Global Metaverse Technology Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Metaverse Technology Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

The Metaverse is a collective virtual shared space created by the fusion of virtual augmented physical and digital realities. The Metaverse is the result of the fusion of many different technologies, including virtual reality (VR), augmented reality (AR), Internet of Things (IoT), artificial intelligence (AI), non-fungible tokens (NFT), and more. The Metaverse platform enhances the Internet experience by building a virtual world where users can play immersive games, conduct business, socialize, and entertain.

Market Overview:

The latest research study on the global Metaverse Technology market finds that the global Metaverse Technology market reached a value of USD 51939.85 million in 2022. It’s expected that the market will achieve USD 392089.68 million by 2028, exhibiting a CAGR of 40.06% during the forecast period.

Wide range of downstream application requirements

With the prevalence of the metaverse concept, virtual idols, virtual anchors, virtual employees, etc. have also begun to enter the public eye. According to different interaction methods, virtual digital humans can be divided into intelligence-driven virtual digital humans and real-life-driven virtual digital humans. The intelligence-driven virtual digital human mainly uses deep learning technology to drive its voice, facial expressions and body movements. The virtual human driven by intelligence is affected by various perception technologies, including speech synthesis, natural language processing, speech recognition and other technologies. For example, the first generation of virtual idol Hatsune Miku is the application of this type of digital human in the field of entertainment.
In the automotive field, metaverse technology is being continuously applied. For instance, Maruti Suzuki India has launched NEXAverse, a metaverse initiative to bring its premium cars to a tech-savvy generation, and within it is the Grand Vitara. This enables users to experience a mid-size Indian-made sports utility vehicle (SUV) in a 3D virtual space. Separately, Volvo Cars has launched the XC40 Recharge on its new metaverse platform, the VolvoVerse.
Overall, downstream application requirements in multiple fields are driving the development of Metaverse Technology.

Growing demand for Metaverse to buy digital assets with cryptocurrencies

Metaverse is the technology behind virtual worlds where people can shop, play games, buy and trade currencies and items, and more. Think of it as augmented reality, virtual reality, social media, gaming and cryptocurrency combined. In the metaverse, cryptocurrencies will act as currencies.
As cryptocurrency becomes the primary medium of exchange through which people buy and sell in the Metaverse, its users will become increasingly accustomed to acquiring, processing, and storing it. This means that using Metaverse to buy digital assets with cryptocurrencies is becoming more and more popular around the world. Since cryptocurrencies are available on exchanges around the world, investors can make money selling Metaverse Coins and NFTs directly to buyers.

Region Overview:

In 2021, the share of the Metaverse Technology market in United States stood at 40.09%.

Company Overview:

Microsoft is one of the major players operating in the Metaverse Technology market, holding a share of 15.80% in 2022.

Microsoft and Meta partner to deliver immersive experiences for the future of work and play

October 11, 2022
Microsoft is bringing Mesh for Microsoft Teams to Meta Quest devices. Mesh for Teams is based on years of research and Microsoft cloud innovations, from Azure Digital Twins to Dynamics 365 Remote Assist and Teams video conferencing. It's designed to help people gather virtually in the workplace on any device, including smartphones, laptops, and mixed reality headsets.
Additionally, Microsoft 365 apps will be available on Meta Quest devices, enabling people to interact in VR with content in their favorite productivity apps, including Word, Excel, PowerPoint, Outlook, and SharePoint.

Roblox is using the metaverse and AI to make creating games accessible

November 14, 2022
Roblox Corporation recently announced its intention to democratize creation and turn all Roblox users into creators.

Roblox's own game engine, Roblox Studio, has opened the door to game development for many players. The super popular Sandbox's most popular game mode is made by players. But a big hurdle is coding, a complex skill, especially when combined with Roblox's younger audience. Thankfully, Roblox Corporation has plans to lower this barrier.

Segmentation Overview:

By type, Desktop segment accounted for the largest share of market in 2021.

Application Overview:

The market's largest segment by application is the segment Game, with a market share of 34.05% in 2021.

Key Companies in the global Metaverse Technology market covered in Chapter 3:

Meta (formerly Facebook)
Epic Games
Tencent
Magic Leap
Baidu
Unity
ByteDance
NetEase
Fastly
Nexon
Roblox Corporation
Nvidia
Autodesk
Microsoft

In Chapter 4 and Chapter 14.2, on the basis of types, the Metaverse Technology market from 2018 to 2029 is primarily split into:

Desktop
Mobile

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Metaverse Technology market from 2018 to 2029 covers:

Game
Social
Conference
Content Creation
Education
Industrial
Entertainment and Media

Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)