Global Metaverse Market Size Is Likely To Reach USD 730.5 Billion, at CAGR of 23.2% By 2028

31-May-2022 | Facts and Factors

According to the Facts & Factors report, the global metaverse market was worth about 210 (USD billion) in 2021 and is predicted to grow to around 730.5 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 23.2%.

The metaverse is a digital world amalgamation in which augmented, physical, and virtual realities converge. Core technologies are driving the success of designing an efficient metaverse environment. AR (augmented reality), VR (virtual reality), XR (extensive reality), which manages to combine virtual environments, and AI (artificial intelligence). The popularization of Mixed Reality (MR) interfaces that combine physical and virtual settings, as well as advancements in the XR environment, are expected to drive market growth in the coming years.

Browse the full “Metaverse Market By Device (Mobile Phones, Desktop, Console, and Others), By Application (Social Media, Gaming, Online Shopping, Conferences, Content Creations, and Others), and By Region - Global Industry Insights, Growth, Size, Share, Comparative Analysis, Trends and Forecast Report 2022 – 2028"  report at https://www.fnfresearch.com/metaverse-market

A rise in demand in the media & entertainment, as well as gaming industries; evolving opportunities from new sectors such as Augmented Reality (AR), Virtual Reality (VR), Mixed Reality (MR); and digitalization in the fashion, art, & retail industries, are anticipated to propel the growth of the global metaverse market. These major factors greatly expand the scope, reach, and offerings of the metaverse to industries and end-users. Furthermore, a transition in brand promotions using gamification and digital reality simulators has created an exponential surge for metaverse resellers to redesign cutting-edge infrastructure, 3D environment retooling, and improvisation, while providing a technologically-driven ecosystem to create the best-suited experience and transactions for end-users.

However, the market faces a variety of challenges, including security concerns, a lack of awareness, governmental regulations, and others. Major industry players have also suffered billions of dollars in losses as a result of cyber-attacks on the environment. An increase in cyber-attacks and a high-sensitivity environment may stymie market growth.

The global metaverse market is segmented on the basis of analysis of device, analysis of application, and region. By analysis of device, the market is divided into mobile phones, desktop, console, and others. Due to the rising adoption of online gaming, the desktop segment had the largest share in 2021. Increasing video game revenue and a rise in the number of video gaming audiences worldwide are driving the market growth. By analysis of application, the market is divided into social media, gaming, online shopping, conferences, content creations, and others. As gaming and live streaming video become more popular around the world, gaming applications are expected to dominate the market.

Because of the region's users and customers who are adopting new and more complex technology, North America will account for a substantial revenue share of more than 44 percent in the global metaverse market. Moreover, the huge number of start-ups concentrating on the establishment of metaverse platforms for commercial viability is expected to support the regional market's revenue growth. Furthermore, the region's significant presence of gaming and metaverse business owners such as Nvidia Corporation, The Sandbox, and Epic Games, Inc., which are focused on implementing the metaverse into games, is generating potential market growth.

Report Scope

Some of the key metaverse market players are Nvidia Corporation, Meta Platforms, Inc., Nextech AR Solutions Corp, Roblox Corporation, Active Theory, Unity Technologies, Inc., Microsoft Corporation, Epic Games, Inc., The Sandbox, ByteDance Ltd., NetEase, Inc., Decentraland, Tencent Holdings Ltd., Lilith Games.

Recent Development:

• January 2022: The Sandbox announced a collaboration with Warner Music Group to release The Sandbox metaverse's first music-themed world. With this alliance, Warner Music Group (WMG) will take its first-ever steps into the metaverse and NFT sectors.
• November 2021: Tencent Holdings, Ltd. has announced a collaboration with the Asian Institute of Digital Finance. The companies will work together to promote Asia's fintech industry through research, education, and entrepreneurship.

The global metaverse market is segmented as follows;

By Devices

• Mobile phones
• Desktop
• Console
• Others

By Application

• Social Media
• Gaming
• Online Shopping
• Conferences
• Content Creations
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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