(MENAFN- GlobeNewsWire - Nasdaq) With the growing popularity of immersive experiences and the integration of advanced technologies, the Metaverse in gaming market is expected to witness significant growth.Pune, Oct. 18, 2024 (GLOBE NEWSWIRE) -- Metaverse in Gaming Market Size Analysis:
“ The SNS Insider report indicates that the Metaverse In Gaming Market was valued at USD 21.6 billion in 2023 and is expected to grow to USD 390.6 billion by 2032, reflecting a CAGR of 37.92% over the forecast period from 2024 to 2032. ”
The Metaverse gaming market is rapidly growing, propelled by technological advancements, rising investments, and evolving consumer preferences. As gaming shifts from traditional formats to more immersive and interactive experiences, players are increasingly seeking platforms that offer not just gameplay but also opportunities for social interaction and community engagement. This growing demand is also supported by the need for reliable and efficient power distribution systems, particularly in rapidly urbanizing regions. As the gaming industry embraces the Metaverse, companies are investing heavily in innovative experiences that blend the physical and digital worlds. This transformation is driven by advancements in mixed reality, augmented reality, virtual reality, and blockchain technology, which enhance user engagement and create new revenue opportunities through Non-Fungible Tokens (NFTs) and virtual real estate.
Additionally, supportive government policies that encourage digital transformation and bolster the gaming ecosystem are critical for market growth. The rise of new gaming platforms, driven by increased smartphone penetration and better internet connectivity, is broadening access to a larger audience and further accelerating the market's upward momentum. For instance, the number of global internet users has surpassed 5.3 billion, representing a penetration rate of around 66%. This growth in connectivity has facilitated access to gaming platforms, especially in developing regions.
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Major Players Analysis Listed in this Report are:
Meta Platforms, Inc. - Oculus VR Epic Games, Inc. - Unreal Engine Roblox Corporation - Roblox Studio Unity Technologies, Inc. - Unity Engine Microsoft Corporation - HoloLens NVIDIA Corporation - GeForce GPUs Sony Group Corporation - PlayStation VR Tencent Holdings Limited - WeGame Valve Corporation - Steam VR Niantic, Inc. - ARCore Decentraland - Decentraland Marketplace The Sandbox - VoxEdit Hadean Supercomputing Ltd. - Hadean Engine Activision Blizzard, Inc. - Call of Duty Franchise Electronic Arts Inc. - EA Sports Square Enix Holdings Co., Ltd. - Final Fantasy Franchise Ubisoft Entertainment S.A. - Assassin's Creed Franchise Take-Two Interactive Software, Inc. - Grand Theft Auto Franchise Crytek GmbH - CryEngine
Metaverse in Gaming Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 21.6 billion |
| Market Size by 2032 | USD 390.6 Billion |
| CAGR | CAGR of 13.1% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | . Improved connectivity allows smoother, more immersive gaming experiences, accelerating metaverse development
. Virtual concerts and events on platforms like Fortnite attract millions, blending gaming with entertainment.
. Companies collaborate with game developers for in-game marketing, opening new revenue streams within virtual worlds. |
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The Metaverse gaming market is experiencing growth, which is fueled by several key opportunities. First, the increasing penetration of smart devices and high-speed internet connections facilitates gamers' access to more immersive and variable gaming experiences at all times and in all places. The trend has prompted the development of more sophisticated and complex game worlds. For instance, games grow more challenging and involve higher levels of interaction with the system. Innovations also concern the use of devices, such as virtual reality headsets, which create a simulated environment, and trackers, which enable real-time acquisition of users' movements.
Second, the importance of esports can be attributed to the growing segments of both casual and professional users. For instance, professional playing forms a range of competitions and championships in which teams can compete and win titles. Widespread events that enjoy the attendance of millions of viewers invite players from all corners of the Metaverse, thereby increasing overall user engagement. Additionally, the trend attracted the financial backing of leading brands and advertisers. Finally, the use of artificial intelligence and machine learning diversifies the user experience by adopting adaptive gameplay and personal content recommendations. As a result, the dynamic systems can carefully monitor interactions and effectively utilize the player-behaviour data for an advanced personalized approach, in turn facilitating users' deeper immersion and overall satisfaction.
Segmentation Analysis
By Component
The hardware component segment dominated the market in 2023, accounting for a share of over 45.2%. The hardware component segment includes VR headsets, AR headsets, MR headsets, and displays, among other devices. The segment's growth can be attributed to the increasing demand for Augmented Reality and Virtual Reality devices. The two devices are central to facilitating the immersive, and interactive experiences characteristic of the Metaverse in gaming. With the devices becoming more affordable, and accessible, a considerable number of gamers are expected to purchase the devices. The growth rate of the hardware component segment is expected to maintain a steady growth rate throughout the forecast period.
On the other hand, the services component segment is projected to register the fastest growth rate during the forecast period. The increasing demand for metaverse development services is central to this growth. Some of the services include game development, design, and asset creation. In addition, it is also important to note that virtual real estate is a major asset. People and investors are increasingly purchasing virtual land and property in platforms, such as Decentraland and The Sandbox. This trend is also associated with a high demand for property development, and management services.
Metaverse in Gaming Market Segmentation:
By Components
Hardware VR Headset AR Headset MR Headset Display Others
Software Extended Reality Software Game Engines Financial Platforms Metaverse Platforms Others
Services
By Technology
AR & VR MR Blockchain Artificial Intelligence (AI) Others
By Genre
Action Adventure Role-playing Games (RPGs) Simulation Sports and Racing Strategy Sandbox Card and Casino Games Others
Regional Landscape
The North American market accounted for the largest revenue share, approximately 42.8%, in 2023. This significant share is mainly attributed to the presence of key players actively collaborating and forming partnerships to enhance their offerings while continually adopting advanced technologies to strengthen their foothold in the region. For example, in April 2022, Epic Games, Inc. raised USD 2 billion from Sony Group Corporation and Kirkbi, the parent company of the Lego Group. This investment aims to shape the future of the metaverse by creating a safe and enjoyable environment for children while developing an immersive digital playground for them to explore.
On the other hand, the Asia Pacific region is projected to achieve the highest compound annual growth rate (CAGR) during the forecast period. The rise of esports in this region has laid a solid foundation for the metaverse, offering new opportunities for competitive and immersive gaming experiences. Local gaming companies, along with major global players, are expanding their presence in the area, driving innovation and investment in metaverse development. For instance, in June 2023, Avatar Life Skill Games Inc., a metaverse gaming start-up, secured USD 1.5 million from Info Edge Ventures. The company plans to use this funding to support product research and development, promote community growth, and expand its global team.
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Recent Developments
In April 2023, Electronic Arts unveiled EA SPORTS FC, marking a new brand identity, vision, and logo. This platform is designed to create, innovate, and enhance football experiences, bringing together hundreds of millions of fans across console, mobile, online, and esports products.
In March 2023, Epic Games released Unreal Editor for Fortnite (UEFN), a version of the Unreal Editor that allows users to create and publish experiences directly within Fortnite.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Metaverse in Gaming Market Segmentation, By Component
8. Metaverse in Gaming Market Segmentation, by Technology
9. Metaverse in Gaming Market Segmentation, by Genre
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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