expected to hinder the market.

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Key Insights:

• The North America led the global market with the highest market share of 37.37% in 2022.
• The Hardware segment dominated the market with the major market share of 73.36% in 2022.
• The Mobile segment has held the maximum market share of 59.03% in 2022.

Metaverse Market Revenue, By Region 2022-2030 (US$ Billion)

Regional Snapshot:

North America dominated the metaverse market, holding more than 46% in 2022 owing to technological advancements and rising technology adoption. The development of this virtual world is being led by major players such as Meta, formerly Facebook, which has a presence in North America. Rising adoption of augmented reality (AR) and virtual reality (VR) technology in North America is driving the Metaverse. Platforms that smoothly integrate Metaverse components with their products significantly impact the gaming and entertainment industries. For instance, platforms like Roblox have gained popularity in the gaming market offering users a platform to create, share, and capitalize from their virtual experiences. The rapid growth of Roblox Corporation indicates the critical role that the US plays in requiring innovation in the Metaverse gaming industry.

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Furthermore, Metaverse's use in education and disconnected work contexts, such as virtual classrooms and collaborative workspaces, indicates its adaptability. For instance, Canadian startups, such as Spatial, focus on virtual collaboration tools, indicating the importance of the metaverse in remote work and education.

Metaverse Market Revenue, By Component 2022-2030 (US$ Billion)

Component Insights

The software segment is expected to grow faster during the forecast period. Technological improvements and the growing demand for immersive experiences drive an increase in hardware components within the Metaverse market. Haptic sensors and devices are rising due to their ability to simulate touch, enhancing user engagement, particularly in gaming and virtual interactions. Smart glasses are becoming increasingly popular for augmented reality experiences that efficiently interface digital information into the physical world.

Omni treadmills are gaining popularity, allowing users to physically move within virtual spaces, increasing the sense of presence. Display technology advancements contribute to more realistic virtual environments, increasing display components. XR gear, including AR and VR devices, is diverse, with gaming, entertainment, and practical applications like remote collaboration. AR/VR headsets have grown increasingly common due to improved design and a growing content ecosystem.

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Metaverse Market Revenue, By Platform 2022-2030 (US$ Billion)

Platform Insights

The mobile platform is expected to grow faster during the forecast period. Mobile gaming has advanced from basic casual games to more complex and immersive experiences due to graphics, processing power, and smartphone power improvements. The availability of high-quality games with the convenience of gaming has attracted a diverse audience. The popularity of in-app purchases and the rise of competitive mobile gaming, or eSports, are major factors driving the mobile platform segment.

Application Insights

The virtual runway shows segment is expected to grow faster during the forecast period owing to the fashion industry digital transformation, brands are increasingly using augmented reality and virtual reality technologies to present immersive and interactive fashion collections. This innovative shift of fashion and technology, particularly useful when actual gatherings are limited, enables viewers worldwide to see runway events virtually. The move to virtual runways is a dynamic reaction to shifting customer tastes and the demand for creative, approachable methods to interact with the newest styles.

End-user Insights

The education segment is expected to grow faster during the forecast period due to the growing need for digital educational resources and remote learning solutions, and the integration of technology into education has accelerated. Virtual classrooms, e-learning technologies, and online education platforms have grown significantly. The COVID-19 epidemic accelerated the integration of digital education, a pattern that is anticipated to continue.

Market Dynamics

Driver: Integration of Blockchain Technology

Blockchain technology is transforming the metaverse's structure by offering a decentralized framework for the secure ownership and exchange of virtual goods such as virtual real estate, digital art, and virtual currencies. This integration creates a growing metaverse economy, allowing users to commercialize their works and actively participate in virtual marketplaces.

The secure storage of NFT ownership information on the blockchain facilitates users' actual ownership and control over their virtual assets. This decentralized ownership, not tied to a single company, allows users to exchange, sell, or transfer their NFTs freely. The introduction of blockchain into the metaverse promotes the establishment of a new digital economy and a more sustainable and decentralized environment. Users can create cash by selling NFTs of their creations, whether virtual art, exclusive virtual property, or other virtual items, offering artists, developers, and content creators a direct path for profit from their digital efforts. The incorporation of blockchain technology into the metaverse in addition, enables users also drive creativity, resulting in a more diverse and active metaverse ecosystem in which individuals own and govern their virtual assets.

Restraint: Technological Barriers

Technological barriers offer major obstacles to the Metaverse's mainstream adoption. The Metaverse is built on the most recent innovations such as augmented reality (AR), virtual reality (VR), and blockchain. However, restricted access to modern technology creates a significant barrier, resulting in a digital gap across various regions and communities. Some regions lack the required infrastructure or resources to support these technologies, limiting the Metaverse's inclusivity. Moreover, the high costs associated with adopting and implementing AR, VR, and blockchain technologies are a huge barrier. Expenses for technologies such as VR headsets and the infrastructure needed to support high-quality virtual experiences are expensive for both consumers and enterprises. Thus, this financial barrier hampers the metaverse market.

Opportunity: Branding and marketing opportunities

Major companies such as Nike, Chipotle, Vans, Hyundai, and others are rapidly adopting the metaverse, particularly in targeting young consumers who prefer non-traditional media. The metaverse offers a dynamic, engaging, and interactive space, with virtual events accessible to everyone, regardless of their location. Chipotle continues to go further than usual by fusing virtual and real worlds and committing to provide a percentage of the money from the sale of in-game items to young farmers. They have also released a coupon code for a free appetizer in the virtual world, which can be used on their website and app.

Digital Real Estate

The metaverse offers an increasing demand in virtual real estate, with sales on top platforms like Sandbox, Decentraland, Cryptovoxels, and Somnium exceeding $500 million in 2022 and are expected to triple this year. Despite skepticism from older investors regarding the scarcity of physical land versus easily created virtual land, younger consumers see the appeal in owning unique digital assets. Each plot of metaverse land is represented by a non-fungible token (NFT), which acts as a digital deed, ensuring ownership, resale, and transparent transaction records.

The market's attraction is its potential for commercialization, which enables property owners to rent out rooms for events and offer digital billboard space for advertising to a younger, digital audience. It also appeals to tech-savvy populations. The value of virtual land is derived from its scarcity and uniqueness, and innovative development options and a healthy resale market further enhance the appeal of investing in this digital frontier. Virtual real estate is becoming a real and profitable business and investment opportunity as the metaverse develops.

Browse Latest Insights:

Metaverse in Healthcare Market: The global market size was estimated at USD 7.5 billion in 2022 and is expected to hit around USD 98.34 billion by 2032 and is poised to grow at a CAGR of 29.4% from 2023 to 2032.

Augmented Reality (AR) and Virtual Reality (VR) in Manufacturing Market: The global market size was estimated at USD 8.2 billion in 2022 and is expected to hit around USD 74.1 billion by 2032, growing at a CAGR of 24.62% from 2023 to 2032.

Mobile Artificial Intelligence (AI) Market:  The global market size was reached at USD 15.41 billion in 2022 and it is expected to hit around USD 170.07 billion by 2032, expanding at a CAGR of 27.14% during the forecast period from 2023 to 2032.

Extended Reality Market: The global market size was exhibited at USD 35.14 billion in 2022 and is projected to hit around USD 345.9 billion by 2030, growing at a CAGR of 33.09% during the forecast period 2022 to 2030.

Augmented and Virtual Reality in Healthcare Market: The global market size was estimated at USD 2.4 billion in 2022 and it is expected to hit around USD 14.07 billion by 2032, poised to grow at a CAGR of 19.4% from 2023 to 2032.

Immersive Technology Market: The global market size was valued at USD 22.5 billion in 2022 and is expected to hit around USD 167.75 billion by 2032, poised to grow at a CAGR of 22.3% from 2023 to 2032.

Machine Learning as a Service Market: The global market size was estimated at USD 22.86 billion in 2022, and it is expected to reach around USD 626.64 billion by 2032 and is poised to grow at a (CAGR) of 39.3% between 2023 and 2032.

Generative AI in E-Commerce Market: The global market size was valued at USD 624.51 million in 2022 and it is expected to reach around USD 2,530.89 million by 2032, poised to grow at a CAGR of 15.02% from 2023 to 2032.

Industry 4.0 Market: The global market size surpassed USD 114.01 billion in 2022 and is projected to hit around USD 634.94 billion by 2032, expanding at a CAGR of 18.74% from 2023 to 2032.

Internet of Things (IoT) Market: The global market size accounted for USD 328.6 billion in 2022 and it is projected to hit around USD 2,703.52 billion by 2032, growing at a CAGR of 23.46% from 2023 to 2032.

Recent Developments

• In Nov 2023, the gaming company OnePlay announced it is developing the OneCloud Network which will showcase a decentralized, advanced based internet infrastructure. This innovative system enables individuals to host games, virtual reality (VR), and metaverse applications and services on distributed nodes, providing enhanced performance and data privacy benefits.
• In Nov 2023, CoinDCX, a VDA company, announced collaboration with The Sandbox, a blockchain gaming platform under Animoca Brands.
• In Ot 2023, Club Mahindra, a brand of Mahindra Holidays and resorts India Limited, launches its series of NFTs, offering an opportunity to discover India through digital art. The collection is expected to include 25 AI-generated digital artworks inspired by paintings by global maestros. The series is a fusion of art that includes India's destinations by artists.

Market Key Players:

• META
• NVIDIA Corporation
• Epic Games
• Microsoft
• Snap Inc.
• Nextech AR Solutions Inc.
• The Sandbox
• Decentraland
• Roblox Corporation
• Qualcomm Technologies, Inc.

Market Segmentation:

By Components

• Software
• Asset Creation Tools
• Programming Engines
• Hardware

• Haptic Sensors & Devices
• Smart Glasses
• Omni Treadmills

• Displays
• eXtended Reality (XR) Hardware
• AR/VR Headsets
• Others

By Platform

• Mobile
• Desktop

By Offering's

• Avatars
• Virtual platforms
• Asset marketplace
• Financial services

By Technology

• AR & VR
• Mixed Reality 
• Blockchain
• Others

By Application

• Aircraft maintenance
• Gaming
• Online shopping
• Social media
• Virtual runway shows
• Content creation
• Others

By End User

• Media and Entertainment
• BFSI
• Retail
• Aerospace and Defense
• Education
• Automotive
• Others

By Geography

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East & Africa (MEA)

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