Metaverse Market to Hit $936.6 Billion by 2030 at CAGR of 41.6%: Grand View Research, Inc.

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Mar 06, 2023, 05:45 ET

SAN FRANCISCO, March 6, 2023 /PRNewswire/ -- The global metaverse market size is predicted to attain USD 936.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to witness a CAGR of 41.6% from 2023 to 2030, owing to increasing demand from end-use industries, which prominently include media and entertainment, education, and aerospace and defense is anticipated to propel the industry growth over the forecast period.

Key Industry Insights & Findings from the report:

The hardware sub-segment in the product segment accounted for the largest revenue share in 2022, owing to the increased adoption of AR, VR, and MR devices.
Displays captured the highest revenue share in the hardware sub-segment in 2022 whereas, programming engines dominated the software sub-segment with the largest revenue share.
Desktop and headsets dominated the market with 41.94% and 34.96% of the total revenue shares in 2022, respectively, and are projected to remain the highest revenue-generating segments during the forecast period.
The VR and AR technology sector held the largest revenue share in 2022 as multiple industries such as gaming, healthcare, education, and entertainment have increasingly incorporated VR and AR technology for numerous purposes. Human resource domains are also incorporating the use of VR and AR devices for employee training.
In terms of offerings, the virtual platform segment accounted for the largest market share in 2022 and is anticipated to exhibit significant growth, owing to the increased adoption of these platforms for multiple uses such as adverting, branding, and academics. Many key players have also realized that virtual platforms help reduce capital expenditures and operating expenses.
The gaming segment is projected to dominate the application segment over the forecast period. The content and social media segment is anticipated to witness considerable growth over the forecast period owing to the increased demand for social media applications.
The North America region accounted for the largest market share in 2022, owing to the high adoption of metaverse platforms.
The Asia Pacific region is likely to witness a robust CAGR over the forecast period, owing to factors such as demand for a better viewing experience, an increasing number of start-ups like OneRare, LOKA, and Bolly Heroes.

Read full market research report with TOC, "Metaverse Market Size, Share & Trends Analysis Report By Product, By Platform, By Technology (Blockchain, Virtual Reality (VR) & Augmented Reality (AR), Mixed Reality (MR)), By Application, By End-use, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Metaverse Market Growth & Trends

The market is also expected to witness growth due to the steady adoption of XR technologies to enhance user experience on various platforms. The growing demand for metaverse to purchase digital assets using cryptocurrencies is expected to drive the market significantly. The development and distribution of Augmented reality (AR), Virtual Reality (VR), and Mixed Reality (MR) devices are anticipated to spur market growth in years to come.

The prefix "meta" is commonly used in Greek to denote "after" or "beyond." The metaverse is a three-dimensional interactive and immersive environment where several people can interact through avatars. The usage of the metaverse to purchase digital assets using bitcoin is becoming more popular around the world. Gaming websites, messaging applications, and social media platforms such as Facebook are being used to communicate with one another online. The metaverse is the advent of new online environments in which people's interactions are more multidimensional and they can engage more deeply with digital content rather than merely reading it.

The metaverse is widely used as a real-time virtual world to build and leverage vast opportunities for brand connection. It would also set the stage for the next phase of post-COVID-19 digital activity, namely the emergence of digital social experiences. On Metaverse platforms that allow blockchain technology to be utilized, users can create, own, and trade autonomous digital assets and virtual regions using cryptocurrencies like Bitcoin and Ethereum, as well as nonfungible tokens (NFTs).

During the forecast period, rising demand for blockchain-based metaverse networks and platforms for trading digital assets is expected to drive considerable market revenue growth. One of the major factors driving the future expansion of the metaverse business is the rise of the gaming industry.

Recent Developments

In July 2022, The Spanish government declared that it would provide 3.8 million euros ($ 4.1 million) to independent contractors and small and medium-sized businesses (SMEs) with residences in European Union or Spain, engaged in research, development, and innovation initiatives involving Web3 and metaverse technologies. Additionally, the Spanish Ministry of Culture and Sports has opted to allocate 8 million euros ($8.5 million) for the creation of video games and story metaverse experiences.
In November 2021, Roblox Corporation, an online gaming platform based in the U.S., created a $10 million fund to support the development of online education applications in its virtual world. Additionally, mobile service providers like AT&T Intellectual Property are working together to create instructional programs and platforms that take advantage of the metaverse.
In November 2021, a virtual and augmented reality platform named Niantic, Inc., raised USD 300 million planning to build a real-time virtual world platform. The company raised this investment from the Pokémon GO gaming company, Coatue.
In October 2021, Meta Platforms Inc. (Facebook), announced its plan to invest in the European Union by hiring 10,000 staff members to help with the creation of the metaverse. Moreover, to facilitate a metaverse competition to support new ideas and honors in the industry, Meta partnered with Colorintech, a non-profit organization with a U.K. base that works toward a more transparent and inclusive tech firm.
In April 2021, Epic Games Inc. received funding of 1 billion USD for driving future growth prospects in the metaverse market. The company's funding round is consisting of a 200 million USD planned investment from the Sony Group Corporations.
In March 2021, The major mobile provider in Thailand, Advanced Info Services (AIS), created a metaverse retail mall to enable clients to continue their immersive shopping despite the pandemic. The metaverse retail center, known as V-Avenue, enables two million unique people to shop in more than 200 3D stores and engage in virtual reality interactions, replicating the mall experience online.

Metaverse Market Segmentation

Grand View Research has segmented the global metaverse market based on product, technology, platform, application, end-use, and region:

Metaverse Market - Product Outlook (Revenue, USD Million, 2017 - 2030)

Infrastructure

Chips & Processors
Network Capabilities
Cloud & Edge Infrastructure
Cybersecurity

Hardware

Holographic Displays
eXtended Reality (XR) Hardware

Haptic Sensors & Devices
Smart Glasses
Omni Treadmills

AR/VR Devices
Others

Software

Asset Creation Tools
Programming Engines
Virtual Platforms
Avatar Development

Services

User Experiences (Events, Gaming, etc.)
Asset Marketplaces
Financial Services

Metaverse Market - Platform Outlook (Revenue, USD Million, 2017 - 2030)

Desktop
Mobile
Headsets

Metaverse Market - Technology Outlook (Revenue, USD Million, 2017 - 2030)

Blockchain
Virtual Reality (VR) & Augmented Reality (AR)
Mixed Reality (MR)
Others

Metaverse Market - Application Outlook (Revenue, USD Million, 2017 - 2030)

Gaming
Online Shopping
Content Creation & Social Media
Events & Conference
Digital Marketing (Advertising)
Testing & Inspection
Others

Metaverse Market - End-use Category Outlook (Revenue, USD Million, 2017 - 2030)

Aerospace & Defense
Education
Healthcare
Tourism and Hospitality
BFSI
Retail
Media & Entertainment
Automotive
Others (Manufacturing)

Metaverse Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

North America

U.S.
Canada
Mexico

Europe

U.K.
Germany
France

Asia Pacific

China
Japan
India
South Korea

South America

Brazil

Middle East & Africa

List of Key Players in the Metaverse Market

Meta Platforms, Inc.
Tencent Holdings Ltd.
ByteDance Ltd.
NetEase, Inc.
Nvidia Corporation
Epic Games, Inc.
Roblox Corporation
Unity Technologies, Inc.
Lilith Games
Nextech AR Solutions Corp.
The Sandbox
Active Theory
Decentraland
Microsoft Corporation
Antier Solutions Pvt. Ltd.

Check out more related studies published by Grand View Research:

Virtual Reality Market - The global virtual reality market size is expected to reach USD 87.0 billion by 2030, according to the latest report by Grand View Research, Inc. The market is expected to expand at a CAGR of 15.0% from 2022 to 2030. The rapid penetration of Head-Mounted Display (HMD) in various industries, particularly in entertainment and gaming, has led to significant market growth. Additionally, the advent of 5G technology has positively impacted the adoption of virtual technology.
Augmented Reality Market - The global augmented reality market size is anticipated to reach USD 597.54 billion by 2030, expanding at a CAGR of 40.9% from 2022 to 2030, according to the latest report by Grand View Research, Inc. The growth of the market can be attributed to the growing adoption of augmented reality (AR) technology in various end-use industries and industry verticals, including automotive, healthcare, and education, among others. The immersive experience AR technology can potentially offer, and subsequently, the growing real-life use cases of AR technology are expected to contribute to the growth of the market in the forecast period.
Blockchain Technology Market - The global blockchain technology market size is expected to reach USD 1,431.54 billion by 2030, growing at a CAGR of 87.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increasing digitalization across the BFSI sector. Furthermore, the growing use of contactless blockchain digital ticketing at various events is expected to drive the market. The growing use of cryptocurrency worldwide is also anticipated to drive market growth. This is because cryptocurrencies, such as Ethereum and bitcoin, operate on blockchain technology. The demand for cryptocurrency is increasing due to benefits, such as easy transactions, inflation hedge, and enhanced security.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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