Quick Answer 🔍How large is the Metaverse market size in 2023?
The global Metaverse market was valued at $61.8 billion in 2022, and could reach $824.53 billion by 2030.
This resource looks at the Metaverse market size in 2023.
The Metaverse is a virtual world where people use immersive technologies such as augmented reality, virtual reality, and mixed reality when doing activities, working, and interacting with other people from various places.
People use devices like smart glasses and helmets, VR and MR headsets, Head-Mounted Displays, and Head-Up Displays.
This platform is rapidly growing and is considered to be the next evolution of the internet. It attracts online game creators, social media platforms, and tech leaders.
Statistics reveal that around 74% of American adults consider joining this 3D virtual world.
Metaverse Market Size & Forecast in 2023
How large is the Metaverse market size in 2023?
According to the latest data, the global Metaverse market was valued at $61.8 billion in 2022.
It is expected to reach $426.9 billion in 2027, growing at a Compound Annual Growth Rate of 47.2%.
In the previous year’s report, the market size of the global Metaverse was valued at $22.79 billion in 2021.
The Metaverse market forecast tells us that it is expected to reach approximately $824.53 billion by 2030, growing at a Compound Annual Growth Rate of over 39%.
The continuous increase in demand in entertainment, gaming, and media improves the growth of the Metaverse market and the evolving opportunities from digitalization in fashion, art, and retail industries, augmented reality, virtual reality, and mixed reality.
It is identified that the most promising device for augmented reality technology is the smartphone which will increase the growth of the AR hardware market.
All About The Metaverse
The Metaverse is a three-dimensional virtual world where people use digital avatars to represent their being.
It elevates people’s experience on the internet where users engage in immersive technologies to communicate, play games, conduct meetings, and many others.
Users use immersive technologies and devices like virtual reality headsets, mixed reality headsets, augmented reality smart glasses, and head-mounted displays to make everything realistic.
The Metaverse’s Mainstream Acceptance
The acceptance of this kind of platform in learning, content creation, social media, gaming, and entertainment is growing and is expected to grow further as big techs and important market players increase their investments.
Meta and Microsoft promote the metaverse as the ideal environment for hybrid working.
Data shows that the Metaverse has more than 400 million monthly active users, and the majority of these users are willing to spend about $1,000 on advanced virtual reality gear.
Key Players in the Global Metaverse Market
The Metaverse is expected to propel in the future since it is supported by major industry participants.
The following are some of the key players in the global Metaverse market:
- Meta Platforms, Inc.
- Microsoft Corporation
- Nvidia Corporation
- Roblox Corporation
- Tencent Holdings Ltd.
- NetEase, Inc.
- The Sandbox
- Lilith Games
- Epic Games, Inc.
- ByteDance Ltd.
- Unity Technologies
- Nextech AR Solutions Corp.
- Active Theory
- Antier Solutions Pvt. Ltd.
What Projects in the Metaverse Do Companies and Businesses Invest in?
Based on the statistics, the most project that companies and businesses in the Metaverse invest in are cryptocurrencies with approximately 53% while entertainment comes last with around 15%.
Let’s take a look at the projects in the Metaverse in which companies and businesses invest most:
- About 53% of companies and businesses that invested in the Metaverse have invested in Cryptocurrencies
- About 44% of companies and businesses that invested in the Metaverse have invested in NFTs
- About 40% of companies and businesses that invested in the Metaverse have invested in the work environment and remote work
- About 30% of companies and businesses that invested in the Metaverse have invested in branding and positioning
- About 27% of companies and businesses that invested in the Metaverse have invested in product purchase
- About 24% of companies and businesses that invested in the Metaverse have invested in gaming
- About 24% of companies and businesses that invested in the Metaverse have invested in product creation
- About 18% of companies and businesses that invested in the Metaverse have invested in real estate
- About 15% of companies and businesses that invested in the Metaverse have invested in the creation of their own virtual world
- About 15% of companies and businesses that invested in the Metaverse have invested in entertainment
Countries on The Metaverse
According to the Ipsos survey, developing countries are more positive about the impacts of the Metaverse compared to developed countries.
More than half of the 21,000 adults surveyed in 29 countries were familiar with Metaverse.
China has the highest percentage with 78%, followed by India with 75%. While Peru comes next with 74%, Saudi Arabia with 71%, and Colombia with 67%.
Countries such as the United States, China, and Korea are the most active countries in Metaverse development.
They are the most forward-looking about this new technology.
North America accounts for the maximum share of the global Metaverse market with more than 45% of the total market in 2021.
Why Do People Join the Metaverse?
The global Metaverse is becoming more popular since many gaming and tech companies including tech giants are open to this new technology and started to transition into it.
This platform is mostly used for work, investment, study, and art.
According to the published report, about 52% of internet users around the world join the Metaverse for work, while 48% join the Metaverse for live entertainment and art and 44% for investment.
Around 40% of internet users join Metaverse for education, 32% for socializing and online dating, and 29% for gaming.
For the past few years, the Metaverse is one of the hottest topics in the technology and gaming industries.
This three-dimensional virtual world has recorded more than 400 million monthly active users.
It is projected that approximately 25% of users will spend a minimum of one hour in the Metaverse per day in 2026.
Based on the latest records, more than $501 million worth of real estate was spent in the Metaverse in 2021 alone, and the Metaverse real estate market is expected to reach a Compound Annual Growth Rate of 31% in 2028.
Thanks for reading our article about the Metaverse market size in 2023.