The Global Metaverse Market in 2030 will be worth USD 1.6 trillion, having a CAGR of 38.25%.

June 23, 2022

In 2022, the market is worth USD 124.04 billion and, with a CAGR of 38.25%, is expected to be worth USD 1.6 trillion by 2030 according to Strategic Market Research.

/EIN News/ -- New York, United States, June 23, 2022 (GLOBE NEWSWIRE) -- The factors driving the market are the widespread use of new technologies and the increasing demand of Metaverse users to purchase digital assets using cryptocurrencies.


Key Insights of the Metaverse Market:


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Key Factors Driving the Metaverse Market:


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Detailed Segmentation Analysis of the Metaverse Market as conducted by Strategic Market Research:

By Components

By Platform

By Offering

By Technology

Based on Application

Based on End-Use

By Region

North America

Europe

Asia Pacific

Latin America, Middle East and Africa (LAMEA)

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Report Coverage Details
Forecast Period         2020-2030
Forecast Period 2020 to 2030 CAGR 38.25%  
2030 Value Projection USD 1655.29 billion
Base Year 2020  
Market Size in 2020 USD 124.04 billion
Historical Data for 2015 - 2019
No. of Pages 135  
Companies Tencent Holdings Ltd,Meta Inc,Alphabet, Inc,Nvidia Corporation,Roblox Corporation,Microsoft Corporation,Globant,Queppelin,Alibaba Cloud,Netease Inc,Magic Leap, Inc.
Leading Segment Based on Components hardware segment
 Leading Region North America
Segments covered Based on Components, Based on Platform, Based on Technology, Based on Offering, Based on Application, Based on End-Use and Based on Region
Growth Drivers

Increasing Adoption of New Technologies, Growing Demand for Metaverse Users to Purchase Digital Assets through Cryptocurrency

 

By the component segment, the hardware segment led the market share with a revenue generation of USD 16.5 billion in 2021. As of 2020, there are over 26 million users of VR headsets. With increasing sales of hardware components of mobiles, desktops and headsets, there will be enhanced integration of users with the metaverse market. 

By platform, the desktop accounted for the highest share of the revenue. In 2021, there were over 340 million units of PCs that were shipped globally. Further, Desktop shipments increased by 7% between 2020 and 2021. Thus, with increasing desktop sales, more users would get involved in the Metaverse. 

By Offering, the asset marketplace dominated the market. The metaverse is frequently used as a safe platform for exchanging assets such as NFTs and cryptocurrencies. The market capitalization of cryptocurrencies is USD 2.79 trillion, which makes it the 8th largest ‘economy’ globally. Etherium, a popular cryptocurrency, is expected to transact 10 million coins per day by 2025. 

By Technology, the mixed reality segment dominated the market, and due to the increasing engagement of customers in the metaverse using mixed reality, the market is expected to grow at a CAGR of 40%. As per strategic market research, nearly 90% of brand advertisers intend to use mixed realities as a part of their marketing campaigns. Thus, with companies engaging heavily with consumers in the mixed reality segment, we would see a rise in the number of users of the metaverse.

Based on application, the gaming market segment is expected to see the fastest growth in the market. As of 2020, there are nearly 2.7 billion gamers worldwide, and by 2023, the number is expected to rise to over 3 billion. In the US, three out of four households have at least one member who regularly engages in video games. Thus, with the rising number of gamers on multiple platforms, there would also be an increase in the number of gamers involved in the metaverse, which would further solidify the market. 

Based on End Use, the media and entertainment component of the market dominates the segment due to companies getting involved in the platform to further interact with their customers in the virtual world in a more holistic manner. The media and entertainment industry is worth USD 2.2 trillion and is growing at a CAGR of 8.9%. With a high growth rate and market value, more media companies will soon involve themselves in the metaverse to increase their respective market share in the segment. 

By Region, North America held the highest market share at nearly 70% of the market. This is because there is sufficient infrastructure with all the latest technologies readily available to the populous. Additionally, the US market is one of the world's largest spenders of consumer goods. In Q4 2021, consumer spending stood at USD 13.8 trillion. Thus, with increasing consumer spending, the market for metaverse and related goods would see tremendous growth in the future. 

Key Players in the Metaverse Market:

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