The Growing Metaverse Market
19th Nov 2022
Meta Description: According to estimates, the global metaverse market will be worth USD 51.69 billion in 2021 and USD 1.3 trillion by 2030, expanding at a CAGR of 44.5% from 2022 to 2030.
The well-known technology platform Metaverse has drawn several social media sites and industry titans. And it developers of online games to join and make their mark on the market. This article aims to examine the makeup of the Metaverse market.
With a significant user base and a quickly expanding trend,the Metaverse has many uses. Like online gaming, content creation, social interaction, learning and training, and virtual commerce.
Metaverse Market Growth
The Metaverse Market's growth is expected to be fueled by an increased emphasis on fusing the online and offline worlds.
The Metaverse attracts 52% of internet users worldwide for employment opportunities, 48% for art and live entertainment, 44% for financial investment, 40% for education, 32% for online dating and socializing, and 29% for gaming, according to a PC Magazine study. And the user uses different ways cryptocurrencies, NFTs, and the workplace.
In addition, it is anticipated that Metaverse will be able to support emerging firms and offer enormous potential for financial growth in the future. The Metaverse will need extremely complex IoT designs, including cloud computing, network design, etc. According to SMR's research, IoT technologies have been embraced by over 84% of companies globally.
The number of IoT-connected devices is expected to increase by almost 18% (or roughly 14.41 billion) by 2022 compared to the previous year. All of the factors above are projected to support the future growth of the metaverse market.
Forecasts For The Metaverse Market
The worldwide Metaverse is expected to experience rapid growth throughout the projection period, focusing on connecting the real and virtual worlds via the Internet. Demand for Metaverse is growing as more people utilize cryptocurrencies to acquire digital items.
Various industry professionals have predicted the size of the Metaverse Market for the upcoming eight years. The actual market size tends to vary greatly, despite all these analysts agreeing that the metaverse market will be considered by the decade's end.
The range of these figures is 700 billion to 1.3 trillion dollars. Because calculating the market size of an industry involves making numerous assumptions about how these markets will develop over the following eight years. It is anticipating the future that causes such a wide range of predictions.
Report's Overview of the Metaverse Market
|The market size of 2030||USD 1.3 trillion|
|The growth rate from 2022 to 2030||CAGR of 44.5%|
|Largest market||North Market|
|Fastest Growing Region||Asia Pacific|
|Forecast period||2022 to 2030|
|Segments Covered||Components, Offering, Platform, Technology, Application, End User, Geography|
|Companies Mentioned||Meta (Facebook, Inc.), Tencent Holdings Ltd, Roblox corporation, Nvidia corporation, NetEase, Inc.|
Estimating The Size Of The Metaverse Market
The following summarises the method used to determine the size of the metaverse market:
Identify the industries that are currently or will likely be involved in the Metaverse.
Determine each sector's most current market size and growth rates. Our most recent market size for this situation is 2021.
Evaluate the Metaverse's market share in each sector.
Decide the size of the implied metaverse market.
Calculate the CAGR or estimated growth rate.
Participants in the Metaverse Market
A peer-to-peer network's ledger of all transactions is created via blockchain technology. This technology aims to provide participant confirmation and transaction identification without requiring a centralized authority. The blockchain industry will include all Layer 1 and 2 blockchain technologies and their use cases for our Metaverse Market Sizing.
NFT markets and cryptocurrency exchanges will also be included in the blockchain industry. Several businesses, including OpenSea, Binance, and Crypto.com, are involved in the blockchain (and metaverse) sector.
E-Commerce In The Metaverse
Over the past ten years, the eCommerce sector has grown significantly, with companies like Shopify and Amazon emerging as critical players. Many brands believe that the transition to Web3 and Metaverse is natural.
As a result, several well-known companies are looking to participate in the Metaverse by purchasing virtual property, starting NFT initiatives, or hosting virtual events.
5G & Connectivity
The Metaverse Market Size calculation requires connectivity and 5G technology. The Metaverse sector needs seamless connectivity if it is to grow swiftly. The fastest-growing connectivity technologies for the Metaverse industry include Bluetooth, Wi-Fi, and 5G.
Therefore, these Connectivity technologies that power the Metaverse Industry must also be considered when calculating the Metaverse Market Size.
Metaverse Gaming (& VR Gaming)
One of the critical components of the Metaverse Market Size is gaming. The popularity of multiplayer games has recently increased, with titles like Fortnite, Grand Theft Auto, and Call of Duty seeing significant growth.
They provide online communication between friends and multiplayer possibilities while engaging in a particular activity.
Mining Chips And Metaverse GPUs
Calculating the Metaverse Market Size depends on the hardware that runs the Metaverse. Businesses like NVIDIA and Intel are developing mining processors and graphics processing units to increase efficiency and widely power 3D and blockchain technology.
Metaverse Cloud Computing
The development of a virtual reality environment requires the large-scale processing and storing of data.
Cloud computing will become a crucial component of the Metaverse Market Size as 3D and VR technology becomes more widely used, and adopting these technologies becomes a part of gaming and remote work.
Market Analysts At Metaverse Media
To inform the public about metaverse projects, metaverse media outlets and industry experts like Metaverse Insider are crucial.
Additionally, they assist investors and developers in choosing which areas to concentrate on and how the Metaverse is evolving. As a result, the market size for the Metaverse will include media analysts and market researchers.
Final Thought Of The Growing Metaverse Market
Indeed estimates like the $1.3 trillion market capitalization for the Metaverse made by companies like Citi are eye-catching headlines that draw in onlookers.
The Metaverse concept is relatively new, using numerous cutting-edge technologies, including blockchain and 5G. Predicting the growth of all such technologies and coming to a specific number takes work.
The size of the Metaverse market is a valuable indicator of future development and a way to decide which needs to enter. Market analysts agree that Metaverse has succeeded, even though the specific figures may differ.