Metaverse in Gaming Market by Component Hardware, Software, Game Genre and Region - Global Forecast to 2028

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Jun 09, 2023, 05:30 ET

DUBLIN, June 9, 2023 /PRNewswire/ -- The "Metaverse in Gaming Market by Component Hardware (AR Devices, VR Devices, MR Devices, Displays), Software (Extended Reality Software, Gaming Engines, Metaverse Platforms, Financial Platforms), Game Genre and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The global metaverse in gaming market size is estimated at USD 22.7 billion in 2023 and is projected to reach USD 119.2 billion by 2028 at a CAGR of 39.3%.

Major factors expected to fuel the growth of the metaverse in the gaming market include robust and transforming growth landscape in the adjacent technology markets such as the extended reality which includes VR, AR, MR.

Blockchain technology, financial model for rewarding gamers in the gaming metaverse market such as cryptocurrency, virtualization, 5G, Internet of Things (IoT), and few others are also the major boosting factors which as a catalyst drive the reach, penetration and eventually the demand in the gaming metaverse market.

Further, the shift from traditional gaming to VR-based gaming, the advent of mixed reality, and the demand for decentralization in multiplayer games have provided ample opportunities for vendors in this market.

By Component, the services segment to showcase rising growth in the gaming metaverse development sector during the forecast period

Services are an important part of any solution's deployment life cycle. Hence, various vendors offer services associated with the metaverse to help companies effectively implement their metaverse-based business practices and strategies. The metaverse services involve application development, system integration, and strategy and business consulting services.

These services are required at various stages, from pre-sales requirement assessment to post-sales product deployment and execution, thus enabling the client to get maximum Return on Investment (RoI). Development services help in delivering world-class web and mobile applications that can release features faster, are scalable, and provide a delightful customer experience.

The metaverse development services include Metaverse Game Development, Metaverse NFT Marketplace Development, Metaverse Real Estate Platform Development, Metaverse App Development, Metaverse Social Media Platform Development, Metaverse Education Platform Development, Metaverse Event Platform Development, among others.

Components in the services segment include gaming metaverse marketplace, games launchpad development, NFT game development, and play-to-earn model game development, among others.

Europe to record the second-highest CAGR during the forecast period

The UK, Germany, and France are a few countries in Western Europe that invest heavily in developing new technologies. Russia and Spain are slowly gaining traction by adopting new display technologies for use in various applications.

The substantial growth of the virtual world immersive interactive gaming industry in Europe is a crucial driver for the gaming metaverse market in this region. The AR/VR/MR technologies are expected to witness significant demand from the entertainment (gaming metaverse) sector in the region.

The European Association for Virtual Reality and Augmented Reality (EuroVR) in the region helps bring new developments related to extended reality for use in various applications. This is projected to help the metaverse in the gaming market grow in this region. The European Union has taken up projects such as Augmented Heritage and International Augmented Med (I AM), which are anticipated to contribute to the market's growth.

The International Augmented Med project involves countries' participation in promoting tourism in the Mediterranean region using extended reality technologies. Spain, Portugal, Malta, Cyprus, France, Greece, and Italy are involved in this project. There is an increase in the number of startups related to extended reality in Sweden; as a result, the metaverse in gaming market is expected to witness higher growth in Europe by 2026.

Some of the notable large enterprises in the market include Accenture (Ireland), Adobe (US), HPE (US), Deloitte (UK), ANSYS (US), Autodesk (US), Intel (US), Tech Mahindra (India), ByteDance (China), Nvidia (US), Activision Blizzard (US), Samsung (South Korea), Google (US), Sony (Japan), HTC (Taiwan), Seiko Epson (Japan), Apple (US), Qualcomm (US), Panasonic (Japan), Lenovo (Hong Kong), and Razer (US).

There are also several emerging startups and SMEs in the market, including Eon Reality (US), Roblox (US), Nextech AR Solutions (Canada), ZQGame (China), TaleCraft (Marshall Islands), VR Chat (US), Decentraland (Argentina), Somnium Space (UK), and Sandbox VR (US).

Premium Insights

Strong Vr, Mr Livestreaming, and Interactive Gaming Interest Among Youth to Drive Market
Software Segment to Hold Largest Market Share During Forecast Period
Ar Devices Segment to Hold Largest Market Share During Forecast Period
Extended Reality Software Segment to Hold Largest Share During Forecast Period
Adventure Segment to Hold Largest Market Share During Forecast Period
Asia-Pacific to Emerge as Best Market for Investments in the Next Five Years
Metaverse in Gaming Market in South Korea to Grow at Highest Rate During Forecast Period

Market Dynamics

Drivers

Increasing Demand in Entertainment and Gaming Industries
Vr Gaming Becoming More Immersive, Interactive, and Real
Emerging Opportunities from Adjacent Markets
Brand Promotions Using Gamification and Virtual World Simulators
Availability of Affordable Hardware

Restraints

High Installation and Maintenance Costs of High-End Metaverse in Gaming Components
Health and Mental Issues from Excessive Use
Regulating Metaverse in Gaming with Respect to Cybersecurity, Privacy, and Usage Standards

Opportunities

Easier Hosting of Events and Better Engagement
Significant Growth Opportunities Despite Possible Economic Slowdown

Challenges

Regional Government Regulations, Coupled with Environmental Impact

Case Study Analysis

Case Study 1: Unity Engine Leveraged Launch of Multiplatform Gaming Service
Case Study 2: Tencent Cloud Amplified Mildom's Livestreaming User Experience

Value Chain Analysis

Suppliers
Hardware Manufacturers
Software Vendors
End-users

End-user Preferences and Trend Analysis, by Age Group

11 to 19 Years
20 to 35 Years
36 Years & Above

Technology Analysis

Technology Stack

Infrastructure Level

5G Network
Internet of Things
Cloud and Edge Computing

Design and Development Level

Blockchain
3D Modeling and Real-Time Rendering
Artificial Intelligence, Natural Language Processing, and Computer Vision

Human Interaction Level

Virtual Reality
Augmented Reality
Mobile Augmented Reality
Monitor-based Ar Technology
Near-Eye-based Ar Technology
Web Ar

Mixed Reality

Company Profiles

Key Players

Meta (Formerly Facebook)
Activision Blizzard
Netease
Electronic Arts
Take-Two
Tencent
Nexon
Epic Games
Unity
Valve

Other Companies

Accenture
Adobe
Hpe
Deloitte
Ansys
Autodesk Inc.
Intel
Tech Mahindra
Bytedance
Nvidia
Microsoft
Samsung
Google
Sony
Htc
Seiko Epson
Apple
Qualcomm
Panasonic
Eon Reality
Roblox
Lenovo
Razer
Nextech Ar Solutions
Zqgame
Talecraft
Vr Chat
Decentraland
Somnium Space
Sandbox Vr

For more information about this report visit https://www.researchandmarkets.com/r/mm89dg

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