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Metaverse Market Size by Component (Hardware [Extended Reality Hardware, Displays, AR/VR Headsets], Software [Programming Engine and Asset Creation Tools]), By Platform (Desktop, Mobile, Headset), By Offerings (Virtual Platforms, Avatars, Asset Marketplace, Financial Service), By Application (Gaming, Online-Shopping, Social Media, Event& Conference, Digital Marketing), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028

  • Report ID: GMI5254
  • Base Year: 2021
  • Report Format: PDF

Industry Trends

Metaverse Market size exceeded USD 50 billion in 2021 and is estimated to grow at a CAGR of over 35% between 2022 and 2028.

Increasing trend of online gaming is driving the industry growth. The COVID-19 pandemic has increased the adoption of online gaming services. To overcome the boredom, many people especially youngsters have started seeking interest in online gaming. For instance, according to a report published by State of Online Gaming in 2020, the trend of new console-less gaming services is growing increasingly in the marketplace. Similarly, in 2021, as per the State of Online Gaming in 2021 report, the interest for virtual games increased by 64% after pandemic.

Metaverse Market

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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 business organizations have extensively invested in digital twin technology as a long-term recovery plan, which has developed ample growth opportunities for the metaverse market.

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

Canada Metaverse Market Share, By Component

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

The market growth of extended reality hardware is also driven by the growing usage of advanced technologies, such as IoT, AI, AR, VR, and MR, in Canada. Various companies, such as Google, Epson, Vuzix, Kopin, and Everysight, are extensively developing advanced smart glasses. For instance, in September 2021, Meta Platform Inc. (Facebook), launched Ray-Ban stories smart glasses in partnership with Ray-Ban. It offers a new way to capture & record videos and images to share with family & friends. It is equipped with dual integrated a 5MP camera that enables the user to take pictures in 30 seconds.

Rising adoption of cloud computing technology in the UK

UK Metaverse Market Share, By Platform

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In the UK, desktop segment in the metaverse market is expected to witness growth rate of about 30% through 2028 led by 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.

Rapid adoption of virtual platforms in China

China Metaverse Market Size, By Offerings

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In China, the virtual platform segment is poised to register nearly 40% gains till 2028 impelled by the growing trend of digital transformation across end-user sectors. Virtual platforms are involved in various business activities such as development & management of immersive and designing of simulation environment. However, the proliferation of internet connection is fueling the metaverse market demand.

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 virtual platforms include Roblox, The Sandbox, and HyperVerse. The industry participants are introducing next-generation virtual platforms for their customers.

In Brazil, the rapid usage of AI technology across the gaming industry

Gaming application in Brazil is projected to hold more than 30% of the metaverse market share in 2021 propelled by the growing usage of AI technology across the gaming & entertainment sector. AI is extensively boosting the gaming sector through its real-time customization scenarios that allow the users to pay attention to the important game details. The major market players are extensively launching advanced games for enhancing the customer experience, which is creating ample growth opportunities for the market.

Proliferation of Virtual Reality (VR) technology in North America

North America Metaverse Market Share, By Country

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North America metaverse market is set to generate a revenue of above USD 120 billion by 2028. The market growth is attributed to 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 region, such as Metaverse Platform Inc, Epic Games, and Nvidia Corp., is positively influencing the market.

Continuous product innovations is the key market strategy

The industry participants are developing advanced & integrated platforms. For instance, in December 2021, Baidu launched a metaverse application, Xirang. It develops Mobius striped shaped virtual planet and allows the users to interact with the help of smartphones, PCs, and other wearable devices.

Some of the metaverse market players 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.

This 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


Authors: Preeti Wadhwani, Smriti Loomba

Frequently Asked Questions (FAQ) :

The metaverse market size crossed USD 50 billion in 2021 and is poised to record a CAGR of over 35% between 2022 and 2028 owing to the rising trend of online gaming.

The extended reality hardware component segment held over 30% of the regional metaverse market share in 2021 and will increase with rising adoption in the entertainment & gaming industry.

China metaverse industry size from the virtual platform offering segment is slated to witness a CAGR of around 40% through 2028 driven by the influx of digital transformation across several end-user sectors.

North America will amass more than USD 120 billion in annual revenue for the metaverse industry by 2028 owing to the surging investments in digital twin technology and the presence of favorable government initiatives.

The gaming segment application captured around 30% of the regional market revenue in 2021 ascribed to the increasing deployment of AI technology in gaming & entertainment.

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Premium Report Details

  • Published Date: Apr 2022
  • Companies covered: 22
  • Tables & Figures: 440
  • Countries covered: 20
  • Pages: 275

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