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Metaverse Market to Reach USD 1527.55 Billion by 2029

Nov 21, 2022

As per the report by Fortune Business Insights, the global metaverse market size is projected to reach USD 1527.55 billion in 2029, exhibiting a CAGR of 47.6% during the forecast period, 2022-2029

The global metaverse market was worth USD 63.83 billion in 2021. It is projected to rise from USD 100.27 billion in 2022 to USD 1,527.55 billion by 2029, exhibiting a CAGR of 47.6% during the forecast period, 2022-2029. Fortune Business Insights™ has published this information in its latest research report titled, “Metaverse Market Size, Share and Industry Forecast, 2029.”

According to the analysis, the rising penetration of online shopping and gaming will have a notable influence on the business outlook. Notably, the emergence of blockchain technology has augured well for leading companies vying to expand their portfolios. For instance, in January 2022, Space Falcon raised around USD 4 million to boost traditional gaming with blockchain technology. Industry players are also likely to assess the influence of the COVID-19 pandemic on the global market.

Key Developments in Metaverse Industry

November 2021: Globant announced the acquisition of Navint to streamline end-to-end digital and cognitive transformations.

Report Scope & Segmentation

Trend for Online Gaming Brings Paradigm Shift

An exponential rise in online video game services amidst the COVID-19 pandemic has aided the business forecast. According to Newzoo report, the global gaming audience for e-sports could reach USD 646 million by 2023. Moreover, in November 2021, Niantic, Inc. raised USD 300 million from Coatue Pokemon GO gaming company. Considering the investment trend, leading players could boost their portfolios in the ensuing period.

Segments

Based on component, the metaverse market is segmented into software/platform, hardware, and services.

In terms of device, the market is segregated into mobile, desktop, console, and others.

With respect to application, the market covers gaming, online shopping, content creation, social media, conferences, and others.

On the basis of region, the market is segmented into Europe, North America, and the Rest of the World.

Drivers and Restraints

Expanding Footfall of VR Devices to Trigger Disruptions

Stakeholders expect the metaverse market share to gain traction from the rising footprint of VR devices across developed and developing economies. The trend for mixed reality, Artificial Intelligence (AI), and blockchain across the end-use applications will be pronounced over the next few years. To illustrate, in February 2022, Decentraland raised USD 1.2 million with fungible tokens auction and marketplace. Moreover, a notable uptick in the e-commerce industry will encourage leading companies to inject funds into the landscape. According to the United Nations Conference on Trade and Development (UNCTAD) report, the global e-commerce sale reached USD 26.7 trillion in 2020.

While the adoption of state-of-the-art technologies will bode well, lack of awareness, security concerns, and rigorous government rules are likely to mar the industry outlook.

Report Coverage

The report provides a holistic view of the market size, share, volume, and revenue. It has also delved into Porters’ Five Force Analysis and SWOT analysis. The report has been prepared through qualitative and quantitative analysis to bolster the strategic approach. The primary interviews have been used to validate assumptions, findings and the prevailing business scenarios. The report has also been prepared through secondary resources, such as annual reports, press releases, white papers and journals.

Regional Insights

Flourishing Gaming Business in the U.S. to Propel North America Market

Stakeholders are poised to explore opportunities across the U.S., Canada and Mexico during the assessment period. The prevailing trend is mainly attributed to the penetration of the gaming business and online shopping. The North America market forecast will be strong on the back of bullish strategies adopted by prominent companies. For instance, in September 2021, Meta injected around USD 50 million in global research and development of the platform.

The Europe metaverse market growth will be noticeable against the backdrop of technological advancements across gaming and social medical platforms. MejoresApuestas.com claims gaming audiences in Europe could reach 351.0 million by 2023. It is worth noting that leading financial service providers are seeking meta platforms to streamline their services.

Industry participants expect Asia Pacific to emerge as a lucrative hub in the wake of the surging popularity of smartphones and desktops for gaming, online shopping, and content creation. Specifically, in January 2022, Tencent Holdings Ltd rolled out Metaverse services to foster Japanese companies. Growth of the platform and services across Japan, China, Australia, and India will solidify the position of Asia Pacific in the global market.

Competitive Landscape

Leading Companies Emphasize Product Portfolio Expansion to Expand Footprint in Metaverse

Stakeholders are poised to infuse funds into product rollouts, technological advancements, and mergers & acquisitions. Well-established players and new players could invest in R&D activities to gain a competitive edge. In doing so, investments in geographical expansion could be pronounced over the next few years.

Major Players Profiled in the Report: