Metaverse Market Set to Skyrocket to $1.3 Trillion by 2030

By January 26, 2023Metaverse
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In 2022, the global Metaverse market was worth $51.69 billion. According to a market research report published by Contrive Datum Insights, it is expected to surpass approximately $1.3 trillion by 2030, with a CAGR of 44.5% from 2023 to 2030. Considering how the digital and physical worlds are converging, the rapidly expanding trends of virtual economy and crypto-gaming, as well as the rising popularity of online games, are all significant factors contributing to market revenue growth.

Overall Metaverse Market Insights and Estimates

In 2021, the hardware segment was worth $16.58 billion, and its annual growth rate is anticipated to exceed 38.0%. Hardware is anticipated to generate the most revenue over the next several years, as companies strive harder to create products that provide customers with a superior experience and allow them to remain engrossed for longer.

The asset marketplace segment is anticipated to experience the most growth throughout the projection period, with a CAGR of 40.0%. This is because more individuals are investing in cryptocurrencies such as Bitcoin and Ethereum. During the projected period, the virtual platforms segment is anticipated to generate a substantial amount of revenue due to the expansion of virtual Metaverse platforms.

In 2021, the gaming segment brought in the largest revenue with a share of 27.17%. This happened because game developers were constantly coming up with new concepts and improving their games. Additionally, they were exerting greater effort to make games more realistic and engaging. In addition, businesses are focusing more on leveraging games to enhance their company identity, which is expected to generate more revenue.

Regional Outlook of the Metaverse Industry

In 2021, North America generated the most revenue, more than 46.0% of the total. This is because users in the region are adopting newer, more sophisticated technology. In addition, there are many gaming and Metaverse companies in the region, such as The Sandbox, Nvidia Corporation, and Epic Games, Inc., who specialize in incorporating the Metaverse into video games. During the same forecast period, the Asia-Pacific region is also anticipated to have a very high CAGR.

The Metaverse market is expanding as an increasing number of individuals adopt innovative technologies such as mixed reality (MR), extended reality (ER), artificial intelligence (AI), and blockchain. Roblox, Facebook, NVidia, Fortnite, Epic Games, Microsoft, Google, USM, Oculus, and RTFKT Akira have already developed or are in the midst of developing Metaverse XR/extended reality systems and other innovative technologies. This provides possibilities for more market expansion.

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