Newly-released Consumer Metaverse Market analysis report by Future Market Insights shows that global sales of the Consumer Metaverse Market in 2021 was held at USD 43.2 Billion. With 24.5% projected growth during 2022 to 2032, the market is expected to reach a valuation of USD 500 Billion by 2032. Consumer Metaverse Games Market is expected to be the highest revenue-generating segment, with a projected CAGR of 23.2% during 2022 to 2032.
| Attributes | Details |
|---|---|
| Global Consumer Metaverse Market Size (2022) | USD 55.8 Billion |
| Global Consumer Metaverse Market Size (2032) | USD 500 Billion |
| Global Consumer Metaverse Market CAGR (2022 to 2032) | 24.5% |
| USA Consumer Metaverse Market CAGR (2022 to 2032) | 24.3% |
| Key Companies Covered | Roblox Corporation; HTC; Samsung; HUAWEI; Xiaomi; Nvidia Corporation; Epic Games, Inc.; Tencent Holdings Ltd; Epic Games, Inc; The Sandbox |
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As per the Global Consumer Metaverse Market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2017 to 2021, the Consumer Metaverse Market value increased at around 35% CAGR.
The key revenue drivers which affect the demand for Consumer Metaverse include increasing usage of cutting-edge technology like artificial intelligence (AI), mixed reality (MR), and blockchain. Numerous businesses, including Facebook, Roblox, Fortnite, NVidia, Microsoft, Epic, USM, Google, RTFKT Akira, and Oculus, have already incorporated or have plans to use metaverse extended reality programs (XR) and other cutting-edge technology.
The analysis found that LG Group filed 688 patent applications on 455 patent families, Sony filed 87 XR applications on 78 patent families, and Qualcomm Incorporated filed 80 patent across 28 patent families for the metaverse.
The market is also fuelled by the usage of cryptocurrency as a mode of transaction in the metaverse. Everything in the metaverse, from the avatar, and shoes to seamless tokens (NFT), is paid using cryptocurrency. A poll indicates that although 44% of businesses are investing in NFTs, 53% of businesses are doing so in cryptocurrencies.
One in ten people invests in cryptocurrencies, which are commonly utilized in the trading of various commodities including NFTs, according to a CNBC report. Due to the global accessibility of cryptocurrency trading, investors can use this form of money to sell directly to customers by adjusting to metaverse market patterns.
The key factors which are propelling the Consumer Metaverse demand include expansion of opportunity for Business to Business and Business to Consumer, the exceeding screen time of Gen Z users, new Career Opportunities and rising adoption of advanced VR devices and blockchain to accelerate growth.
The metaverse does not support the idea that businesses can employ coercion to expand their customer bases while eschewing business practices.
The Gucci wallet, for instance, had a higher value in the Roblox metaverse than it did in the actual world when it was exchanged for 350,000 Robux, or USD 4,115. However, in reality, the similar bag costs close to USD 3,400. Thus expanding opportunities can help increase metaverse market size.
There are more job opportunities in the metaverse market. The increased demand for a variety of goods and services in consumer metaverse is leading to the creation of more jobs, which could ultimately spur market expansion.
The technology and innovation report 2021 predicts the creation of 10,000 new employment in the near future across a range of industries, including research, planning, development, security, globalization, storytelling, ads prevention, and cybersecurity. Metaverse can also be used for virtual events, Advertising, employee engagement programs, engaging and immersive learning, and shopping experiences, real estate leasing, and several other opportunities which generate jobs for many people across different sectors.
The Los Angeles Times reports that Gen Z spends a lot of time in front of devices, mostly on their smartphones. They watch 7.2 hours of video on average every day, which is over an hour more than the 6.3 hours that Gen Xers watch.
Old habits are also challenging to break, as the adage goes. Smartphones stand a decent possibility of dominating the metaverse demand, given the widespread use of mobile and the astounding amount of time that users of all ages spend in front of displays.
Small- to medium-sized businesses and individual customers’ rising desire for high-tech VR gadgets is promoting market expansion. Additionally, market expansion is fueled by the rising use of cutting edge technologies in various systems, such as block chain, mixed reality, and artificial intelligence (Al).
Besides, increasing investment in e-commerce businesses and adoption and product displays in public places are supporting the market expansion. The United Nations Conference on Trade and Development estimated that by 2020, worldwide e-commerce sales would have increased from 16% to 19%, reaching USD 26.7 Tn.
Worldwide e-commerce sales growth of this magnitude has produced a sizable window of opportunity for the market expansion throughout the projection period.
The factors restraining the growth of consumer metaverse market are lack of awareness of services and threat of cyber based attacks. The lack of user understanding of the service and security alternatives may provide challenges to the expansion of the metaverse business.
Cyber-attacks incidence have increased hampering business functions which have raised serious security issues. In September 2021, more than 1,700 cyberattacks per company totalled more than 500 Million reports, according to SonicWall.
Metaverse market can provide cybercriminals additional chances to harm organizations and people. Some of the key factors that are anticipated to limit the growth of the metaverse market's revenue during the forecast period include worries about data security and privacy in dynamic environments, problems with user identity, and difficulties in persuading users to use payment services.
During the projection period, North America is expected to be the largest Consumer Metaverse Market. Since North American users and consumers adopt new and sophisticated technologies, the North American region has a large market share because of the response got to them by the people.
For example, on June 2022 KPMG announced the launch of its first metaverse solutions in the United States and Canada. It will allow employees, clients, and communities to collaborate, work together, and explore opportunities for growth across industries and sectors.
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The United States is expected to account for the highest market of USD 173.3 Billion by the end of 2032. It is expected to be projected to have an absolute dollar growth of USD 153.5 Billion. Americans are progressively accessing and experiencing the metaverse as realistically as possible through VR, MR, AR, and other new technologies. Americans also appreciate their metaverse experience, which motivates them to spend money on gadgets that would make it even better.
The rising desire for gadgets that improve users' experiences encourages market expansion. Additionally, the industry is expanding due to the strong regional presence of gaming and metaverse entertainment companies as Sandbox, Nvidia Corporation, and Epic Games, Inc. As an illustration, Nvidia Corporation recently announced collaborations with Blender and Adobe that will provide millions of people access to NVIDIA Omniverse, the first platform for collaboration and simulation.
The nationwide survey in the USA revealed that the vast majority of adults in the country identified as of letting themselves join the metaverse, citing around 74%. The survey also revealed that around 41% of participants whose decision to join metaverse was to explore things they otherwise could not do.
On the other hand, around 38% of the population viewed metaverse as a method that would bring people together. Around 23% of them acknowledged the possibility that they would seek out another platform to allow themselves to be different during metaverse.
Hardware is the highest used component in Consumer Metaverse Market. Demand growth of Hardware as a Component for Consumer Metaverse was recorded at 34.8% during 2017 to 2021, while it is expected to grow at CAGR of 24.1% during 2022 to 2023. Several businesses create consumer metaverse hardware to enhance the metaverse user experience.
The hardware segment is anticipated to account for the greatest revenue share throughout the projected period due to an increasing focus among companies on manufacturing products that give a better user experience and enable more extended user immersion.
Companies are also attempting to create more sophisticated gear, such as haptic devices, VR/AR headsets, and sensors, to enhance the realism of virtual worlds.
This market growth will also be fueled by the creation of user interfaces that let users access 3D material on a number of gadgets, including smartphones, next-generation TVs, and the mixed reality smart glasses known as HoloLens. It is projected that Facebook Reality Labs will invest at least USD 10 billion in the creation of hardware for augmented reality (AR) and virtual reality (VR).
The most widely utilized application of Consumer Metaverse is Gaming. Demand growth through Gaming industry was recorded at 34.2% during 2017 to 2021, while it is expected to grow at a CAGR of 23.2% during 2022 to 2023.
Due to the rapid increase in the gaming industry worldwide, it will be the highest revenue-generating application for the consumer metaverse market. The video game industry had been one of the key beneficiaries of the pandemic given that it is grown by 23% in 2020 compared to 2019. This is due to gaming influencers like Mortal, Jonathan Gaming, Vanoss Gaming, Markplier, Jacksepticeye, Dan TDM, PopularMMOs, W2S, Ali-A, H20Delirious, The Syndicate Project, among others.
Metaverse games are the result of the most recent development in the video games sector. To access the higher level games, players must enter the real Metaverse game.
Gaming firms prioritize split initiatives since the future is divided, even though the Metaverse may be watched or divided.
Different player pictures, which serve as a depiction of real identities visually, control the characters in Metaverse games. Like humans in the real world, these characters live in the Metaverse.
The idea behind metaverse gaming is to let players gain virtual goods and then sell them for real money. Players can communicate with other players in the Metaverse, invite their social network friends, and play games with them. Players in Metaverse feel as alive as they would in the real world because of the use of AR and VR technologies to create a dynamic experience.
Since the stadiums in the metaverse can communicate with one another, players can easily shift their toys from one to the other.
The gaming of metaverse is powered by AR&VR technologies, blockchain, cryptocurrency, Internet of Things (IoT) and 3D reconstruction, While Metaverse is still in its early stages, numerous companies have already unveiled the new breed of stadiums, we have major players like TaleCraft Majuro announced the release of their classic NFT game On November 11, 2021. Gamers can also develop NFT games using mediaeval game settings.
Players in the market are constantly developing improved analytical solutions as well as extending their product offerings. The companies are focused on their alliances, technology collaborations, and product launch strategies.
Some of the recent developments in the Bioalcohol market are:
In January 2022, The Sandbox revealed a collaboration with Warner Music Group to introduce the first realm in the metaverse of The Sandbox with a musical theme. With this partnership, Warner Music Group (WMG) would formally enter the metaverse and NFT markets.
In January 2022, Microsoft disclosed that it has acquired Activision Blizzard, Inc. In addition to laying the groundwork for the metaverse industry, Microsoft believes that this acquisition will accelerate the expansion of its gaming division across mobile, PC, cloud, and console platforms.
In November 2021, A partnership between Tencent and the Asian Institute of Digital Finance was announced (AIDF). In order to better serve the rapidly expanding Asian digital financial sector, Tencent Financial Technology (FiT) and AIDF will collaborate in education, entrepreneurship, and research.
In November 2021, TaleCraft Majuro announced the opening of their NFT gaming metaverse with a medieval theme. TaleCraft assumes that players on its platform will be able to explore a medieval gaming world and engage in a variety of in-game activities using constructed NFTs.
In October 2021, According to estimates, Facebook Reality Labs will invest at least USD 10 Billion in the creation of hardware, software, and content for augmented reality (AR) and virtual reality (VR). The section of Meta Platforms, Inc., formerly known as Facebook, Inc., is Facebook Reality Labs.
In March 2021, NetEase, Inc announced that its NetEase Cloud Music expanded its strategic alliance with Merlin Network in China. The partnership between them had initiated in 2018.
The global Consumer Metaverse Market is worth more than USD 55.8 Billion at present.
The value of Consumer Metaverse Market is projected to increase at a CAGR of around 24.5% during 2022 to 2032.
The value of Consumer Metaverse Market increased at a CAGR of around 35% during 2017 to 2021.
Some of the key trends in Consumer Metaverse Market inlcudes a considerable increase in the new games developed by metaverse, career opportunities and the NFTs usage in the Metaverse.
The growth of the market for Consumer Metaverse in China is projected to expand at a CAGR of around 23.5% during 2022 to 2032.
The growth of the market for Consumer Metaverse in United States is projected to expand at a CAGR of around 24.3% during 2022 to 2032.
While the market in South Korea is expected to grow at nearly 21.7%, the market in Japan is projected to register a CAGR of nearly 22.6% during 2022 to 2032.
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