Summary
Metaverse Technology Market Outlook – An Opportunity worth $224 Billion by 2030
Introduction
The Metaverse is a virtual space where users are immersed and virtually present in. The metaverse created by the convergence of virtually enhanced physical and digital reality. Technologies contributing to the development of the metaverse include augmented reality (AR), flexible work styles, head-mounted displays (HMDs), an AR cloud, the Internet of Things (IoT), 5G, artificial intelligence (AI) and spatial technologies. The metaverse consists of several key features including real-time persistency, economies, communities, digital avatars, and accessibility across multiple devices.
As per this latest market study, Metaverse Technology market was valued at $32 billion in 2021 and is likely to reach $224 billion by 2030. Software contributed more than 80% of the market in 2021. The metaverse technology is expected to create revenue opportunities across multiple verticals, particularly for those companies that develop virtual platforms and their components, semiconductors and chips that render ultrarealistic graphics, and the related software.
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Key Drivers
The global gaming industry has reinvented itself to derive the maximum consumer engagement and revenue growth on a global level. Gaming has been revolutionized completely in the last 10 years, from organizational and business perspective, regardless of the gadgets used. Nowadays, games allow people to actively participate and enjoy their passion for gaming that suits any mood, interest, lifestyle, location, and budget. Almost all the new games include live events, pro-gamers heroes, and teams with millions of fans. Old gaming techniques are being replaced with upcoming technologies such as gesture control, facial and voice recognition, and high-definition (HD) displays; consumers have a wide variety of games available in the market, such as racing games, role-playing video games, and sports video games, according to their preferences. Thus, there is a constant increase in the number of gamers worldwide.
Game developers continue to leverage numerous technology trends, which further drive innovation and improvise the gameplay. For instance, mor immersive playability through VR and AR supports photorealistic graphics, making it almost indistinguishable from real life. VR/AR gaming platforms also enable players to connect and socially interact with each other in virtual spaces. The launch of the fifth generation of cellular communications or 5G is likely to reflect positively on the metaverse market. This is primarily because 5G networks will go a long way forward towards improving the performance and reliability of connected devices
Metaverse related companies raised USD 2.6 billion in 2021 as compared to USD 2.1 billion in 2020. Magic Leap raised USD 500 million in October 2021 while Niantic, a builder of augmented reality platforms, closed a USD 300 million Series D in November 2021. 3D avatar application developer NAVER Z raised a Series B worth approximately USD 188.2 million, in November 2021. In April 2022, Epic announced a $2 billion round of funding to advance the company’s vision to build the metaverse and support its continued growth. In March 2022, Yuga Labs announced that is now at valued at $4 billion, following a $450 million funding round led by Andreessen Horowitz’s crypto fund, a16z crypto. Qualcomm launched the Snapdragon Metaverse Fund, established to invest up to $100 million in innovative developers and companies building immersive experiences with AR, mixed reality, and VR.
Metaverse Technology Market – Highlights
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• In augmented reality (AR), head-mounted displays (HMD) and Head-up displays (HUD) are mostly used. Three main types of devices used in virtual reality are HMD, projectors and display walls, and gesture-tracking devices. Standalone AR/VR devices eliminate the requirement of personal computers or smartphones to deliver metaverse experience to users as these devices have in-built displays and processors. In terms of unit shipment, AR devices contributed only 1% of the overall metaverse hardware market in 2020 and is likely to have more than 90% share by 2030.
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• The consumer segment is going to have the largest share (~29%) of the market by 2030, including gaming and entertainment applications wherein AR is used to create 3D objects the real world. The flourishing gaming and sports and entertainment sectors fuel the use of metaverse in consumer industry. VR technology also offers remarkable results regarding visual effects when used in gaming and sport broadcasts.
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• The metaverse market in APAC is expected to grow at the highest CAGR of 25% between 2022 and 2030. North America led the market in 2021. Growing use of smartphones, increasing adoption of smart devices, and surging demand for AR/VR in various applications are the key factors fuelling the growth of the metaverse market in North America. However, the market in APAC is expected to surpass the metaverse market in North America by 2028. The metaverse market is expected to witness significant growth in the next few years owning to increasing adoption of metaverse in China, Japan, and South Korea.
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• The presence of companies such as Blippar, Inde, Engine Creative, and Holition that are actively involved in AR/VR industry is expected to drive the growth of the metaverse market in the UK. The digital change in the UK is anticipated to fuel the growth the extended reality market in the country. The UK is becoming a hotbed for AR devices. The demand for metaverse is expected to surge in the UK, mainly from the gaming industry, as the country has one of the largest video gaming industries in the world.
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• In the metaverse, users are connected to their avatars or any other digital representation, and the information collected about their activities is personal data, which is liable to existing privacy and data protection laws. Regulation on privacy may vary based on the physical location of an organization or a user, the type of an organization or a user, the type of data collected, and the type of data collected, and the purpose of data collection. Organizations will be subject to General Data Protection Regulation (GDPR) and the UK data privacy laws
Metaverse vs Digital Twin
Digital twins enable the creation of rich digital models of physical or logical assets that can be products or complex environments. Such models can be brought to life and synchronized with the physical world that acts as a foundation for enabling the metaverse platform. Anheuser-Busch InBev, one of the largest brewers in the world, uses metaverse application. AB InBev uses Microsoft Azure Digital Twins to create a comprehensive digital model of its breweries and supply chain. AB InBev uses mixed reality over its digital twin for remote assistance, fostering effectiveness sharing across geographies.
Virtually scanned objects in the metaverse are not digital twins. A scanned object, once incorporated with real metadata and live data feeds from sensors overlaid simultaneously, makes it a digital twin. According to David-Weir McCall of Epic Games, the metaverse is the digital world that lives alongside the physical world and allows people to live, work, and play alongside each other, and digital twin are the foundations of which the metaverse will be built. Digital twin in the metaverse allows the creation of a virtual world where live data is fed, and it will operate exactly the way it would in the real world. Examples include retail store where the shopping experience is optimized in real time and shelves are always stocked.
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Metaverse
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Digital Twin
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The metaverse need not be tied to any existing physical asset.
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Digital twin requires an object or process that can be represented. Any change in the physical world is reflected in the digital representation.
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The metaverse does not need sensor data to exist. However, real time can be utilized for various applications.
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Digital twin depends on data integration. Sensors attached to a real-world asset are utilized where real-time data forms the bridge connecting to its virtual counterpart.
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The metaverse requires a level of immersion where a user must immerse in a virtual world.
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The digital twin can be accessed by anyone, even on a computer, a smartphone, or a tablet.
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Company Profiles
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1.User Interface:
Apple, HTC, HP, Meta, Sony, DPVR, Pico VR
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2.Virtualization:
Microsoft, Google, AWS, Oracle, ClearBlade, Edgegap, Alibaba Cloud, Tencent Cloud, Unity Technologies, Improbable, Manticore Games, Sandbox VR, Epic Games, Roblox, Decentraland, The Sandbox, Somnium Space
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3.Infrastructure Providers:
Ericsson, Nokia, Huawei, Samsung, Nvidia, Intel, Qualcomm, AMD
Key Questions to be answered through this study
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• What is the market size and forecast of the Global Metaverse Technology Market?
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• What are the driving factors and impact of digitalization shaping the Global Metaverse Technology Market during the forecast period?
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• Which are the products/segments/applications/areas to invest in over the forecast period in the Global Metaverse Technology Market?
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• What is the competitive strategic scenario for opportunities in the Global Metaverse Technology Market?
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• What are the technology trends and regulatory frameworks in the Global Metaverse Technology Market?
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Table of Contents
TABLE OF CONTENTS
1 Introduction 12
1.1 Definition 12
1.2 Evolution 14
1.3 Development stages of metaverse 14
1.4 Types of Metaverse 16
1.5 Metaverse & Digital Twin 16
1.5.1 Similarities and Differences 17
1.6 Web 2.0 vs Web 3.0 for Metaverse 17
2 Executive Summary 20
3 Metaverse Drivers & Challenges 22
3.1 Drivers 22
3.1.1 Rise in Number of Gamers 22
3.1.2 Upsurge in Immersive and Competitive Gaming on Mobile Devices 22
3.1.3 Emergence of 5G 23
3.1.4 Increasing investment in the metaverse 24
3.2 Risks and Challenges in the Metaverse 25
3.2.1 Cybersecurity 25
3.2.2 Currency and payment System 25
3.2.3 Reputation and Identity in Metaverse 25
3.2.4 Infrastructure Upgrade 25
3.3 Risk of Doing Business in Metaverse 25
4 Legal Issues of Metaverse 27
4.1 Intellectual Property 27
4.1.1 Copyrights 27
4.1.2 Trademarks 27
4.1.3 Patents 27
4.2 Data Protection & Privacy 28
4.3 Content Licensing 28
5 Layers of the Metaverse 30
5.1 Experience 30
5.2 Discovery 30
5.3 Creator Economy 30
5.4 Spatial Computing 31
5.5 Decentralization 31
5.6 Human Interface 31
5.7 Infrastructure 31
6 Economic Impact of Metaverse 32
6.1 GDP Contribution by Use cases 32
6.2 GDP Contribution by Country 33
7 Use Cases, By Industry 34
7.1 Ecommerce & Retail 36
7.1.1 Gucci expanded its presence on Roblox to develop Gucci Garden 36
7.1.2 Chipotle hosted virtual restaurant on Roblox to provide its customers with Halloween experience 36
7.1.3 Fashion brand Gucci partnered with Sandbox 37
7.1.4 Luxury fashion house Balenciaga collaborated with Fortnite 37
7.1.5 Ralph Lauren launched digital winter-themed collection on Roblox 38
7.2 Sports & Entertainment 38
7.2.1 Vans launched Vans World skatepark experience in Roblox 38
7.2.2 Nike teamed up with Roblox to create virtual world called Nikeland 39
7.2.3 Roblox hosted metaverse dance music festival of EDC 39
7.2.4 Warner Bros united with Roblox to create virtual movie launch event 40
7.2.5 Indian couple hosted country’s first metaverse wedding reception 40
7.2.6 Tennis Australia partnered with Decentraland to host Australian Open 40
7.3 Music 41
7.3.1 Pop stars and singers driving metaverse concerts 41
7.3.2 Muse collaborated with Stageverse for metaverse concerts 42
7.3.3 Epic Games partnered with BTS 42
7.4 Enterprise 43
7.4.1 Accenture collaborated with Microsoft to develop virtual office 43
7.4.2 TCImage to design buildings in virtual world, using NVIDIA Omniverse 43
7.4.3 Meta Platforms launched Horizon Workrooms 43
7.4.4 Arent Fox and PWC purchased land site in metaverse 44
7.4.5 Marriott Bonvoy unveiled digital art in metaverse 44
7.5 Government 44
7.5.1 Barbados to become first country to establish an embassy in metaverse 44
7.6 Automotive 45
7.6.1 BMW launched JOYTOPIA virtual world 45
7.6.2 Toyota Turkey held its annual general meeting in metaverse 45
7.6.3 Hyundai Motors launched metaverse space-Hyundai Mobility Adventure-on Roblox 46
7.6.4 Ford’s immersive vehicle environment system to design safer cars 46
7.7 Manufacturing 46
7.7.1 Hyundai Motors partnered with Unity to build Meta-Factory 46
7.7.2 NVIDIA and BMW demonstrated factory of future 46
7.8 Banking 47
7.8.1 JP Morgan opened bank branch in metaverse 47
7.9 Real Estate 48
7.9.1 Snoop Dogg is building virtual mansion on plot of land in the Sandbox 48
8 Metaverse Applications 49
8.1 Virtual World 49
8.1.1 Gaming 49
8.1.2 Social Media Platform 49
8.1.3 Virtual Office 50
8.1.4 Virtual Factory 50
8.2 Sales Platform 50
8.3 Avatars 51
8.4 Financial Services 51
9 Metaverse market, By Technology 52
9.1 Augmented Reality & Virtual Reality 52
9.2 Blockchain 53
9.2.1 Non-fungible tokens 53
10 Market size & Forecast of Metaverse market, By Offering 55
10.1 Hardware 55
10.1.1 AR Device 56
10.1.1.1 Head-Mounted Display 57
10.1.1.1.1 AR Smart Glasses 57
10.1.1.1.2 Smart Helmets 58
10.1.1.2 Head-up Display 58
10.1.2 VR Device 58
10.1.2.1 Head-Mounted Displays 59
10.1.2.2 Gesture-Tracking Devices 60
10.1.2.3 Projectors and Display Walls 60
10.2 Software 60
11 Market size & Forecast of Metaverse Market, By Industry 61
11.1 Consumer 62
11.2 Commercial 62
11.3 Manufacturing 62
11.4 Healthcare 62
11.5 Aerospace & Defense 63
11.6 Automotive 63
11.7 Others 63
12 Regional Analysis of Metaverse Market 64
12.1 North America 64
12.2 Europe 66
12.3 Asia-Pacific 67
12.4 Rest of the World 69
13 Competitive Landscape 71
13.1 Metaverse Ecosystem 71
13.1.1 Infrastructure 72
13.1.2 Virtualization Engine 72
13.1.3 User Interface 72
13.1.4 User Experience 73
13.2 Key Players in Metaverse Market 73
14 Company Profiles 75
14.1 Infrastructure Providers 75
14.1.1 Ericsson 75
14.1.1.1 Overview 75
14.1.1.2 Solutions offered 75
14.1.1.3 Key developments 76
14.1.2 Nokia 77
14.1.2.1 Overview 77
14.1.2.2 Solutions offered 77
14.1.2.3 Key developments 78
14.1.3 Huawei 79
14.1.3.1 Overview 79
14.1.3.2 Solutions offered 79
14.1.3.3 Key developments 79
14.1.4 Samsung 80
14.1.4.1 Overview 80
14.1.4.2 Solutions offered 80
14.1.4.3 Key developments 81
14.1.5 NVIDIA 82
14.1.5.1 Overview 82
14.1.5.2 Solutions offered 82
14.1.5.3 Key developments 82
14.1.6 Intel 83
14.1.6.1 Overview 83
14.1.6.2 Solutions offered 83
14.1.7 Qualcomm 83
14.1.7.1 Overview 83
14.1.7.2 Solutions offered 83
14.1.7.3 Key developments 84
14.1.8 AMD 84
14.1.8.1 Overview 84
14.1.8.2 Solutions offered 84
14.1.8.3 Key developments 85
14.2 Virtualization 86
14.2.1 Microsoft 86
14.2.1.1 Overview 86
14.2.1.2 Solutions offered 86
14.2.1.3 Key developments 87
14.2.2 Google 87
14.2.2.1 Overview 87
14.2.2.2 Solutions offered 87
14.2.3 AWS 88
14.2.3.1 Overview 88
14.2.3.2 Solutions offered 88
14.2.3.3 Key developments 90
14.2.4 Oracle Cloud 90
14.2.4.1 Overview 90
14.2.4.2 Solutions offered 90
14.2.5 ClearBlade 91
14.2.5.1 Overview 91
14.2.5.2 Solutions offered 91
14.2.5.3 Key developments 91
14.2.6 Edgegap 91
14.2.6.1 Overview 91
14.2.6.2 Solutions offered 91
14.2.7 Alibaba Cloud 92
14.2.7.1 Overview 92
14.2.7.2 Solutions offered 92
14.2.8 Tencent Cloud 93
14.2.8.1 Overview 93
14.2.8.2 Solutions offered 93
14.2.9 Unity Technologies 93
14.2.9.1 Overview 93
14.2.9.2 Solutions offered 93
14.2.9.3 Key developments 94
14.2.10 Improbable 94
14.2.10.1 Overview 94
14.2.10.2 Solutions offered 94
14.2.10.3 Key developments 95
14.2.11 Manticore Games 95
14.2.11.1 Overview 95
14.2.11.2 Solutions offered 95
14.2.12 Sandbox VR 96
14.2.12.1 Overview 96
14.2.13 Epic Games 96
14.2.13.1 Overview 96
14.2.13.2 Solutions offered 96
14.2.13.3 Key developments 97
14.2.14 Roblox 98
14.2.14.1 Overview 98
14.2.14.2 Solutions offered 98
14.2.14.3 Key developments 98
14.2.15 Decentraland 99
14.2.15.1 Overview 99
14.2.15.2 Solutions offered 99
14.2.15.3 Key developments 100
14.2.16 The Sandbox 101
14.2.16.1 Overview 101
14.2.16.2 Solutions offered 101
14.2.16.3 Key developments 101
14.2.17 Somnium Space 102
14.2.17.1 Overview 102
14.2.17.2 Solutions offered 102
14.3 User Interface 102
14.3.1 Apple 102
14.3.1.1 Overview 102
14.3.1.2 Solutions offered 102
14.3.2 HTC 103
14.3.2.1 Overview 103
14.3.2.2 Solutions offered 103
14.3.2.3 Key developments 104
14.3.3 HP 104
14.3.3.1 Overview 104
14.3.3.2 Solutions offered 104
14.3.3.3 Key developments 105
14.3.4 Meta 105
14.3.4.1 Overview 105
14.3.4.2 Solutions offered 106
14.3.4.3 Key developments 106
14.3.5 Sony 107
14.3.5.1 Overview 107
14.3.5.2 Solutions offered 107
14.3.5.3 Key developments 107
14.3.6 DPVR 107
14.3.6.1 Overview 107
14.3.6.2 Solutions offered 108
14.3.6.3 Key developments 108
14.3.7 Pico VR 108
14.3.7.1 Overview 108
14.3.7.2 Solutions offered 108
List of Exhibits
EXHIBIT 1: Building Blocks of the Metaverse
EXHIBIT 2: The Metaverse Landscape
EXHIBIT 3: History of the Metaverse
EXHIBIT 4: Development stages of the Metaverse
EXHIBIT 5: Development stage of various technologies
EXHIBIT 6: Metaverse companies: Centralized vs Decentralized
EXHIBIT 7: Metaverse vs Digital Twin
EXHIBIT 8: Web 2.0 vs Web 3.0 approach to the Metaverse
EXHIBIT 9: Metaverse Market, 2020–2030
EXHIBIT 10: Metaverse adoption timeline
EXHIBIT 11: Employees willing to work in the metaverse
EXHIBIT 12: Number of Active Video Gamers Worldwide
EXHIBIT 13: Mobile subscribers by technology, 2021-2026 (Billion)
EXHIBIT 14: Investment by mobile operators between 2022 and 2026
EXHIBIT 15: Funding in Metaverse related companies
EXHIBIT 16: Risks of Doing Business in Metaverse
EXHIBIT 17: Key Challenges In Content Licenses
EXHIBIT 18: Seven layers of Metaverse
EXHIBIT 19: Potential GDP contribution by 2030 (USD Billion)
EXHIBIT 20: Potential GDP contribution by use cases (USD Billion)
EXHIBIT 21: Potential GDP contribution for major countries
EXHIBIT 22: Metaverse Use cases, By Industry
EXHIBIT 23: Use cases of Metaverse on Roblox, Fortnite, and Minecraft
EXHIBIT 24: AR/VR Venture Capital Funding, 2017–2021
EXHIBIT 25: Global VC-backed Crypto and Blockchain Deals, 2017–2021
EXHIBIT 26: NFT Sales, 2021
EXHIBIT 27: NFT Unique Buyers and Sellers, 2021
EXHIBIT 28: Software to account for the largest share of Metaverse market
EXHIBIT 29: Metaverse Market, By Offering, 2020–2030 (USD Billion)
EXHIBIT 30: Metaverse Hardware Market, By device, 2020–2030 (Thousand Units)
EXHIBIT 31: Metaverse Hardware Market, By Devices, 2020–2030 (USD Billion)
EXHIBIT 32: Metaverse Hardware Market, By Region, 2020–2030 (USD Billion)
EXHIBIT 33: Major AR specs
EXHIBIT 34: Metaverse AR Devices Market, By Type, 2020–2030 (Thousand Units)
EXHIBIT 35: Metaverse AR Devices Market, By Type, 2020–2030 (USD Billion)
EXHIBIT 36: Metaverse AR Devices Market, By Region, 2020–2030 (USD Billion)
EXHIBIT 37: Major AR specs
EXHIBIT 38: Metaverse VR Devices Market, By Type, 2020–2030 (Thousand Units)
EXHIBIT 39: Metaverse VR Devices Market, By Type, 2020–2030 (USD Billion)
EXHIBIT 40: Metaverse VR Devices Market, By Region, 2020–2030 (USD Billion)
EXHIBIT 41: Metaverse Software Market, By Region, 2020–2030 (USD Billion)
EXHIBIT 42: Consumer segment to account for the largest share of Metaverse market during forecast period
EXHIBIT 43: Metaverse Market, By Industry, 2022–2030 (USD Billion)
EXHIBIT 44: APAC to growth at highest CAGR between 2022 and 2030
EXHIBIT 45: Metaverse market, By Region, 2022–2030 (USD Billion)
EXHIBIT 46: US to account for the largest share of metaverse market in North America
EXHIBIT 47: Metaverse market in North America, By Country, 2022–2030 (USD Billion)
EXHIBIT 48: Metaverse market in North America, By Offering, 2022–2030 (USD Billion)
EXHIBIT 49: Metaverse Hardware Market in North America, By Device, 2022–2030 (USD Billion)
EXHIBIT 50: UK expected to be major contributor in Metaverse market in Europe
EXHIBIT 51: Metaverse market in Europe, By Country, 2022–2030 (USD Billion)
EXHIBIT 52: Metaverse market in Europe, By Offering, 2022–2030 (USD Billion)
EXHIBIT 53: Metaverse Hardware market in Europe, By Device, 2022–2030 (USD Billion)
EXHIBIT 54: China to account for the largest share of metaverse market in APAC
EXHIBIT 55: Metaverse market in APAC, By Country, 2022–2030 (USD Billion)
EXHIBIT 56: Metaverse market in APAC, By Offering, 2022–2030 (USD Billion)
EXHIBIT 57: Metaverse Hardware market in APAC, By Device, 2022–2030 (USD Billion)
EXHIBIT 58: South America to grow at highest CAGR during forecast period
EXHIBIT 59: Metaverse Market in RoW, By Region, 2022–2030 (USD Billion)
EXHIBIT 60: Metaverse Market in RoW, By Offering, 2022–2030 (USD Billion)
EXHIBIT 61: Metaverse Hardware Market in RoW, By Device, 2022–2030 (USD Billion)
EXHIBIT 62: Metaverse Ecosystem
EXHIBIT 63: Metaverse Enablers
EXHIBIT 64: Metaverse Ecosystem: User Experience
EXHIBIT 65: Ranking Analysis: AR/VR Headsets, 2021
EXHIBIT 66: Ranking Analysis: Metaverse Platforms, 2021
