Metaverse Technology Market by Technology (Blockchain, VR & AR, Mixed Reality, Others) by Type (Mobile, Desktop) by Application (Gaming, Online Shopping, Content Creation, Social Media, Media and Entertainment, Others) – Ukraine War, Future Prospects And Competitive Analysis, 2016 - 2028

The Global Metaverse Technology market is expected to witness a CAGR of 40% during the forecast period. The revenue generated by the global Metaverse Technology market in 2021 was over USD 140,000 million and is expected to generate revenue worth USD 750,000 million in 2028. Therefore, the incremental growth opportunity offered by the global Metaverse Technology is estimated to be USD 2,670 billion between 2022 and 2028.

Interesting Facts about Metaverse Technology Industry

• AR & VR, Mixed Reality, Brain-Computer Interface, and Blockchain are significant aspects of Metaverse Technology
• Market Capitalization of Metaverse Technology has reached over USD 14 trillion
• The number of users of web 3.0 virtual word has reached over fifty thousand
• Facebook has invested over USD 10 billion into Virtual Reality
• In the U.S., almost 70% of adults are considering joining Metaverse

Huge Demand from Online Gaming

There is a massive demand for online gaming across the world. The online gaming market was valued at around USD 125 billion in 2021 and will likely expand at a CAGR of over 9% during the forecast period. Online gaming is the largest application market for Metaverse Technology. AR & VR augmented reality, mixed reality, Blockchains, etc., are increasingly used in the gaming industry to improve the end-user experience. Metaverse Technology facilitates three-dimensional and 360-degree experiences for the players. Online gaming based on Metaverse Technology can offer players an immersive experience, allowing interaction, virtual meetings, earning money, and even attending concerts. Metaverse Technology makes the players feel like they exist in a new world. More and more tech giants are offering new platforms for online gaming. For instance, NVIDIA, Sony, and Google have already announced the launch of new platforms for gaming, i.e., GeForce, PS Now, and Stadia, respectively. This, in turn, is expected to gain increasing traction for using Metaverse Technology in the gaming industry in the coming years. 

Metaverse Technology Poised to Revolutionize eCommerce 

With the implementation of Metaverse Technology, the eCommerce industry will never be the same again. Metaverse Technology has the potential to change eCommerce as well as the retail sector like never before. AR & VR, NFT, and Blockchains are all set to reshape the eCommerce industry. Metaverse Technology can bring immersive virtual showrooms wherein customers can explore and experience various offerings, interact, and shop. Ecommerce giant Amazon has already invested an enormous sum in Metaverse Technology. It offers a, Augmented Reality tool that lets customers use their phones to see what kind of furniture looks in their home space. Moreover, AR's increasing popularity is likely to worsen with the quality and other attributes of products they are purchasing. In contrast, Metaverse Technology will allow brands to extend personalized offers to prospective customers.

AR & VR to Dominate the Metaverse Technology

Blockchain, VR & AR, and Mixed Reality are significant technologies the Metaverse uses. AR & VR is the leading technology adopted by the eCommerce and gaming industry and accounted for the largest share of over 45% in 2021. In comparison, blockchain is widely used in cryptocurrencies, supply chains, and logistics applications. Blockchain is expected to exhibit a rapid growth rate over the forecast period.

North America to Dominate the Global Metaverse Technology Market 

A strong presence of technology giants and colossal investment by them in developing new edge technologies such as Metaverse Technology is the primary factor fueling the growth of the Metaverse Technology industry in the region. Moreover, greater adoption rate and readiness for new technology by end-users are also significant factors in the rapid growth of Metaverse Technology in the U.S. Facebook, Amazon, Apple, Alphabet, etc. are investing vast amounts in inventing and developing new tools that can reshape the way business run today and North America will be at the forefront in the adoption rate of Metaverse Technology paving the way for its dominance in Metaverse Technology industry in the years to come. Europe is the second leading market for Metaverse Technology. At the same time, Asia Pacific is projected to experience a rapid growth rate over the forecast period. The growth of Metaverse Technology in Japan, South Korea, and China is accelerating at an attractive pace.    

Massive Investment in Research & Development

ByteDance, Epic Games, Lilith, Meta (Facebook), Microsoft, miHoYo, NetEase, Nvidia, Roblox, Tencent, Unity, and ZQGame are some of the leading players in the global Metaverse Technology market. Most players are conducting extensive research & development for developing innovative tools and platforms that can extend better user interfaces to clients.

Frequently asked questions about global Metaverse Technology industry