Metaverse in gaming market: Growth drivers, and regional analysis
Metaverse is a digital platform that combines virtual reality with the physical realm. The use of blockchain technology to support the growth of the gaming industry across many platforms is becoming increasingly popular. Also, the Metaverse is a well-known virtual reality open world that gives the online gaming platform various choices for creating V.R. and AR-related games.
In 2021, the Metaverse in gaming market was worth USD 36.93 billion, and by 2030 it will be worth USD 70.17 billion, growing at a 37.85% CAGR during the forecast period.
A growing user base in the gaming sector and the quick advancements in A.R., V.R., and X.R. technologies are key factors boosting the market growth. Increased use of V.R. headsets and other hands-free technologies, expanded development of play-to-earn gaming platforms in the Metaverse, and rapidly rising investment in metaverse gaming platforms are factors contributing to market revenue growth in the future.
Market Dynamics
Drivers
The gaming industry has seen a dramatic increase in game platforms since the advent of V.R. and A.R. Technological advancement in distinctly projecting the virtual world and providing users with an exceptional experience sets new trends for the gaming industry’s growth. For example, Meta’s Virtual Reality subsidiary, Oculus, made revolutionary technological advances. Additionally, the metaverse gaming business will be driven by captive experience because of the rise in demand for online gaming and smooth user experience because of the difficulty in distinguishing between virtual and real environments. Moreover, features like integrating real-time information and digital data into a single platform will drive the growth of the Metaverse Platform for the Gaming Market.Restraints
Concerns about certain aspects of digital privacy are being raised by the emergence of a metaverse in gaming and its companion technologies. Another concern is that the facial technology employed in the process will be shared with private and public organizations.Opportunity
Neuralink is one of the most promising technologies because it will enable users to initiate or complete a task using brain signals. Integrating Neuralink technology with V.R. headsets will bring revolutionary change, allowing users a more realistic experience and ease of playing games.Market Segmentation
By Software
The Gaming Engine segment led the market with a share of 59.91%. Unreal and Unity are very active in generating games compatible with the Metaverse, promoting the creation and selling in an open market, forming communities and AR/VR platforms, developing avatars, and interacting with other players like Fortnite, thereby fueling the market growth. Unity3D creates 50% of Metaverse’s mobile games and 60% of its AR/VR content. There were more than 24 billion Unity engine installations worldwide in 2021, which will rise exponentially in the coming years.By Hardware
In 2022, the Metaverse Wearables segment led the market with a significant share of 47.21%. NFT wearables are digital accessories and virtual apparel that can be used to customize avatars in metaverse gaming environments. Digital fashion is becoming increasingly popular. Designers can use blockchain-based NFTs to ensure the originality, authenticity, and ownership of digital clothing and accessories in Metaverse.By Technology
The A.R. & V.R. segment led the market with the largest share. Augmented reality (A.R.) and virtual reality (V.R.) are closely related to metaverse gaming. A.R. (augmented reality) technology allows users to add virtual gaming elements to the real environment.Regional Analysis
North America significantly ruled the entire regional market, with the largest revenue share in 2022. This is due to the rising popularity of virtual reality (V.R.) gaming, the growing desire for realistic gaming experiences, the development of A.R. and V.R. technology, and the release of extremely sophisticated V.R. headsets in the United States. Asia-Pacific will be the fastest-growing market between 2022 and 2030 due to the introduction of numerous technological improvements in metaverse gaming. With considerable VR/AR technology expenditures, Chinese tech companies have already begun to test the waters. These investments will generate enormous income in the future, spurring market expansion.Key Players
- Tencent Holdings Ltd.
- Roblox Corporation
- Magic Leap Inc.
- Epic Games
- Lilith Games
- Meta
- NVIDIA
- Decentraland
- Microsoft
- The Sandbox
- Unity
- Autodesk
