A growing focus on integrating the digital and physical worlds using the Internet, increasing momentum and popularity of Mixed Reality (MR), Augmented Reality (AR), and Virtual Reality (VR), are all expected to drive the Metaverse Market growth.
JERSEY CITY, N.J., July 13, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Metaverse Market" By Product Type (Mobile Metaverse, Desktop Metaverse), By Applications (Game, Social, Conference, Content Creation, Online Shopping), and By Geography. According to Verified Market Research, the Metaverse Market size was valued at USD 27.21 Billion in 2020 and is projected to reach USD 824.53 Billion by 2030, growing at a CAGR of 39.1% from 2022 to 2030.
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Browse in-depth TOC on "Metaverse Market"
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Global Metaverse Market Overview
Metaverse is a well-known technology platform that has attracted a number of social media platforms, technological leaders, and online game creators to join and establish a presence in the market. The metaverse is a rapidly growing trend with a large user base for a range of applications such as gaming, content creation, social interaction, learning and training, and virtual commerce online. Because of the growing acceptance of AR, VR, and MR technologies, the global media, entertainment, as well as gaming industries, have seen the most rapid growth.
The devices, such as VR headsets, MR headsets, HUD, HMD, smart glasses, and smart helmets, can provide a first-person perspective, act as natural user interfaces, and provide 6-degree freedom, among other things, to create realistic-looking virtual scenarios to enhance end users' overall gaming experience. Because of the development of various gadgets and solutions, user experiences have improved dramatically. The virtual experience of a user in real-time circumstances has been one of the best gifts that technology has to offer humanity. The market's top companies have made significant expenditures in response to the rising demand for extended reality devices. The metaverse's acceptance in gaming and entertainment is predicted to grow as important market participants increase their investments and advances.
- In January 2022, The Sandbox 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.
- In November 2021, Tencent Holdings, Ltd 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.
- In November 2021, Epic Games, Inc acquired Harmonix Music Systems, Inc. While continuing to support existing products such as Rock Band 4; the Harmonix team will work closely with Epic Games, Inc to develop musical adventures and gameplay for Fortnite.
The major players in the market are Roblox, Meta (Facebook), Microsoft, Unity, Epic Games, ByteDance, Tencent, NetEase, Lilith, miHoYo, ZQGame, Nvidi, and others.
Verified Market Research has segmented the Global Metaverse Market On the basis of Product Type, Applications, and Geography.
- Metaverse Market, By Product Type
- Mobile Metaverse
- Desktop Metaverse
- Metaverse Market, By Applications
- Content Creation
- Online Shopping
- Metaverse Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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