Global Metaverse Technology Market: Growth, Future Prospects, and Competitive Analysis, 2016 - 2028

Metaverse Technology is a hypothetical iteration of internet with the use of AR & VR, mixed reality and blockchain. Metaverse Technologies are positioning themselves as next gen computing platforms. Metaverse Technologies have bring a revolution in online gaming, ecommerce, social media, entertainment and content creation. Combining all above mentioned technologies, Metaverse offers a virtual experience that blurs the boundary between virtual and physical reality.

Global Metaverse Technology market is expected to witness 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 expected to generate revenue worth USD 750,000 million in 2028. 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 major aspects of Metaverse Technology
• Market Capitalization of Metaverse Technology has reached over USD 14 trillion
• Number of users of web 3.0 virtual word has been reached over fifty thousand
• Facebook has invested over USD 10 billion into Virtual Reality
• In U.S., almost over 70% of adults considering joining metaverse

Huge Demand from Online Gaming

There is huge demand for online gaming across the world. Online gaming market was valued at around USD 125 billion in 2021 and 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 being used in gaming industry to improve experience of end-users. Metaverse Technology facilitate three dimensional and 360 degree experience to the players. Online gaming based on Metaverse Technology can offer immersive experience to the players which allows interaction, virtual meetings, earn money and even attend concerts. Metaverse Technology make the players feel like they are existing in a whole new world. More and more tech giants are offering new platforms for the online gaming. For instance, NVIDIA, Sony and Google have already announce the launch of new platforms for gaming i.e. GeForce, PS Now and Stadia respectively. This in turn expected to gain increasing traction for the use of Metaverse Technology in the gaming industry in the years to come. 

Metaverse Technology Poised to Revolutionize eCommerce  

With the implementation of Metaverse Technology, the ecommerce industry will never be the same again. Metaverse Technology has a potential to change the ecommerce as well retail industry like never before. AR & VR, NFT’s and Blockchains are all set to reshape the ecommerce industry. Metaverse Technology can bring immersive virtual showrooms wherein customers can explore and experience various offering, interact, and shop. Ecommerce giant Amazon has already invested a huge sum in Metaverse Technology. It offers a, Augmented Reality tool that facilitate customers to use their phone to see what kind of furniture looks upon their home space. Moreover, increasing popularity of AR is likely to get well worse with quality as well as other attributes of products they are purchasing. While, Metaverse Technology will also allow brands to extend very personalized offers to their prospective customers.

AR & VR to Dominate the Metaverse Technology

Blockchain, VR & AR and Mixed Reality are major technologies used by the Metaverse. AR & VR is the leading technology adopted by the ecommerce and gaming industry and accounted for the largest share of over 45% in 2021. While blockchain is widely being used in cryptocurrencies, supply chain and logistics applications. Blockchain is expected to exhibit rapid growth rate over the forecast period.

North America to Dominate the Global Metaverse Technology Market

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

Huge 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 global Metaverse Technology market. Most of the players are conducting extensive research & development for the development of innovative tools and platforms that  can extend better user interface to clients.  

Frequently asked questions about global Metaverse Technology industry