Metaverse Market size is predicted to attain USD 678.8 billion by 2030
Metaverse Industry Overview
The global metaverse market size was estimated at USD 38.85 billion in 2021. It is expected to expand at a compound annual growth rate (CAGR) of 39.4% from 2022 to 2030. Major factors expected to drive the revenue growth include a growing focus on integrating digital and physical worlds using the Internet, increasing momentum and popularity of Mixed Reality (MR), Augmented Reality (AR), and Virtual Reality (VR), and the outbreak of COVID-19, as well as the situation’s subsequent developments and outcomes.
The metaverse is a term used to describe a highly immersive 3D virtual world experience obtained through the use of a mixture of technologies such as AR, VR, and MR. The metaverse platform elevates the internet experience by establishing a virtual world in which users can engage in immersive gaming, conduct business, socialize, buy and sell virtual real estate, and enjoy immersive entertainment, among other things.
Gather more insights about the market drivers, restrains and growth of the Global Metaverse Market
Total Addressable Market Insights
Metaverse is one of the trending technology platforms attracting various social networks and technology leaders, and online game makers to enter and establish its presence within the market. The metaverse is a fast-growing trend with a considerate penetration rate of users for various applications such as gaming, content creation, social interaction, learning and training, and online virtual shopping.
According to industry experts, the metaverse is expected to infiltrate a multitude of industries in numerous ways in the coming years, with the potential market opportunity or the total addressable market estimated at more than USD 1 trillion in yearly revenues.
In addition, according to the United Nations, the global digital economy represented 15.5% of total GDP in 2018, which led to a forecast of 15% to 16.8% by 2021. According to C-level executives of the leading metaverse solution providers, depending on the percentage share of the digital economy shifting to the metaverse and the percentage of total addressable market expansion, the potential market opportunity for the metaverse is estimated to be between USD 3.75 trillion and USD 12.46 trillion. As a result, various end-user players such as Walmart; Nike, Inc; Gap Inc; Verizon, Hulu, LLC; Adidas; and Atari, Inc., are entering the metaverse in different ways to witness the immersive experience of the digital world.
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Market Share Insights
- January 2022: The Sandbox has announced a partnership with Warner Music Group to launch the first music-themed world in The Sandbox metaverse. Warner Music Group (WMG) would be taking its initial steps into the metaverse and NFT sector with this alliance
- November 2021: Tencent has announced that it has partnered with The Asian Institute of Digital Finance. The companies will collaborate in the areas of education, research, and entrepreneurship to support Asia’s fintech industry
Key Companies Profile
Some of the prominent players operating in the global metaverse market are:
- Meta Platforms, Inc.
- Tencent Holdings Ltd.
- ByteDance Ltd.
- NetEase, Inc.
- Nvidia Corporation
- Epic Games, Inc.
- Roblox Corporation
- Unity Technologies, Inc.
- Lilith Games
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