Increase in ‘Zoom Fatigue’ Resulting in Rise in Adoption of Metaverse Technologies
The global metaverse market is expected to grow from USD 83.9 Billion in 2023 to USD 1,303.4 Billion by 2030 at a Compound Annual Growth Rate (CAGR) of 48.0% during the forecast period. The video game industry has played a significant role in developing the metaverse, as many online games and platforms offer immersive virtual worlds with user-generated content and economies. The metaverse has applications beyond entertainment, including education and collaboration. Virtual classrooms, conferences, and workspaces are becoming more prevalent.
VR Devices segment to have the largest market size during the forecast period.
VR devices provide an environment with realistic images and sounds. Enterprises and consumers use VR devices for gaming, entertainment, and training applications in the enterprises and healthcare industries. This section explains different types of VR devices, including HMDs, projectors and display walls, and gesture-tracking devices, in detail. Some examples are Meta Quest 2, HTC Vive Cosmos, Oculus Rift S, HTC Vive Pro, and Varjo VR-3.
Use cases:
- Gaming and Entertainment: VR is well-known for its immersive gaming experiences, where users are fully engaged in virtual worlds, interact with objects, and participate in realistic gameplay.
- Training and Simulation: Businesses use VR for training simulations in aviation, medicine, military, and industrial sectors. Trainees can practice in safe and controlled virtual environments.
- Education and Learning: VR provides interactive educational experiences, from virtual field trips to complex scientific simulations, enhancing engagement and understanding.
Consumer vertical to hold the largest market size during the forecast period.
The consumer segment comprises gaming, social media, sports, live entertainment, concerts, and other events. Various entertainment applications include museums (archeology), theme parks, art galleries, and exhibitions. Metaverse and the extended reality technology offer remarkable visual effects when used in gaming and sports broadcasts. The gaming sector has been an early adopter of new 3D, VR, and MR technologies. These technologies can enhance players’ gaming experience by creating virtual objects and characters linked to defined locations in the real world. Players can easily interact with digital objects in the real world.
Metaverse is a concept that has gained significant attention and traction in recent years, especially in the consumer technology space. Here are some ways the metaverse is impacting consumers:
- AR and VR: Consumer adoption of VR and AR technologies is vital to the metaverse concept. VR headsets, like Oculus Rift and HTC Vive, and AR applications like Pokémon GO provide users with immersive experiences. These technologies can be used for gaming, social interactions, and even education, bridging the metaverse.
- Gaming and Entertainment: The gaming industry is at the forefront of metaverse development. Games like Fortnite, Roblox, and Minecraft are evolving into metaverse-like experiences where users can socialize, build, and engage in various activities within a shared virtual space. Users purchase virtual goods and assets; some even earn a living through in-game actions.
- Social Interaction: Social media platforms and communication tools are integrating metaverse elements. Facebook, for instance, rebranded itself as Meta, emphasizing its commitment to building the metaverse; this suggests that future social interactions may increasingly occur in virtual spaces, with avatars and digital environments.
- Metaverse market in Asia Pacific is to grow at the highest CAGR during the forecast period.
The metaverse market in the Asia Pacific will experience extensive growth opportunities due to high consumer spending, internet penetration, and the rising adoption of advanced technologies, such as XR, AI, and cloud. The presence of many display panel manufacturers in the region has increased demand for the latest display technologies, such as 3D and holographic displays.
Consumer electronics, retail, banking, financial services, and insurance (BFSI), healthcare, transportation, and sports and entertainment industries would contribute substantially to the market growth in the region. These industries offer significant growth potential for the market due to the increasing awareness among consumers and the rising adoption of new technologies in various sectors, especially in China, India, and South Korea. The expanding number of players in the region will drive the growth of the metaverse market in Asia Pacific. The thriving commercial and consumer demands are a key factor driving the development of the metaverse market in the region, as these markets are witnessing increased investments in countries such as Japan and China. The use of metaverse has increased in commercial and consumer markets in Asia Pacific owing to the region’s easy availability of metaverse technology. The low-priced VR headsets are readily available in countries of Asia Pacific; this, in turn, helps the market in the region to grow at a high pace.
Further, our team conducted in-depth interviews with the Chief Executive Officers (CEOs), Chief Marketing Officers (CMO), Chief Operating Officers (COOs), Chief Technology Officers (CTOs), Vice Presidents (VPs), Managing Directors (MDs), domain heads, technology and innovation directors, and related key executives from various prominent companies and organizations operating in the Metaverse market.
- By Company-Tier 1-29%, Tier 2-45%, and Tier 3-26%
- By Designation-C-Level Executives-30%, Director Level-25%, and Others-45%
- By Region-North America-40%, Europe-30%, Asia Pacific-25%, RoW-5%
The key players in the metaverse market are Microsoft (US), Sony (Japan), Meta (US), HTC (Taiwan), Google (US), Apple (US), Qualcomm (US), Samsung (South Korea), Activision Blizzard (US), NetEase (China), Electronic Arts (US), Take-Two (US), Tencent (China), Nexon (Japan), Epic Games (US), Unity (US), Valve (US), Accenture (Ireland), Adobe (US), HPE (US), Deloitte (UK), Tech Mahindra (India), Ansys (US), Autodesk (US), Intel (US), ByteDance (China), NVIDIA (US), Epson (Japan), Panasonic (Japan), EON Reality (US), Roblox (US), Lenovo (China), Razer (US), Nextech AR Solutions (Canada), ZQGame (China), Talecraft (US), VR Chat (US), Decentraland (US), Sandbox VR (US), and Quidient (US). The study includes an in-depth competitive analysis of these key players in the Metaverse market with their company profiles, recent developments, and key market strategies.
Research Coverage
The research study covered inputs, insights, trends, and happenings from secondary sources, primary sources, stakeholders’ interviews, and surveys. Secondary sources include information from databases and repositories such as D&B Hoovers, Bloomberg, Factiva, and CoinDesk. We fetched primary data from supply-side industry experts who hold the chair of Chief Executive Officer (CEO), Chief Technological Officer (CTO), Chief Operating Officer (COO), Vice-President (VP) of IT, and Managing Director (MD), among others. A few of our critical primary respondents are Accenture, Cisco, and HCLTech, among others. We also reached out to a few startups during our primary interviews. Additionally, we have taken information and statistical and historical data from a few government associations, public sources, webinar and seminar transcripts, journals, conferences, and events.
Reasons to buy this report:
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall metaverse market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities. The report incorporates a critical section comprising the company profiles in the market, in which it has exhaustively evaluated the vendors in terms of product portfolio offerings and business strategies followed; this will give a holistic view of the current standing of the key players in the market and the ongoing developments encompassing partnerships, agreements, collaborations, mergers and acquisitions, joint ventures, new product or service launches, and business expansions. This evaluation will help the buyers understand how the major vendors are achieving service differentiation, and buyers can understand the need gap analysis for the existing services and new services needed to cater to these newly developed solutions for this market. The report can help the buyers understand significant benefits as well as driving factors that are becoming key growth drivers of the development of buyers in these services.
The report provides insights on the following pointers.
- Analysis of key drivers (increasing demand in the entertainment and gaming industry, virtualization in fashion, art, and retail sectors), restraints (high installation and maintenance costs of high-end metaverse components), opportunities (continuous development in 5G technology), and challenges (health and mental issues from excessive use) influencing the growth of the metaverse market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the metaverse market
- Market Development: Comprehensive information about lucrative markets - the report analyses the metaverse market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the metaverse market.
Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players, like include Microsoft (US), Sony (Japan), Meta (US), HTC (Taiwan), Google (US), Apple (US), Qualcomm (US), Samsung (South Korea), Activision Blizzard (US), NetEase (China), Electronic Arts (US), Take-Two (US), Tencent (China), Nexon (Japan), Epic Games (US), Unity (US), Valve (US), Accenture (Ireland), Adobe (US), HPE (US), Deloitte (UK), Tech Mahindra (India), Ansys (US), Autodesk (US), Intel (US), ByteDance (China), NVIDIA (US), Epson (Japan), Panasonic (Japan), EON Reality (US), Roblox (US), Lenovo (China), Razer (US), Nextech AR Solutions (Canada), ZQGame (China), Talecraft (US), VR Chat (US), Decentraland (US), Sandbox VR (US), and Quidient (US) in the metaverse market. The report also helps stakeholders understand the competitive analysis of these market players.
Table of Contents
Executive Summary
Companies Mentioned
- Accenture
- Activision Blizzard
- Adobe
- Ansys
- Apple
- Autodesk
- Bytedance
- Decentraland
- Deloitte
- Electronic Arts
- Eon Reality
- Epic Games
- HPE (Hewlett Packard Enterprise)
- HTC
- Intel
- Lenovo
- Meta (formerly known as Facebook)
- Microsoft
- Netease
- Nexon
- Nextech AR Solutions
- Nvidia
- Panasonic
- Qualcomm
- Quidient
- Razer
- Roblox
- Samsung
- Sandbox VR
- Seiko Epson
- Sony
- Take-Two
- Talecraft
- Tech Mahindra
- Tencent
- Unity
- Valve
- VR Chat
- ZQGame
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 350 |
| Published | October 2023 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 83.9 Billion |
| Forecasted Market Value ( USD | $ 1303.4 Billion |
| Compound Annual Growth Rate | 48.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 40 |
