The global metaverse market size was US$ 62.6 billion in 2021. The global metaverse market is forecast to grow to US$ 848.8 billion by 2030 by registering a compound annual growth rate (CAGR) of 39.1% during the forecast period from 2022 to 2030.

Factors Influencing the Market

The growing popularity of metaverse is set to transform the outlook of the gaming sector. Apart from that, the artificial intelligence and virtual technology industry is forecast to witness a significant revolution in the coming years. As a result, it will fuel the growth of the global metaverse market.

Companies are also contributing to this trend by investing highly in the development and programming of new innovative techniques. For instance, Facebook, Inc. announced to invest nearly $10 billion in Facebook Reality Labs as the company is focusing on the development of metaverse. This investment made in 2021 aims to develop innovative and advanced technological metaverse.

Furthermore, the metaverse is expected to open new doors of possibilities for the education sector. As a result, it will drive the metaverse market forward.

The harmful impact of metaverse on the health and psychology of individuals may limit the growth of the market.

COVID-19 Impact Analysis

The wake of the COVID-19 pandemic changed the outlook of various industries. The gaming industry and social media platforms gained substantial traction throughout the pandemic period. It is owing to the significance of work-from-home culture. Furthermore, online education also increased the interest of students in gaming, which propelled the market forward.

Regional Analysis

The Asia-Pacific metaverse market is forecast to record robust revenue growth during the forecast period. It is owing to the presence of various start-ups such as Bolly Heroes, OneRare, LOKA, Cope. Studio, Interality, Zippy, NextMeet, Zhongqingbaowang Interaction Network Co., Ltd. (ZQGame), miHoYo Co., Ltd., etc.

Furthermore, the growing use of social media will contribute to the growth of the Asia-Pacific metaverse market during the forecast period. Companies in the region are also focusing on outperforming competitors. For instance, ByteDance Ltd, a Beijing-based developer of the short video app TikTok, acquired VR Pico Interactive Inc. with the aim to introduce its metaverse. The firm aims to do so with the help of Pico Interactive's software and hardware.

Competitors in the Market

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
Other Prominent Players
Market Segmentation

The global metaverse market segmentation focuses on Component, Platform, Offering, Technology, and Region.

By Component

Hardware-
Displays; eXtended Reality (XR) Hardware
Haptic Sensors & Devices,
Smart Glasses, Omni Treadmills
AR/VR Headsets
Software-
Asset Creation Tools
Programming Engines
By Platform

Desktop
Mobile
By Offerings

Virtual Platform
Asset Marketplaces
Avatars
Financial Services
By Technology

Blockchain
Virtual Reality (VR) & Augmented Reality (AR)
Mixed Reality (MR)
By Application

Gaming
Online Shopping
Content Creation
Social Media
Conference
Virtual Runway Shows
Aircraft Maintenance
Others
By Application

Fashion
Media & Entertainment
Education
Aerospace & Defence
Other
By Regional Outlook

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America