Metaverse Global Market Report 2024

The metaverse market size has grown exponentially in recent years. It will grow from $86.99 billion in 2023 to $126.33 billion in 2024 at a compound annual growth rate (CAGR) of 45.2%. The historical growth in this period can be attributed to the growing adoption of these technologies in the healthcare sector, increasing demand within the media, entertainment, and gaming industries, ongoing innovations, their impact on the manufacturing sector, and the expansion of online gaming alongside advancements in augmented reality (AR) and virtual reality (VR).

The metaverse market size is expected to see exponential growth in the next few years. It will grow to $548.18 billion in 2028 at a compound annual growth rate (CAGR) of 44.3%. The anticipated growth in the forecast period is expected to stem from the expansion of the consumer market, the continued development and integration of virtual reality (VR) and augmented reality (AR) technologies with a focus on business growth, and the overall global market valuation. Key trends in the forecast period include the increasing impact on the healthcare and entertainment sectors, ongoing technological innovations, the growth of the consumer market, and the continued development and integration of VR/AR. Additionally, market expansion is expected to extend across different regions.

The increasing demand for the metaverse as a platform to acquire digital assets is expected to drive the growth of the metaverse market. Digital assets, which hold economic value and can be owned or traded within digital environments, are becoming a focal point in the metaverse. Users in the metaverse engage in various activities, such as acquiring virtual real estate, obtaining non-fungible tokens (NFTs) representing digital art or collectibles, and participating in cryptocurrency transactions. These activities solidify the metaverse as a dynamic hub for the commerce and exchange of diverse digital items. In February 2023, sales of non-fungible tokens (NFTs) on major blockchains reached nearly $1 billion, reflecting a significant increase from January 2022. This growing demand for the metaverse as a platform for purchasing digital assets is a key driver propelling the growth of the metaverse market.

Leading companies in the metaverse market are actively developing advanced technological solutions to enhance customer experiences and meet the evolving demands of users. HCLTech Metafinity is an example of a metaverse-based platform designed to enable marketers to leverage their existing marketing technology stack for delivering brand messaging, personalized experiences, and campaigns across emerging digital channels. Launched by HCL Technologies Limited in April 2023, HCLTech Metafinity combines augmented, virtual, and mixed reality expertise with metaverse technologies, providing a comprehensive solution for enterprises seeking to capitalize on the rapidly expanding metaverse landscape. The platform addresses the increasing demand for expertise and accelerated development capabilities in the metaverse landscape, catering to enterprises exploring new use cases in this dynamic space.

In October 2023, Microsoft Corporation made a significant move in the metaverse space by acquiring Activision Blizzard Inc. for $69 billion. This strategic acquisition is expected to accelerate Microsoft's gaming business across various platforms and establish a fundamental presence in the emerging metaverse industry. Activision Blizzard Inc., the acquired company, is a key player providing metaverse services, aligning with Microsoft's strategic vision for growth and innovation in this evolving digital landscape.

Major companies operating in the metaverse market report are Apple Inc., Alphabet Inc., Samsung Electronics Co. Ltd., Microsoft Corporation, Alibaba Group Holding Ltd., Meta Platforms Inc., Tencent Holdings Ltd, ByteDance Ltd., Amazon Web Services Inc., Sony Corporation, Qualcomm Technologies Inc., Qualcomm Technologies Inc., NVIDIA Corporation, NetEase Inc., Electronic Arts Inc., Naver Corp, Epic Games Inc., Snap Inc., Roblox Corporation, Unity Software Inc, Cloudflare Inc., Niantic Inc, The Sandbox, Decentraland, Nextech AR Solutions Corp., Antier Solutions Pvt. Ltd., Lilith Games.

North America was the largest region in the metaverse market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the metaverse market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the metaverse market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The metaverse refers to a evolving 3D-enabled digital realm that incorporates virtual reality, augmented reality, and advanced internet and digital technologies. It creates a cohesive virtual environment that enables access to and interoperability between various virtual realities. The metaverse is a dynamic space where users can interact, socialize, and engage in diverse activities within the digital landscape.

In the metaverse industry, products are broadly classified into four main categories, infrastructure, hardware, software, and services. Infrastructure encompasses foundational elements such as servers, networks, and computing resources, crucial for creating immersive and interconnected virtual experiences. These infrastructure products are further categorized based on platforms (desktop, mobile, and headsets) and integrate technologies such as blockchain, virtual reality (VR), augmented reality (AR), mixed reality (MR), etc. Applications of these products span across gaming, online shopping, content creation, social media, events, conferences, digital marketing, testing, and inspection. The end-user industries vary and include aerospace and defense, education, healthcare, tourism, hospitality, BFSI, retail, media and entertainment, automotive, among others.

The metaverse research report is one of a series of new reports that provides metaverse market statistics, including the metaverse industry's global market size, regional shares, competitors with an Metaverse market share, detailed metaverse market segments, market trends and opportunities, and any further data you may need to thrive in the metaverse industry. This metaverse market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The metaverse market includes revenues earned by entities through virtual world development services, metaverse consulting, metaverse platform development, and metaverse integration services. The market value includes the value of related goods sold by the service provider or included within the service offering. The metaverse market consists of sales of social virtual worlds, asset creation tools, programming engines, haptic sensors and devices, and smart glasses. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values - that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.


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