Metaverse Market worth $1,303 billion by 2030 - Exclusive Report by MarketsandMarkets™

CHICAGO, Oct. 6, 2023 /PRNewswire/ -- The future of the metaverse will be characterised by the widespread use of VR and AR technologies, convergence with AI, blockchain, and IoT, a wide range of applications outside of gaming, digital economies with NFTs, privacy and security challenges, the need for interoperability, regulatory considerations, and significant societal and cultural effects. The metaverse's exact shape and effects, though, are still up for debate, and it will take a while for it to mature.

The global Metaverse Market is expected to grow from USD 83.9 billion in 2023 to USD 1,303.4 billion by 2030 at a Compound Annual Growth Rate (CAGR) of 48.0% during the forecast period, according to a new report by MarketsandMarkets™.

Browse in-depth TOC on "Metaverse Market"
291 – Tables
67 - Figures
359 – Pages

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Scope of the Report

The metaverse market is expanding, and vendors are adopting a strategic focus to attract customers. VR hardware, including headsets, controllers, and tracking systems, has improved dramatically in terms of quality, affordability, and accessibility, making VR more attractive to a broader audience. VR has found applications in training and education across various industries. From medical simulations to flight and job training, VR provides a safe and effective way to learn and practice in realistic scenarios. These services are increasing the demand for the metaverse market.

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Extended Reality Software segment holds the largest market size during the forecast period.

Various extended reality software includes AR and VR web app development tools, AR and VR mobile app development tools, AR and VR studios, Software Development Kits (SDK), and cloud-based tools. The extended reality software market has witnessed high growth and will significantly increase during the next five years. Mass consumerization would help achieve widespread adoption of extended reality software globally. XR is a spectrum of immersive technologies, including VR, AR, and mixed reality (MR). These technologies can be crucial in developing and using the metaverse, enhancing the overall user experience, and enabling various applications:

• Immersive Environments: XR can provide a more immersive and realistic experience within the metaverse. Users can interact with digital environments and objects as if physically present, enhancing their sense of presence and engagement.
• Avatar Customization: XR can create highly detailed and lifelike avatars. Users can design avatars that closely resemble themselves or take on entirely different personas, allowing for more personalized and expressive interactions in the metaverse.
• Virtual Meetings and Collaboration: XR can enable virtual meetings and collaborative workspaces in the metaverse. Users can meet as avatars in virtual conference rooms or collaborate on projects in shared virtual environments, making remote work and collaboration more engaging and efficient.

Industrial Manufacturing vertical to record the highest CAGR during the forecast period.

Metaverse technologies, such as AR, VR, and MR, have a wide range of use cases in industrial manufacturing. The technologies support the industry's installation, assembly, maintenance, and remote assistance. This technology is used in enterprises to train personnel, provide information about industrial facilities, redesign products, and simulate industrial scenarios. It has given improved visibility to trainers. It is an innovative technology that is compatible with Industry 4.0. The use of AR technology minimizes human errors, improves efficiency, and reduces the expenses of enterprises. For instance, AR/VR training courses developed by Novac Technology Solutions can provide a secure training environment for manufacturing companies to educate their workforce on diverse topics such as machine designs, product designs, plant layouts, safety protocols, and other related concepts. There have been several applications of AR displays in the enterprise space. For instance, Boeing, a leading manufacturer of commercial jetliners, uses AR technology to ease the complex wiring tasks used in every new 787-8 Freighter. This technology overlays text related to the internal schematics of planes on AR displays during their repair and maintenance. It also helps enhance the productivity of workers and ensures error-free operations.

Our analysis shows North America holds the largest market size during the forecast period.

As per our estimations, North America will hold the most significant market size in the global metaverse market in 2023, and this trend will continue. There are several reasons for this, including numerous businesses with advanced IT infrastructure and abundant technical skills. Due to these factors, North America has the highest adoption rate of the metaverse. Vendors operating in the metaverse ecosystem in North America are Apple, Google, Microsoft, and Meta. Apple is one of the leading players focusing on using AR technology in its hardware, such as 3D cameras and displays. Such regional players are a crucial factor driving North America's market growth. The high usage of social media apps like Snapchat, Facebook, and Instagram will fuel the demand for advanced technologies from consumer applications. Companies are making significant developments in the XR market in the region. The presence of many cloud service providers in America will enable metaverse companies to host virtual worlds and experiences and store a large amount of data. The growth of edge infrastructure in America will empower applications such as AR, VR, and gaming, requiring real-time responses.

Top Key Companies in Metaverse Market

The prominent players across all service types profiled in the metaverse market's study include Microsoft (US), Sony (Japan), Meta (US), HTC (Taiwan), Google (US), Apple (US), Qualcomm (US), Samsung (South Korea), Activision Blizzard (US), NetEase (China), Electronic Arts (US), Take-Two (US), Tencent (China), Nexon (Japan), Epic Games (US), Unity (US), Valve (US), Accenture (Ireland), Adobe (US), HPE (US), Deloitte (UK), Tech Mahindra (India), Ansys (US), Autodesk (US), Intel (US), ByteDance (China), NVIDIA (US), Epson (Japan), Panasonic (Japan), EON Reality (US), Roblox (US), Lenovo (China), Razer (US), Nextech AR Solutions (Canada), ZQGame (China), Talecraft (US), VR Chat (US), Decentraland (US), Sandbox VR (US), and Quidient (US).

Recent Developments

• In February 2023, Google launched XR Immersive Stream, which is a cloud-based graphics rendering service that utilizes Google Cloud's graphics processing units to deliver high-quality, intricate images and videos to any device. Developers can use this service to craft various immersive experiences without requiring robust hardware or specialized applications on the user's end. Essentially, the critical benefit of XR Immersive Stream is its ability to eliminate the necessity for devices to possess potent hardware or specialized applications to submerge users in 3D or AR environments fully.
• In October 2022, Meta and Microsoft partnered to create a more immersive future for work and play. They plan to introduce Mesh for Microsoft Teams to Meta Quest devices; this technology is the culmination of years of research and innovation, including Azure Digital Twins, Dynamics 365 Remote Assist, and Teams video meetings. It allows people to meet virtually in the place where work happens, using any device, from smartphones to laptops and mixed-reality headsets. By using Mesh for Teams with Meta Quest Pro and Meta Quest 2 devices, people can collaborate as they are in the exact location.
• In November 2021, Samsung acquired an American optics company, DigiLens, to develop a new type of lens iteration called holographic waveguides featuring a wider FoV (Field of View) than other waveguides.

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Metaverse Market Advantages

• User engagement and creativity can be increased through participating in highly immersive and engaging digital experiences, such as gaming, social interactions, education, and employment.
• It can cross cultural and geographic barriers, allowing individuals from different parts of the world to communicate and work together in shared virtual environments.
• The ability for users to buy, sell, and exchange virtual assets, including NFTs, boosts digital economies and could result in new sources of income.
• It encourages innovation by giving people new platforms for problem-solving and creative expression across a variety of industries, from art and entertainment to education and healthcare.
• Remote cooperation can be facilitated through virtual offices and classes within the metaverse, easing physical restrictions and increasing flexibility.

Report Objectives

• To define, describe, and forecast the metaverse market based on components (hardware, software, and professional services), verticals, and regions
• To provide detailed information about the major factors (drivers, opportunities, restraints, and challenges) influencing the growth of the metaverse market
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the metaverse market
• To forecast the size of the market segments concerning five regions: North America, Europe, Asia Pacific, Middle East and Africa, and Latin America
• To analyze subsegments of the market concerning individual growth trends, prospects, and contributions to the overall market
• To profile the key players of the metaverse market and comprehensively analyze their market size and core competencies.
• To track and analyze global competitive developments in the metaverse market, such as product enhancements and new product launches, acquisitions, partnerships, and collaborations.

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