Metaverse in Gaming Global Market Report 2024

The metaverse in gaming market size has grown exponentially in recent years. It will grow from $33.6 billion in 2023 to $47.7 billion in 2024 at a compound annual growth rate (CAGR) of 42%. The expansion observed during the historical period can be attributed to several factors, including the increasing trend of virtual asset ownership such as non-fungible tokens (NFTs), advancements in gaming technology, the emergence of virtual reality (VR) and augmented reality (AR) games, as well as ongoing research and development efforts in the field of the metaverse.

The metaverse in gaming market size is expected to see exponential growth in the next few years. It will grow to $194.92 billion in 2028 at a compound annual growth rate (CAGR) of 42.2%. The anticipated growth in the forecast period is expected to stem from several factors, notably the increasing adoption of metaverse applications, the growing demand for augmented reality (AR) and virtual reality (VR) experiences, the surging popularity of play-to-earn games, a heightened desire for immersive gaming encounters, and escalating investments in the industry. Major trends projected for the forecast period encompass advancements in VR software, ongoing technological innovations, the deployment of innovative marketing approaches, the augmentation of gaming experiences via the integration of 3D technology, and swift progressions in gaming software development.

The anticipated surge in the gaming market's metaverse is driven by the increasing prominence of augmented reality (AR) and virtual reality (VR). AR enriches real-world experiences with digital elements, while VR immerses users in entirely digital environments using specialized headsets. These technologies have gained traction across gaming, education, healthcare, and entertainment for their ability to offer immersive and interactive experiences, revolutionizing digital content engagement and real-world interaction. Within gaming, AR and VR leverage the metaverse to craft interconnected virtual realms where players seamlessly interact with both each other and digital environments, amplifying gameplay and social connectivity. For instance, XR Today reported in February 2023 that VR headset ownership in the United States surged from approximately 57.4 million in 2020 to 37.7 million in 2022, underscoring the escalating popularity of AR and VR and their pivotal role in propelling the metaverse's growth within the gaming sphere.

Prominent entities in the gaming metaverse domain are prioritizing the development of advanced platforms, such as community-driven gaming platforms, to enrich immersive experiences and cultivate user engagement. These platforms harness the collective creativity, passion, and expertise of players to shape gaming experiences and foster vibrant, thriving communities. For example, in January 2024, Nifty Island LLC, a US-based play-to-earn gaming platform, unveiled the open beta version of its metaverse games, offering players a distinctive gaming environment featuring avatars from renowned non-fungible token (NFT) collections such as Azuki, Bored Apes, CloneX, and CoolCats. Nifty Island's play-to-airdrop system further incentivizes player participation by rewarding them with tokens and NFTs, enhancing the integration between the game and the broader Web3 ecosystem, thereby aligning with the decentralized and interconnected ethos of the metaverse.

In January 2022, Microsoft Corporation, a leading US-based technology company, completed the acquisition of Activision Blizzard Inc. for a substantial sum of $68.7 billion. This strategic acquisition is poised to accelerate Microsoft's gaming endeavors across diverse platforms, including mobile, PC, console, and cloud. Moreover, it serves as a cornerstone for metaverse development, highlighting the pivotal role of gaming in shaping metaverse platforms. Activision Blizzard Inc., a prominent US-based video game company specializing in the metaverse gaming space, brings valuable expertise and assets to Microsoft's gaming portfolio, further solidifying its position in the burgeoning metaverse landscape.

Major companies operating in the metaverse in gaming market are Microsoft Corporation, Meta Platforms Inc., Sony Corporation, Fujitsu Limited, Nvidia Corporation, WPP plc, NetEase Inc., Electronic Arts Inc., Vertiv Group Corporation, Epic Games Inc., Autodesk Inc., Roblox Corporation, Unity Software Inc., Axie Infinity, Magic Leap Inc., Kellton Tech Solutions Ltd., LeewayHertz Inc., Aetsoft Inc., Aptos Labs, SmartMedia Technologies Inc., Spatial Systems Inc., The Sandbox.

North America was the largest region in the metaverse in gaming market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the metaverse in gaming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the metaverse in gaming market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The metaverse within gaming denotes a digital environment where users can interact in real-time, engaging with both each other and digital assets across various platforms and games. It represents a fusion of virtual reality, augmented reality, and internet technologies, aimed at establishing immersive, persistent worlds transcending individual gaming experiences.

The key elements of the gaming metaverse encompass hardware, software, and services. Hardware pertains to the tangible devices and tools utilized for accessing and engaging with virtual environments, including VR headsets, motion controllers, and haptic feedback devices. Technologies such as non-fungible tokens (NFTs), blockchain, virtual reality (VR), augmented reality (AR), mixed reality (MR), and extended reality (XR) cater to a spectrum of gaming genres, spanning action, adventure, role-playing games (RPGs), simulation, sports and racing, strategy, sandbox, card and casino games, among others. These offerings cater to diverse age demographics, segmented into age groups including below 21 years, 21 - 35 years, 36 - 50 years, and 51 years and above.

The metaverse in gaming research report is one of a series of new reports that provides metaverse in gaming market statistics, including the metaverse in gaming industry's global market size, regional shares, competitors with a metaverse in gaming market share, detailed metaverse in gaming market segments, market trends and opportunities, and any further data you may need to thrive in the metaverse in gaming industry. This metaverse in gaming 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 in gaming market consists of revenues earned by entities by providing services such as cloud gaming services, subscription-based access, personalization, and customization. The market value includes the value of related goods sold by the service provider or included within the service offering. The metaverse in the gaming market also includes sales of gaming consoles, motion controllers, haptic feedback devices, specialized input devices, and high-performance PCs. 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 the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

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


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