Market overview
October 01, 2024: Growing adoption of NFTs and blockchain technology are driving revenue growth of the market. NFTs allow users to buy, sell, and trade unique digital assets such as virtual real estate, avatars, and in-game items, creating a decentralized economy within the metaverse. Major companies are integrating NFTs and blockchain into their metaverse strategies. For example, Nike acquired RTFKT, a company that creates virtual sneakers and collectibles using NFTs, to solidify its presence in the metaverse. In March 2022, Yuga Labs, creators of the Bored Ape Yacht Club NFT collection, launched Otherside, a metaverse platform, raising USD 285 million in virtual land sales.

In addition, advancements in AR and VR technology are creating ample new opportunities for the metaverse market by enabling more immersive and interactive experiences. Improved hardware, such as lighter VR headsets, AR glasses, and haptic feedback devices, combined with higher resolution displays and faster processing power, allow users to experience virtual worlds with greater realism and comfort. In 2023 Meta announced it had sold over 20 million Quest 2 VR headsets, reflecting growing consumer interest in virtual reality platforms. In April 2024, NASA launched a new training program for astronauts that utilizes virtual reality (VR) headsets and metaverse technology to help them get ready for living on a lunar space station.

However, the high costs of AR and VR hardware are a significant restraint on the revenue growth of the metaverse market by limiting accessibility and widespread adoption. Advanced devices like VR headsets, such as the Meta Quest Pro or HTC Vive, are costing several hundred dollars or more, making them unaffordable for many potential users. This restricts the user base, and slows down the expansion of metaverse market.

Get a preview of the complete research study at: https://www.linkedin.com/pulse/global-metaverse-market-size-reach-usd-168022-billion-ciifc/?trackingId=nOk8v0Gdis02yP4gy0qdbA%3D%3D

Regional market overview and growth insights
North America registered the largest market share in metaverse market in 2023 owing to technological innovation, strong investment from major tech companies, and high consumer demand for immersive digital experiences. The region is home to many leading companies in the AR, VR, and metaverse sectors, such as Meta, Microsoft, and NVIDIA, which are heavily investing in the development of virtual worlds, immersive technologies, and blockchain-based ecosystems. In October 2023, Microsoft finalized its $69 billion acquisition of Activision Blizzard, the major video game developer and publisher, as a strategic move to establish a prominent position in the metaverse.

Segments market overview and growth Insights
Software segment contributed largest share in 2023 owing to the growing interest in immersive digital experiences across various sectors, including gaming, social interaction, education, and business. As consumers increasingly seek engaging and interactive environments, businesses and developers are responding by creating software that facilitates virtual reality (VR) and augmented reality (AR) experiences. The rise of remote work and online socialization during the pandemic has further accelerated this trend, as organizations look for innovative solutions to connect employees and clients in virtual spaces.

Competitive landscape and key competitors
The global metaverse market is characterized by a fragmented structure, with many competitors holding a significant share of the market. List of major players included in the metaverse market report are:
o NetEase, Inc.
o NVIDIA Corporation
o Roblox Corporation
o Tencent Holdings Ltd
o Meta Platforms, Inc
o Microsoft Corporation
o Alphabet Inc
o Decentraland
o The Sandbox
o Unity Technologies
o Epic Games, Inc.
o ByteDance
o NexTech AR Solutions
o Spatial Systems, Inc
o Aetsoft Inc.
o Other companies

Major strategic developments by leading competitors
•Unity Technologies: On 07 January 2022, Hyundai Motor Company, the global mobility innovator, and Unity Technologies announced a partnership to jointly design and build a new metaverse roadmap and platform for Meta-Factory. The companies held a virtual Memorandum of Understanding (MOU) signing ceremony. Through this MOU, Unity becomes a strategic partner to Hyundai, supporting its vision of becoming the leader in future mobility solutions.

•Nextech AR Solutions: On 06 July 2022, Nextech AR Solutions, a leading Metaverse company and provider of augmented reality (AR) experience technologies and services, announced that its ARitize 3D WooCommerce app is now live and available. The launch of this app allows Nextech AR’s ARitize 3D SaaS offering for e-commerce to expand its 3D model creation services to WooCommerce merchants. This represents a significant growth opportunity for Nextech AR's ARitize 3D model creation business in the e-commerce sector, as WooCommerce powers about 30% of all online stores.

Receive up to 40% off on this exclusive report. Contact us for more details: Navistart Analytics
E-mail: [email protected]

Don’t forget to follow us on LinkedIn for the latest updates.
https://www.linkedin.com/company/navistrat-analytics


Detailed segmentation will be provided by resin type, mold type, end-use, and region.
(However, this is not the final segmentation. The scope can be changed accordingly).

• Component Outlook (Revenue, USD Billion; 2021-2031)

o Hardware
a. Augmented Reality (AR) Devices
• Smart Glasses
• AR Headsets
• AR Controllers
• Others
b. Virtual Reality (VR) Devices
• VR Headsets
• VR Gloves
• VR Treadmills
c. Mixed Reality (MR) Devices
• MR Headsets
• MR Controllers
d. Haptic Devices
• Haptic Gloves
• Haptic Suits
• Haptic Chairs
e. Display
• OLED
• MicroLED
• 3D Displays
f. Sensors & Trackers
• Motion Sensors
• Position Trackers
• Proximity Sensors
g. Others

o Software
a. Platforms
• AR/VR Platforms
• Virtual World Platforms
• Avatar Creation Platforms
• Blockchain & NFT Platforms
• Others
b. Extended Reality Software
c. Gaming Engines
d. 3D Modeling Tools
e. Asset Creation Tools
f. Others

o Services
a. Integration & Deployment
b. Support & Maintenance
c. Consulting Services

• Technology Outlook (Revenue, USD Billion; 2021-2031)
o Blockchain
o Artificial Intelligence (AI)
o Internet of Things (IoT)
o Extended Reality
o Decentralized Technology
o Edge Computing
o Others

• Platform Outlook (Revenue, USD Billion; 2021-2031)
o Desktop/Laptop
o Mobile
o Console
o Web-based Platforms
o Wearable Devices
o Cloud-Based Platforms
o Others

• Application Outlook (Revenue, USD Billion; 2021-2031)
o Gaming & Entertainment
a. Virtual World Games
b. Live Events & Concerts
c. Movie Streaming
d. In-game Asset Trading (NFTs)

o Social Interaction
a. Social Media Metaverses
b. Dating Platforms
c. Virtual Gatherings/Meetings
d. Personal Avatars

o Retail & eCommerce
a. Virtual Shopping Malls
b. Digital Showrooms
c. Augmented Reality Shopping
d. Customizable Products (NFT-integrated)

o Real Estate
a. Virtual Land
b. Virtual Architecture & Interior Design
c. Space Renting/Leasing
d. Metaverse Property Development

o Healthcare
a. Telemedicine in Virtual Environments
b. Virtual Surgery Simulations
c. Mental Health & Therapy
d. Medical Training & Education

o Education & Training
a. Virtual Classrooms
b. Immersive Learning Experiences
c. Corporate Training Simulations
d. Skill Development Platforms

o Finance & Banking
a. Virtual Branches
b. Cryptocurrency Transactions
c. Digital Asset Management
d. Insurance Solutions
o Others

• Regional Scope (Revenue, USD Million; 2021-2031)
o North America
• United States
• Canada
• Mexico

o Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Benelux Countries
• Nordic Countries
• Rest of Europe

o Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Rest of APAC

o South America
• Brazil
• Rest of Latin America

o Middle East & Africa
• Gulf Cooperation Council (GCC) Countries
• South Africa
• Turkey
• Rest of Middle East and Africa

 
About us
At Navistrat Analytics, we provide high-quality, comprehensive syndicated and customized market research reports that deliver actionable insights and empower businesses through data-driven strategies. Our approach to market analysis leverages a distinctive research methodology and an in-depth understanding of revenue and growth-contributing factors. We recognize the importance of revenue-generating market insights for next-generation business decision-making by ensuring the highest standards of data collection and analysis. Our market research and analysis team has more than 8 years of industry experience. We offer our research and analysis across domains such as automotive, mobility, advanced manufacturing, information and communication technology (ICT), healthcare, chemicals and advanced materials, consumer goods, food and beverages, energy, hospitality, fashion and textiles, edtech, semiconductors, AI, and many other emerging markets. Our expertise extends across several critical areas including:

• Market sizing, revenue, and growth forecasting
• Regional and segment-specific market sizing and forecasting
• Competitive landscape analysis, market share assessment, and detailed company analysis

Choose Navistrat Analytics as your strategic growth partner for reliable market intelligence, and let us help you navigate the complexities of the market with clarity, precision, and confidence.

Reproducing or transmitting this material in any form or by any means, including photocopying, mechanical or electronic methods, recording, or any other method, is prohibited without the publisher's permission. Copyright © 2024 Navistrat Analytics.