How Has the Metaverse In Gaming Market Size Evolved in Recent Years?
The metaverse in gaming market has seen considerable growth due to a variety of factors.
• In recent times, there has been a significant expansion in the size of the metaverse in gaming market. The market is projected to escalate from $47.71 billion in 2024 to an impressive $67.96 billion in 2025, boasting a compound annual growth rate (CAGR) of 42.4%.
This tremendous growth witnessed in the historic period is believed to be a result of various factors including the rising trend of possessing virtual assets like NFTs, advancements in gaming, emergence of VR and AR-oriented games, and significant research and development efforts in the realm of metaverse.
What Is The Forecast For The Metaverse In Gaming Market Size?
The metaverse in gaming market is expected to maintain its strong growth trajectory in upcoming years.
• There is an anticipated surge in the metaverse gaming industry market size in the forthcoming years, with projections stating an escalation to $276.67 billion by 2029, posting an impressive compound annual growth rate (CAGR) of 42.0%.
This surge projected for the forecast period can be ascribed to the broadening applications of metaverse, increased interest in AR and VR, the fast-growing trend of play-to-earn games, the desire for immersive gaming encounters, and escalating investments. The forecast period also predicts significant trends such as progress in VR software, technological advancements, inventive marketing approaches, improvement of the gaming experience through 3D technology integration, and swift advancements in gaming software.
What Are The Essential Drivers Behind The Growth Of The Metaverse In Gaming Market?
The increased interest in augmented reality (AR) and virtual reality (VR) technologies is anticipated to stimulate the expansion of the metaverse within the gaming industry. AR amplifies reality with digital components, whereas VR plunges users completely into digitized realms via specific headsets. The mounting appeal for AR and VR can be attributed to their potential to offer immersive and engaging experiences throughout gaming, education, healthcare, and entertainment sectors, revolutionizing the way individuals interact with digital content and the real world. In gaming, AR and VR employ metaverse to build engrossing and interconnected virtual experiences. These facilitate a seamless interaction between players and the digital world, improving gameplay and social connectedness. For instance, Threekit, a visual commerce platform based in the US, noted in August 2023 that by the conclusion of 2024, there would be approximately 1.73 billion AR user devices in use worldwide. This evidences a significant enhancement in the reach of AR technology. Currently, 88% of medium-sized businesses are either utilizing or experimenting with AR for a range of applications, like sales and product development. Meanwhile, 61% of consumers receive AR experiences from retailers, indicating a growing customer appetite for interactive shopping experiences. Consequently, the swelling interest in AR and VR fuels the advancement of the metaverse in the gaming industry.
How Is The Global Metaverse In Gaming Market Divided Into Key Segments?
The metaverse in gaming market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Technology: Non-Fungible Token (NFT), Blockchain, Virtual Reality, Augmented Reality, Mixed Reality, Extended Reality
3) By Genre: Action, Adventure, Role-Playing Games (RPGs), Simulation, Sports And Racing, Strategy, Sandbox, Card And Casino Games, Other Genres
4) By Age Group: Below 21 Years, 21 - 35 Years, 36 - 50 Years, 51 Years And Above
Subsegments:
1) By Hardware: Virtual Reality (VR) Headsets, Augmented Reality (AR) Devices, Haptic Devices, Motion Capture Equipment, Wearable Devices (Gloves, Suits), Gaming Consoles, Computer Systems And Servers
2) By Software: Game Development Software, Virtual Reality Software, Augmented Reality Software, Simulation Software, 3D Modeling And Animation Software, Cloud Gaming Software, User Interface (UI) And User Experience (UX) Design Software
3) By Services: Cloud Gaming Services, Virtual Worlds And Game Hosting, Gaming Analytics Services, Development And Design Services, Metaverse Platform Integration Services, Maintenance And Support Services, Payment And Transaction Services
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What New Trends Are Influencing The Metaverse In Gaming Market?
Prominent businesses within the metaverse of the gaming sphere are honing in on crafting cutting-edge platforms including community-led gaming platforms. The aim is to augment immersive experiences and propel player interaction. These platforms leverage the combined creativity, enthusiasm, and skills of gamers to model the gaming environment and foster vibrant and prospering gaming communities. In a notable example, in January 2024, US-based play-to-earn gaming platform, Nifty Island LLC, rolled out the open beta version of its metaverse games. The platform offers a unique blend of gaming experiences with acquaintance from famous non-fungible token (NFT) collections such as Azuki, Bored Apes, CloneX, and CoolCats. Furthermore, Nifty Island's play-to-airdrop system rewards its players with tokens and NFTs for their contribution and strengthens the bond between the game and the wider Web3 ecosystem. This system aligns with the principles of the metaverse as being a decentralized and interconnected virtual realm by offering crypto rewards.
Who Are the Key Players In The Metaverse In Gaming Market?
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
What Are The Regional Insights Into The Metaverse In Gaming Market?
North America was the largest region in the metaverse in gaming market in 2024. 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.
