BCG helps company leaders understand how to invest in emerging business technologies. Powerhouse gaming companies like Two-Two Interactive, Nintendo, and China-based Netease are also representing. The key reasons propelling the growth of the Metaverse Market globally are rising demand in the worldwide media, entertainment, and gaming industries, primarily due to the increased usage of Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR) technologies. Metaverse market size meta-analysis. They will also need to grapple with such issues as protecting the digital identity of their customers in the metaverse, providing linkages across data layers to enhance connectivity services, and creating winning metaverse solutions for specific industry-vertical use cases. Then there's the breakout star Roblox, which is combining gaming with elements of the best technology . Let's dive into the metaverse market analysis. Workers from low-income countries, for example, may now be able to find work in western corporations without emigrating. From COVID-19 to social inequity, this business strategy podcast series looks around business and social trends and ideas that will disrupt the future. The use of the metaverse to buy digital assets using cryptocurrency is gaining traction around the world. North America holds highest share in 2021. Comparable laws named for George Gilder and Martin Cooper are driving increases in bandwidth and spectrum, respectively, fueling faster and better connectivity and providing higher-fidelity renderings that better mimic real-world latency. As virtual assets become more portable and exchangeable across different metaverse platforms, the metaverse will develop into a more integrated, interconnected ecosystem with more diverse functions. You can also purchase parts of this report. Their impact ranges from greater convenience and efficiency (remote maintenance, for example) to the life-changing and disruptive (enhanced surgical assistance and in-home health care). According to a new market research report published by Global Market Estimates, the Global Metaverse/Digital Twin in Energy Industry Market is projected to grow at a CAGR value of 32.5% from 2022 . According to an analysis by Bloomberg and data from Newzoo, IDC, PwC, Statista, and Two Circles, the potential worldwide revenue from metaverse technologies could approach $800 billion in 2024, up from about $500 billion in 2020. Businesses are increasingly focusing on organizing virtual music concerts, and the adoption of this concept by a growing number of businesses is likely to boost this segment's revenue growth. Establish a plan to hire or otherwise acquire the necessary skills to ensure success. Smartphone popularity is increasing, and it is rapidly becoming the most prominent way to connect to the metaverse. ByRony Abovitz,Sumit Banerjee,Guy Gilliland,Christy Liu,Edwardo Sackey,Alexey Timashkov, andRob Trollinger. The metaverses currency is a cryptocurrency and every metaverse has its collection of coins. Develop the capabilities to compete. It is mainly because North American users and consumers adopt new and sophisticated technologies at a very rapid pace. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholdersempowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact. Your payment is successful. The automotive and manufacturing industries will be firmly embedded in the metaverse owing to a shared online area that crosses dimensions and is powered by a mixture of VR, AR, and MR. The COVID-19 pandemic played a significant role in stimulating interest in the metaverse concept. By creating a virtual world where users can play immersive games, conduct business, interact socially, buy and sell virtual properties, and enjoy immersive entertainment, the metaverse platform enhances the overall internet experience. Moreover, through metaverse portals, cryptocurrency is frequently used to pay for everything, from avatar shoes to NFT (Non-fungible tokens). Payment Failed. Further, in the automotive and manufacturing industries, the digital twin technology is creating disruptions in the complete product lifecycle management (PLM), from designing, to engineering to operations and service. Users do not require a virtual reality headset to interact with the metaverse. Furthermore, in December 2021, Meta introduced a closed beta for a streamlined AR creation tool called 'Spark AR Go.' These top seven DLT trends make the leading-edge possibilities accessible. Its hard to pinpoint where the metaverse ends. Its the technology that enables emergency services to respond when a phone or watch belonging to an injured person automatically sends an SOS. Its an aircraft engine technician connecting via the companys help line to an expert 3,000 miles away. Metaverse offers musicians enhanced flexibility to experiment and engage with audiences electronically. The Metaverse Market report sheds light on industry statistics, business opportunities, structural analysis, and challenges. The total Metaverse market size may reach 2.7x that of just gaming software, services and advertising revenue. North America is likely to account for the largest revenue share of 44.6% in 2022 owing to the customers and users in the region that are adopting the new and more complex technology. Additionally, the market is growing due to the increased use of advanced technologies in various applications, including blockchain, mixed reality, and artificial intelligence (AI). All Rights Reserved to Mordor Intelligence. It is the only product developed from the ground up to help with distributed rendering, enabling multiple Graphics Processing Units (GPUs) to render the same project simultaneously, either locally or in the private cloud. Even if the final implementation of the metaverse differs from todays vision, technologies such as Virtual Reality (VR), Augmented Reality (AR), the Internet of Things (IoT), and cryptocurrencies will certainly be used. The content creation & social media segment is also expected to grow significantly during the forecast period. For instance, Meta Platform, Inc Meta Platform, Inc unveiled a lineup of major virtual reality concerts that took place completely on its Horizon Venues metaverse. Please check with your bank for further details. Major factors expected to drive the revenue growth include a growing focus on integrating digital and physical worlds using the Internet, increasing momentum and popularity of Mixed Reality (MR), Augmented Reality (AR), and Virtual Reality (VR), and the outbreak of COVID-19, as well as the situations subsequent developments and outcomes. The base year considered for the study is 2021, and the forecast has been provided for the period 2023 to 2032. It is flourishing, in part, thanks to continuing advancements in technologies such as augmented reality (AR) and VR, big data, artificial intelligence, machine learning, and blockchain. For instance, games such as Fortnite hosted a metaverse event where musicians and music bands performed live in April 2020. Build the technical platforms and tools (such as a data capability) that will facilitate implementation of the strategy and expansion of the effort over time as it generates results. On a massive virtual screen, users may surf the web, view movies on Netflix, and even play games. The Report will be delivered in 24 - 72 hours. As the metaverse evolves and matures, many more use cases will join the dozens that already exist. The global metaverse market size is expected to reach USD 1,615.32 Billion in 2030 and register a revenue CAGR of 43.3% during the forecast period. (See Exhibit 2.) Furthermore, the strong presence of gaming and metaverse businesses such as The Sandbox, Nvidia Corporation, and Epic Games, Inc. in the region, which is concentrating on incorporating metaverse into games, is creating market growth potential. ", We use cookies for a better user experience. [CDATA[ The primary market for online game makers and gaming hardware may exceed $400 billion in 2024 while opportunities in live entertainment and social media make up the remainder. The global metaverse market revenue crossed $58.5 billion in 2021, and it is expected to advance at a CAGR of 43.7% during 2021-2030, to reach $1,525.7 billion by 2030. Some will be active in the bottom layers, building the digital infrastructure, providing financing, and delivering connectivity or key services. Discounted price for multiple reports across domains, 2. Other musicians and media content firms collaborating with musicians are more likely to experiment with virtual reality and broadcast content online instead of attending live concerts because of the endless possibilities. The term "metaverse" refers to a highly immersive 3D virtual world experience obtained using a combination of AR, VR, and MR technologies. In addition, according to the United Nations, the global digital economy represented 15.5% of total GDP in 2018, which led to a forecast of 15% to 16.8% by 2021. Americans are progressively accessing and experiencing the metaverse as realistically possible through VR, MR, AR, and other new technologies. With no signs of slowing down to the pandemic, businesses had no choice but to adapt, basing their entire company on these platforms. In the third phase, now underway, a broader ecosystem is developing thanks to continually expanding and faster connections. Virtual reality environments will help enhance educational options, as they are a low-cost and effective way to learn. The metaverse is a perpetual and persistent multiuser environment that combines physical reality with digital virtuality. According to C-level executives of the leading metaverse solution providers, depending on the percentage share of the digital economy shifting to the metaverse and the percentage of total addressable market expansion, the potential market opportunity for the metaverse is estimated to be between USD 3.75 trillion and USD 12.46 trillion. //]]>. Other game makers have been able to attract large, active user bases in online titles such as Activisions Call of Duty Warzone and World of Warcraft, EAs the Sims, Take-Twos GTA Online and Nexons MapleStory and Dungeon&Fighter Online. Free trial, before you make a purchase decision. The global metaverse market is divided into hardware, software, and services segments based on product. Expanded opportunities for Business-to-Consumer (B2C) and Business-to-Business (B2B) enterprises. Report Summary. Downloading, uploading, and sharing large amounts of data in networked cyberspace is becoming increasingly common. After tech giants including Meta, Microsoft, and Google . Facebooks user scale and VR investments could give it an edge as the market develops, while game engine vendors Unity and Epic may see heightened software demand. Digital twins provide a significant business potential by future prediction instead of evaluating the past of the manufacturing procedure. Learn more about emerging technology consulting with BCG. Available to download is a free sample file of the Metaverse Market report PDF. This is our perspective on both. BCG X disrupts the present and creates the future by building bold new tech products, services, and businesses. English version At last year's World Economic Forum (WEF) meeting, the WEF created the Defining and Building the Metaverse Initiativea multi-stakeholder working group of 150 expertsto research governance frameworks and economic models for the nascent metaverse. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 70m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. Much of the action to date has been in B2C, especially gaming and, increasingly, providing immersive virtual experiences, such as concerts. Games that successfully pivot towards virtual 3D worlds can capture a greater share of engagement and user growth, accelerating sales growth. The global market for Metaverse estimated at US$107.1 Billion in the year 2020, is projected to reach a revised size of US$758.6 Billion by 2026, growing at a CAGR of 37.1% over the analysis period. Financial Services and Investment Intelligence, Big Data Analytics Market in Energy Sector, Virtual Live Entertainment - Epic Games and Roblox. The gaming segment held the leading revenue share of 27.0% in 2022, due to significant ongoing innovations and developments by developers, as well as a growing focus on boosting immersion and making games more realistic. With the help of this grant, scholars from seven different nations in Europe will research how metaverse technologies will affect privacy, safety, inclusiveness, and the nature of the future of employment. Microsoft is spending almost $70 billion to acquire Activision Blizzard, in part to be better able "to put people, places, things [in] a physics engine and then hav[e] all the people, places, things in the physics engine relate to each other, as CEO Satya Nadella told the Financial Times. Addition or alteration to country, regional & segment scope, Avail customized purchase options to meet your exact research needs. This section covers the major market trends shaping the Metaverse Market according to our research experts: To understand key trends, Download Sample However, since many users are unaware of the service and security alternatives available, the expansion of the metaverse market may be constrained. The Metaverse market in North America is expanding due to the wide application of AR technology in consumer devices. We are always looking to hire talented individuals with equal and extraordinary proportions of industry Deloitte China launches the report of The Metaverse Overview: Vision, Technology, and Tactics to discuss the development vision of the Metaverse, analyze current stage of Metaverse technologies and cases, build the framework of the Metaverse industry, and explore how companies should respond to Metaverse opportunity. Set up a metaverse mission control office with a clear mandate and processes to monitor and oversee the metaverse effort. Thus, the segment is predicted to contribute significantly to the overall Metaverse industry. By submitting my information, I agree to the privacy policy and to learn more about products and services from Bloomberg. Meta Platforms, Inc.; Tencent Holdings Ltd; Epic Games, Inc.; Nvidia Corporation; Unity Technologies, Inc. Free report customization (equivalent up to 8 analysts working days) with purchase. The rise of digital assets, blockchain, and Nonfungible Tokens (NFTs) is adding to the metaverses popularity. According to industry experts, the COVID-19 pandemic catalyzed metaverse technology, and the post-pandemic environment is predicted to pique customer interest. The introduction coincides with the rise in e-sports' popularity and the growing improvement in consumer VR hardware's performance and accessibility. It presents an opportunity for leading online entertainment and social media companies to capitalize on new revenue streams. Also, the rising investments in retail and e-commerce and increased use of platforms to display products in a virtual environment support industry expansion. The industrial metaverse is powered by the combination of many innovative technologies that deliver immediate financial value, sustainability, and employee efficiency through process optimizations, modelling, digital analysis, and AI-based predictions. It might have been touted as the year of the metaverse within the marketing industry, but we feel we are just getting started in 2023 and beyond." Hironaga Yai, senior strategy director, MediaMonks Tokyo, believes the metaverse is a platform that has, and will, evolve gradually as technology advances. Enables emergency services to respond when a phone or watch belonging to an expert 3,000 miles away,! That combines physical reality with digital virtuality the present and creates the future by building bold new tech,! User experience, games such as Fortnite hosted a metaverse mission control office with a clear mandate and processes monitor! Of AR technology in consumer devices evaluating the past of the metaverse evolves and matures, many more cases. Light on industry statistics, business opportunities, structural analysis, and China-based Netease are also representing,... Base year considered for the study is 2021, Meta introduced a closed beta for a better experience... 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