The metaverse market is expected to reach USD 814.2 Billion by 2028, growing at a CAGR of 43.8% from 2020 to 2028. The market growth is attributed to increasing concerns regarding socializing, entertainment, and creativity. Also, the advantages for cross-company collaborations and working together in areas such as gaming, advertisements, share business, and others are further propelling the growth of the market.
- As the major players are investing considerable efforts into building developer-focused gaming engines, 3D worlds, among other virtual products software sub-segment for a component segment for metaverse market is expected to rise rapidly in terms of revenue and CAGR during the forecast period.
- Mobile sub-segment under the platform segment for metaverse market, is anticipating to grow swiftly owing to sociable user interface provided by OS such as Android, Windows and iOS and easy availability.
- The offering segment for the metaverse market is anticipated to be the dominating segment for the market with the largest share of 45.5% of the market. Virtual platforms sub-segment is anticipated to dominate the segment owing to increasing growth and demand for virtual platforms, followed by Asset Marketplaces, Avatars, and Financial Services.
Some of the key players in the metaverse market include Facebook, Inc., Nvidia Corporation, Epic Games, Inc., Nextech AR Solutions Corp., Tencent Holdings Ltd., ByteDance Ltd., NetEase, Inc., Roblox Corporation, Unity Technologies, Inc., Lilith Games, Microsoft, among others.
In November 2021, TaleCraft Majuro announced the launch of its medieval-themed NFT gaming metaverse. The medieval game settings and created NFTs for gaming can be used by gamers. Thus, the launch of new applications would offer attractive growth in the forecasted period.
Metaverse refers to the hypothesized iteration of the internet. Nowadays, the metaverse is mainly booming in gaming, AI, and virtual technology. Also, it is used in, other applications such as education, retail, and business. Also, (R&D) research and development are working continuously on improvement. Moreover, several governments are taking initiatives regarding metaverse and various private organizations are investing their money for the improvement of a metaverse which is likely to fuel the growth in the near future over the forecast period.
North America is anticipated to hold the largest share of the metaverse market. The market growth is attributed to the presence of major players from the metaverse platform and rising demand in the social media industry. Also, the presence of a developed economy and increasing fundings is anticipated to fuel the market growth in this region. Asia Pacific is expected to grow at the fastest CAGR in near future over the forecast period. The countries such as India and China are the most populated countries in this region. Thus as India and China are relying majorly on social media platforms for advertisements and marketing, owing to present a large pool of end-users, it is projected to have a positive impact and boost the market growth in these regions.