Metaverse Market Size to Reach USD 828.95 Billion in 2028; Increasing Popularity of Mixed Reality (MR) and Technological Advancements in Gaming Sector will Propel the Industry Demand, says Emergen Research
Vancouver, British Columbia--(Newsfile Corp. - December 20, 2021) - Emergen Research has published its latest report titled "Metaverse Market, By Component (Hardware, Software), By Platform (Desktop, Mobile), By Offerings (Virtual Platforms, Asset Marketplaces, and Others) By Technology (Blockchain, VR & AR, Mixed Reality), By Application, By End-use, and By Region Forecast to 2028"
According to Emergen Research, the global metaverse market size was USD 47.69 Billion in 2020 and is expected to reach USD 828.95 Billion in 2028 and register a revenue CAGR of 43.3% during the forecast period, 2021-2028.
Metaverse is a combination of technologies including virtual reality, Web 3.0., blockchain, where users "live" within a digital world. It is a combination of the terms "meta-" and "verse." The prefix "meta" is of Greek origin and means "beyond," while "verse" is derived from the term "universe". The word was first coined in Neal Stephenson's 1992 novel "Snow Crash" and became the most trending subject when Facebook rebranded itself as "Meta". In this virtual world, users can shop, go to work, play games, go on virtual trips, form communities, and host a number of activities. Emerging technologies such as 5G will contribute to the speed and power required for digital worlds to function, which is expected to fuel revenue growth of the market.
The growing popularity among individuals and developments in NFTs (non-fungible tokens), cryptocurrencies, 3D avatars and immersive gaming experiences creates multiple opportunities for players in the global market. For instance, Roblox allows anyone to create their own worlds inside its wider metaverse as an online gaming platform and game creation system. Nerf, Sony Music and Hot Wheels are among the brands that have partnered with Roblox to create their own immersive worlds in order to engage with customers. Facebook, Microsoft, Zoom and Google are investing heavily in the metaverse technology development.
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However, growing concerns regarding personal privacy, increasing cyber-attacks such as ransomeware and data breaches are some factors expected to restrain metaverse market over the forecast period. Data security still remains a challenge for many IT companies which can create hindrance in consumer interaction with the virtual environment.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Virtual Platforms Segment Revenue to Expand at a Rapid CAGR:
Virtual platforms segment is expected to expand at a rapid CAGR over the forecast period attributed to increasing number of application developers, rising smartphone penetration, and technological developments in metaverse virtual platforms. Virtual spaces on metaverse platforms are used as, performance halls, art galleries, event venues, games, and can even purchase virtual pieces of land to construct their own virtual worlds.
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Gaming Segment to Register Significant Revenue Growth:
Gaming segment is expected to register significant revenue growth over the forecast period attributed to rapid technological advancements and rising focus on creating games more lifelike. In the game environment, users may participate in ways they never have before. They can have a more immersive experience: instead of staring at a screen, they can engage with the world around them. In addition, companies are looking forward to strengthen its brand image through games. For instance, Epic Games' Fortnite presented a virtual concert that drew over 12 million people, while Roblox and Gucci collaborated to build a virtual Gucci Garden environment where limited-edition virtual bags were sold.
North America to Account for Largest Revenue Share:
North America is expected to account for largest revenue share in the global metaverse market over the forecast period due to large scale adoption of advanced technologies such as virtual reality (VR), augment reality (AR) and mixed reality (MR) and increasing number of startups focusing on building metaverse platforms for commercialization purposes. For instance, in Dec 9, 2021, Facebook's parent company unveiled its Horizon Worlds VR platform to the public in North America, in a step toward attaining its metaverse vision for the future.
Further, robust presence of gaming companies in the region focusing on metaverse are generating market growth opportunities. For instance, Roblox is one of the most popular players in the metaverse. Since its inception in 2004, the platform has grown to include 47 million daily active users and 9.5 million developers who create "experiences," or user-created environments and games.
Major Companies in the Market Include:
- Facebook, Inc.
- Tencent Holdings Ltd.
- ByteDance Ltd.
- NetEase, Inc.
- Nvidia Corporation
- Epic Games, Inc.
- Roblox Corporation
- Unity Technologies, Inc.
- Lilith Games
- Nextech AR Solutions Corp.
For the purpose of this report, Emergen Research has segmented the global metaverse on the basis of component, platform, offerings, technology, application, end-use, and region:
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Component Outlook (Revenue, USD Billion; 2018-2028)
- eXtended Reality (XR) Hardware
- Haptic Sensors & Devices
- Smart Glasses
- Omni Treadmills
- AR/VR Headsets
- Asset Creation Tools
- Programming Engines
Platform Outlook (Revenue, USD Billion; 2018-2028)
Offerings Outlook (Revenue, USD Billion; 2018-2028)
- Virtual Platforms
- Asset Marketplaces
- Financial Services
Technology Outlook (Revenue, USD Billion; 2018-2028)
- Virtual Reality (VR) & Augmented Reality (AR)
- Mixed Reality (MR)
Application Outlook (Revenue, USD Billion; 2018-2028)
- Online Shopping
- Content Creation
- Social Media
- Virtual Runway Shows
- Aircraft Maintenance
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Media & Entertainment
- Aerospace & Defence
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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