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Edition: 3; Released: February 2022
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Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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Global Metaverse Market to Reach US$758.6 Billion by the Year 2026
Metaverse is the latest buzzword that has been capturing the imagination of the tech industry and holds significant potential in creating tremendous growth opportunities for marketers by allowing them to deliver advanced immersive and interactive digital experiences to their customers. Metaverse, simply put, is an integration of immersive presence in a virtually interactive self-sufficient ecosystem of mobile networks, augmented reality, social media, gaming, virtual reality, ecommerce, cryptocurrency and work environments. This universe is being envisioned as the future of the internet, involving the convergence of augmented reality (AR), virtual reality (VR), and physical worlds in a shared digital space. NFTs and online events are booming creating a universe of opportunities for the metaverse and related technologies.
The Transition to Metaverse is imminent. Several components and facets of this open-source platform have advanced to a stage where they can be seamlessly integrated to explore the possibility of creating a parallel virtual world. NFTs and online events are booming creating a universe of opportunities for the metaverse and related technologies. With the pandemic giving a much-needed impetus to a changing global perspective of interaction and immersive socialization, the conversation around metaverse has re-emerged and with the likes of Meta, Google and Microsoft joining the bandwagon, the dialogue got stronger and is headed towards actualization in terms of rising interest in funding projects, expanding outreach of technological collaborations, changing paradigms in market place, and an overwhelming response from users. Being technologically nascent, no company exerts major influence as on date and the race to dominance has already begun with companies investing in multiple metaverse projects, acquiring few on their way to the finish line and engaging in deep learning and research in the domain.
The industry is consolidating to acquire strategic strengths while some are rebranding to fine-tune their market focus. Epic Games and Zepeto succeeded in luring hefty funding while Roblox pocketed Guilded Inc. and former Facebook brought Unit 2 Games into its fold and rebranded itself as Meta. Current efforts to building metaverse centred around peaceful coexistence of stakeholders irrespective of their size and promote decentralized division of power and accelerates the transition to web 3.0. The metaverse promise rests on disruption of existing technologies and integrating multiple platforms for value creation in a virtual universe of possible applications spanning work, entertainment, financing, trade and exchange of services, virtual travel, gaming and digital engagements in an immersive self-sustaining ecosystem driven by digital currencies and enabling edge computing technologies. Additionally, much development is happening in the infrastructure, content creation, gaming interface development, cloud and edge computing.
Prominent companies that are leading the innovation, technological collaboration and market expansion to race ahead in building metaverse are Facebook, re-branded Meta, Microsoft, Google, Roblox, Nvidia, Unity Software, Fastly. Meta acquired VR headset maker Oculus and created Horizon workrooms, a virtual reality subsidiary to give thrust to its drive for creating an inhabitable immersive virtual universe by integrating AR and VR technologies and developing futuristic monetizable applications for metaverse. Oculus enabled Horizon conferencing enables users to partake in immersive 3D avatar led meetings facilitated by AR and smart glasses that enhance mobility and multidevice accessibility to metaverse. Microsoft is developing mixed reality glasses dubbed HoloLens, integrating collaborative tools and Xbox gaming technologies to create immersive conferencing platforms that interact using holograms and avatars. Alphabet, Google’s holding company, is developing augmented reality enabled videoconferencing using smart glasses.
3D video game engine leader Unity Software is working on seamlessly integrating multiple platforms, creating metaverse presence and enhancing the portability of content across ecosystems. Roblox, an online gaming company, flaunts immersive virtual reality landscapes, growing repertoire of user developed games and virtual spaces that have successfully hosted and monetized live concerts using independent digital currency. Roblox capitalized on the draw of metaverse and its own strength of user base by hosting exclusive product launches from luxury fashion brands, co-creation of games and enticing gamers to access these products in exchange for the digital currency. The company bought Guilded that engages in integrating online gaming platforms. Architecture software design firm Autodesk is exploring its 3D design capabilities to create virtual prototypes for AR and VR applications of metaverse.
Graphic chip company Nvidia is engaged in developing Nvidia Omniverse, a 3D virtual metaverse space for simulating architecture design and collaboration tools. Omniverse has applications spanning empowerment of real time image processing in metaverse, creation of immersive reality in VR applications, as well as training robots building on the strengths in the artificial intelligence domain. The company’s chips enable faster processing as well as complex computations required in real time metaverse scenarios. Tiny Immersion is developing custom haptics to enhance the immersive quotient of virtual space. Epic Games created a disruption in the pandemic ridden world by hosting music concerts virtually in its interactive gaming world Fortnite. NFT’s have been lapped up readily by many financial firms, including Visa that offers payment gateways. Edge computing is another domain that is witnessing much action to fulfil the enormity and speed of data transfer to support a thriving metaverse.
Fastly is working in this space to develop technologies that enable metaverse transactions. Creating a self-sustaining economy for creation of assets and digital monetization across platforms is vital to the success of metaverse. E-commerce companies including Amazon and shopify are creating metaverse-centric platforms for enabling digital transactions. Amazon Inc. is all geared up to develop digital infrastructure for metaverse integrating its cloud and webservices and virtual pop-up stores to create interactive malls facilitating users to virtually try their products before digitally buying them. Shopify acquired Primer, an AR app developer, to create an immersive digital shopping experience in the metaverse. The company also expanded its offerings in NFTs.
Amid the COVID-19 crisis, the global market for Metaverse estimated at US$194.4 Billion in the year 2022, is projected to reach a revised size of US$758.6 Billion by 2026, growing at a CAGR of 37.1% over the analysis period. The Metaverse market in the U.S. is estimated at US$58.5 Billion in the year 2021. The country currently accounts for a 41.2% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$103.1 Billion in the year 2026 trailing a CAGR of 38.1% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 31.3% and 29.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 36.8% CAGR while Rest of European market (as defined in the study) will reach US$59.5 Billion by the end of the analysis period. More
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