Metaverse Market Size by Component (Hardware [Extended Reality Hardware, Displays, AR/VR Headsets], Software [Programming Engine and Asset Creation Tools]), Platform (Desktop, Mobile, Headset), Offerings (Virtual Platforms, Avatars, Asset Marketplace, Financial Service), Application (Gaming, Online-Shopping, Social Media, Event& Conference, Digital Marketing), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028

Industry Trends

Metaverse Market size surpassed USD 50 billion in 2021 and is poised to grow at a CAGR of over 35% between 2022 and 2028. The market growth is attributed to the increasing trend of online gaming among youth coupled with proliferation of internet connection across the world.
 

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The global COVID-19 restrictions resulted in social distancing and increased the demand for AR & VR technology across various industry verticals such as media entertainment, retail, and education. This has created more opportunities for market players to develop advanced metaverse solutions. During the pandemic, various organizations have extensively invested in digital twin technology as a long-term recovery plan, which has led to the market expansion.
 

Growing adoption of advanced sensors and devices by end-user industries in Canada

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In Canada, extended reality hardware segment held around 30% metaverse market share in 2021, owing to the increasing adoption of extended reality in the entertainment & gaming industry. The gaming sector is accelerating the adoption of 3D and smart glasses due to the ongoing trend of virtual games.
 

The market demand for extended reality hardware is further credited to the growing adoption of advanced technologies, such as IoT, AI, AR, VR, and MR. This extended reality solutions are equipped with Mixed Reality (MR) and Augmented Reality (AR), enhancing the user experience.
 

Growing adoption of cloud computing technology in the United Kingdom

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The desktop segment in the UK market is expected to register 30% growth rate during the forecast period. The growth is driven by the growing trend of PC games and ongoing popularity of virtual desktops across the country. The desktops are built with powerful and advanced graphics capabilities that render the VR experience. Moreover, metaverse companies operating in the region are developing advanced metaverse software for desktop platform, providing growth opportunities to the market.
 

Rapid adoption of AI technology across the Brazil gaming industry

In 2021, The gaming application segment accounted for 30% share in the Brazil metaverse market, due to growing adoption of AI technology across the gaming & entertainment sector. AI is extensively driving the gaming sector through its real-time customization scenarios that allow the users to pay attention to the important game details.
 

Rapid adoption of virtual platforms across various industry verticals in China

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In China market, the virtual platform segment is expected to grow at 40% CAGR through 2028. Growing trend of digital transformation across end-user sectors will propel the segment growth. Virtual platforms are involved in various business activities such as development & management of immersive and designing of simulation environment.
 

The business enterprises are actively focusing on becoming more smarter through the development and adoption of advanced AI-based virtual platforms. Some of the popular platforms include Roblox, The Sandbox, and HyperVerse are introducing next-generation virtual platforms for their customers.
 

Proliferation of Virtual Reality (VR) technology will fuel the North American market demand

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North America metaverse market is anticipated to generate a revenue of more than USD 120 billion by 2028. The market demand is impelled by growing investments in digital twin technology and favorable government initiatives.
 

The federal government of the U.S. has launched an initiative, “Open Mobility Foundation,” to explore digital twin technology for developing smarter and safer communities. Moreover, the presence of major companies in the market, such as Metaverse Platform Inc, Epic Games, and Nvidia Corp., is providing substantial growth opportunities to the market.
 

Continuous product innovations is the key market strategy adopted by the leading market players

Some of the leading players operating in the market include Active Theory, Apple Inc, Alibaba Group, Amazon.com Inc., Decentraland, Epic Games, Inc. Immersion Corporation, Lilith Games, Meta Platform Inc. (Facebook), Microsoft Corp, Matterport Inc., NetEase, Inc., Nextech AR Solutions Corp., Nvidia Corporation, Roblox Corporation, Snap Inc, The Sandbox, Tencent Holdings Ltd., Unity Software, Inc., and Vuzix Corporation.
 

The market research report on metaverse includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2028 for the following segments:

Market, By Component

• Hardware
  • Extended reality hardware
  • Displays
  • AR/VR handsets
  • Others
• Software
  • Programming engine
  • Asset creation tools

Market, By Platform

• Desktop
• Mobile
• Headset

Market, By Offerings

• Virtual platform
• Avatars
• Asset marketplace
• Financial service

Market, By Application

• Gaming
• Online shopping
• Social media
• Event & conference
• Digital marketing
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia and New Zealand
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Colombia
• MEA
  • South Africa
  • UAE
  • Saudi Arabia
  • Egypt