The global metaverse market size is projected to grow from USD 61.8 billion in 2022 to USD 426.9 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 47.2% during the forecast period. Major factors that are expected to drive the growth of the metaverse market include rise in demand for the 3D hardware devices in the adjacent markets namely AR, XR, VR, MR, surge in the deployment of metaverse in healthcare sector manifested to impact largely to the patients generating impeccable results and lowering medical costs parallelly. Furthermore, shift towards gamification and media and entertainment industry, enablement and introduction with proven results in education and industrial training sector are few more drivers expected to create ample opportunities for metaverse vendors.
The major players in the metaverse market are Meta(US), Microsoft (US), NetEase (China), Electronic Arts (US), Take-Two (US), Tencent (China), Nexon (Japan), Epic games (US), Unity (US), Valve (US), Accenture (Ireland), Adobe (US), HPE (US), Deloitte (UK), Ansys (US), Autodesk (US), Intel (US), Tech Mahindra (India), ByteDance (China), Nvidia (US), Activision Blizzard (US), Samsung (South Korea), Google (US), Sony (Japan), HTC (Taiwan), Seiko Epson (Japan), Apple (US), Qualcomm (US), Panasonic (Japan), Eon Reality (US), Roblox (US), Lenovo (Hong Kong), Razer (US), Nextech AR Solutions (Canada), ZQGame (China), Talecraft (Marshall islands), VR Chat (US), Decentraland (Argentina), Somnium Space (UK), and Sandbox VR (US).
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The study includes an in-depth competitive analysis of key players in the metaverse market with their company profiles, recent developments, and key market strategies. The players in this market have embraced different strategies to expand their global presence and increase their market shares. Product enhancements and partnerships have been the most dominating strategies adopted by the major players from 2019 to 2021, which helped them strengthen their offerings and broaden their customer base.
Meta (US) is one of the prominent players in the metaverse market that provides comprehensive digital experience platform featured with robust metaverse capabilities. In the metaverse market space, it provides its offerings via the Spark AR platform. Meta’s metaverse solution provides its clients the studio tool from Meta that allows users to create their AR effects for mobile. Meta continues to add capabilities to the platform. It added data analytics for Instagram and Facebook campaigns. Moreover, it emphasizes on product enhancements to gain market share. For instance, in December 2021, Meta has announced that it is opening access to its VR social platform Horizon Worlds. People in the US and Canada who are 18 and up can access the free Quest app without an invite. Horizon Worlds is Meta’s first attempt at releasing something that resembles CEO Mark Zuckerberg’s vision of the metaverse. It is an expansive, multiplayer platform that meshes Roblox and the OASIS VR world from Ready Player One. Originally just called Horizon, it requires a Facebook account and lets you hang out with up to 20 people at a time in a virtual space.
Microsoft is a multinational technology corporation that manufactures computer software, consumer electronics, personal computers, and related services. The Xbox video game consoles and the Microsoft Surface line-up of touchscreen personal computers are its flagship hardware products. In addition the company offers mixed reality products (HoloLens), cloud computing (Azure), and software development. The company also produces a wide range of other consumer and enterprise software for desktops, laptops, tabs, gadgets, and servers (Visual Studio). Microsoft serves various industries, such as, Automotive, Government, Healthcare, Manufacturing, Financial Services, and Retail. Microsoft has made significant investments and developments in the metaverse market through product launch of Microsoft Mesh and few acquisitions. For instance, in January 2022, Microsoft acquired Activision Blizzard (US), another well-known company in the metaverse market that specializes in producing games including Call of Duty, Overwatch, Candy Crush, and so on. Activision Blizzard integrates Activision, Blizzard Entertainment, Major League Gaming, Activision Blizzard Studios, King, as well as independent studios in the metaverse market solutions.
Metaverse Market by Component (Hardware, Software (Extended Reality Software, Gaming Engine, 3D Mapping, Modeling & Reconstruction, Metaverse Platform, Financial Platform), and Professional Services), Vertical and Region - Global Forecast to 2027
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