Global Enterprise Metaverse Market Size (2024 - 2030)

In 2023, the Enterprise Metaverse Market was valued at $6.22 Billion and is projected to reach a market size of $35 Billion by 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 28%.

Industry Overview

The word "metaverse" refers to a deeply immersive 3D virtual world experience gained by the employment of a combination of AR, VR, and MR technologies. By creating a virtual world where users may play immersive games, conduct business, interact socially, buy and sell virtual properties, and enjoy immersive entertainment, the metaverse platform enhances the internet experience. One of the hottest technology platforms, Metaverse is luring industry heavyweights from the worlds of social networks, technology, and online game development to the market. With a significant user penetration rate for a variety of applications, including gaming, content creation, social interaction, learning and training, and online virtual shopping, the metaverse is a rapidly expanding trend.

Impact of Covid-19 on the industry

The metaverse market growth rate has reportedly fallen by 1.0 to 1.5% between 2020 and 2021 compared to the pre-COVID-19 scenario. The operational difficulties extended reality (XR) device makers are currently facing are the main cause of the downturn. Despite the COVID-19 impact, we have seen a considerable number of opportunities emerge in the metaverse software sector. The deployment of XR-based solutions in the education sector and industrial training are two of the most significant ones. Additional potential includes the fully-tested deployment of XR in the healthcare industry, ongoing and consistent advancements in 5G technology, and companies switching from offline exhibitions to virtual video live streaming events. The metaverse market is anticipated to grow during the coming years.

Experts in the field expect that customers will be interested in the post-pandemic environment because the COVID-19 pandemic stimulated metaverse technology. Due to lockdowns and closures, the pandemic has pushed the development of virtual online communities, including interactive game environments and the growing use of mixed reality, as important lifestyle areas for users who were imprisoned. The COVID-19 pandemic has had a favourable effect on the metaverse market, which could help many different industries. The popularity of the metaverse is growing along with the use of blockchain, nonfungible tokens (NFTs), and digital assets.

Market Drivers

Growing demand for metaverse to purchase digital assets using cryptocurrencies

Cryptocurrencies are the standard form of payment in the metaverse, and each metaverse has its own set of coins. They are accustomed to paying for everything, including NFTs, virtual homes, and avatar shoes. The physical and digital worlds are connected through the use of cryptocurrencies. They enable us to determine the value of digital assets in terms of the money issued by the government as well as the growth of such assets over time. Cryptocurrency purchases through the metaverse are becoming more popular all across the world.

Nowadays, people engage with one another digitally through social networking sites like Facebook, messaging applications, and websites. The metaverse is the advent of novel online environments where users can interact with digital content more deeply and in more multidimensional ways rather than just reading about it. Because cryptocurrency is available on exchanges all around the world, investors can profit by offering to sell their NFTs and metaverse coins directly to customers.

Expanded potential for businesses doing business with both consumers and businesses doing business with consumers

One of the metaverse's bright futures is that it will greatly expand consumers' access to the market in emerging and frontier economies. Access to previously inaccessible goods and services has already been made possible thanks to the internet. For instance, workers from developing nations may now be able to work in western firms without moving. Virtual reality environments are a cheap and efficient way to learn, therefore they will assist improve educational possibilities.

As a result of these developments, clear governance will be required. Trade shows, product demonstrations, client meetings, customer service, and advertisements are all examples of business-to-business (B2B) marketing. Each of these items can now be significantly altered thanks to the metaverse. Due to the commodity nature of many B2B products, exceptional customer service can make all the difference. The merging of B2B and B2C divisions is an intriguing by-product of the metaverse. Businesses can use this to expand their existing customer bases while eschewing corporate customs.

Market Restraints

The threat of cyber-based attacks targeting the metaverse is a primary concern

Regardless of how the metaverse is ultimately implemented, technologies like virtual reality, augmented reality, the internet of things, and cryptocurrency will undoubtedly be utilized. The physical and digital worlds could converge and synchronize thanks to these technologies. However, they will give fraudsters fresh chances to target both enterprises and people. Some significant factors that are anticipated to restrain the expansion of the global metaverse market's revenue during the forecast period include worries about data security and privacy in these settings, problems with the user identity, and difficulties in convincing users to use payment services there.

ENTERPRISE MeETAVERSE MARKET REPORT COVERAGE:

This research report on the global enterprise metaverse market has been segmented and sub-segmented based on, components, vertical, and Geography & region.

Global Enterprise Metaverse Market- By Components

• Hardware

  • AR Devices

  • VR Devices

  • MR Devices

  • Displays

• Software

  • Extended Reality Software

  • Gaming Engines

  • 3D Mapping, Modeling, and Reconstruction

  • Metaverse Platforms

  • Financial Platforms

  • Other Software (Geospatial Mapping Tools, Cloud-Based Software)

• Professional Services

  • Application Development and System Integration

  • Strategy And Business Consulting

Extended reality software rules the software industry. The large share is related to the high demand for cloud-based tools, Software Development Kits (SDK), AR and VR studios, AR and VR mobile app development tools, and AR and VR web app development tools. Additionally, the volumetric video tools and 3D modelling, reconstruction, and mapping tools are essential elements for creating virtual worlds and games on metaverse platforms. The emergence of centralised and decentralised gateways, avatar identity generators, play-to-earn games, virtual worlds, and metaverse-based social media is driving the fastest growth in the software industry for metaverse platforms.

Numerous start-ups dominate the metaverse and financial platforms marketplaces, which are developing industries with significant potential for disruptive technologies like blockchain, NFT, bitcoin, and virtualization. Utilizing these technologies to create their platforms and decentralised solutions is what the businesses are concentrating on.

Over the forecast period, the hardware market is anticipated to develop at the greatest CAGR. The market for AR devices is anticipated to develop as a result of the advent of HUD in the entertainment industry. The demand for AR devices has grown across a variety of applications due to their capacity to merge the actual world with virtual items. The most popular AR device right now for industrial applications is AR smart glasses, which help the AR devices market expand. Due to the increasing use of haptics and gesture-tracking technology in consumer applications, these components have become essential components of VR hardware. Users who play games use gesture-tracking hardware like the virtual environment more.

Global Enterprise Metaverse Market- By Verticals

• Consumer

  • Gaming and social media

  • Live Entertainment and Events

• Commercial

  • Retail and eCommerce

  • Education and Corporate

  • Travel and Tourism

  • Real Estate

• Industrial Manufacturing

• Healthcare

• Others (Automotive, Aerospace and Defence, Transportation and Logistics, and Energy and Utilities)

Gaming and social media, as well as live entertainment and other events, make up the bulk of the consumer segment. Museums (archaeology), theme parks, art galleries, and exhibitions are only a few examples of entertainment uses. When combined with XR technology, Metaverse produces amazing visual effects for video games and sports broadcasts. The game industry was a pioneer in implementing cutting-edge technology like 3D, VR, and MR. Players' gaming experiences can be improved by these technologies by building virtual characters and items that are connected to specific real-world locales. These games allow for real-time interaction between players, and the 3D modelling tools and game engines are so meticulously made that it gives the player the impression of playing in real-time.

Global Enterprise Metaverse Market- By Geography & Region

• North America

• Europe

• Asia-Pacific

• Latin America

• The Middle East and Africa

In comparison to other regions, North America is predicted to have the largest adoption of the metaverse solution. Due to its technological development and advancement, North America leads all other markets in the creation of cutting-edge technology for use in display devices. Additionally, the growing investments made by businesses and individuals in cutting-edge technologies and digital solutions spur market expansion.

In 2021, North America will account for a sizable portion of the global market. The region's AR market is expanding due to the application of AR technology in consumer devices. Additionally, the region has adapted in sectors like healthcare, consumer products, aerospace and defence, and business applications for education and training. PTC, Magic Leap, Microsoft, and Google are just a few of the international firms with a presence in the US that offer AR devices and solutions. In addition, the main reason propelling the expansion of the metaverse market in North America has been the rising acceptance of metaverse technologies by businesses to sell their products in a contemporary manner.

Global Enterprise Metaverse Market- By Companies

1. Meta Platforms, Inc.

2. Tencent Holdings Ltd.

3. ByteDance Ltd.

4. NetEase, Inc.

5. Nvidia Corporation

6. Epic Games, Inc.

7. Roblox Corporation

8. Unity Technologies, Inc.

9. Lilith Games

10. Nextech AR Solutions Corp.

11. The Sandbox

12. Active Theory

13. Decentraland

14. Microsoft Corporation

15. Antier Solutions Pvt. Ltd.

NOTABLE HAPPENINGS IN THE GLOBAL ENTERPRISE METAVERSE MARKET IN THE RECENT PAST:

• Business Partnership: - In 2021, The Asian Institute of Digital Finance and Tencent Holdings, Ltd. have joined forces, according to the announcement. To promote Asia's fintech sector, the businesses will work together in the fields of entrepreneurship, research, and education.

• Merger & Acquisition: - In 2021, Harmonix Music Systems, Inc. was acquired by Epic Games, Inc. The Harmonix team will collaborate closely with Epic Games, Inc. to create musical adventures and gameplay for Fortnite while continuing to support current products like Rock Band 4.

• Researchch & Development: - In 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 Facebook, Inc., is called Facebook Reality Labs.