Metaverse Market Size, Share & Trends Report

Metaverse Market Size, Share & Trends Analysis Report By Product, By Platform, By Technology (Blockchain, Virtual Reality (VR) & Augmented Reality (AR), Mixed Reality (MR)), By Application, By End Use, By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-4-68039-915-5
  • Number of Report Pages: 100
  • Format: PDF, Horizon Databook
  • Historical Range: 2017 - 2021
  • Forecast Period: 2023 - 2030 
  • Industry: Technology

Research Methodology

A three-pronged approach was followed for deducing the metaverse market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for metaverse market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of metaverse market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Metaverse Market Categorization:

The metaverse market was categorized into six segments, namely product (Infrastructure, Hardware, Software, Services), platform (Desktop, Mobile, Headset), application (Gaming, Online Shopping, Content Creation & Social Media, Events & Conference, Digital Marketing, Testing and Inspection), technology (Blockchain, Virtual Reality & Augmented Reality, Mixed Reality), end-use (Aerospace & Defense, Education, Healthcare, Tourism and Hospitality, BFSI, Retail, Media & Entertainment, Automotive), and region (North America, Europe, Asia Pacific, South America, and Middle East & Africa).

Segment Market Methodology:

The metaverse market was segmented into product, platform, application, technology, end-use, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The metaverse market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-five countries, namely, the U.S.; Canada; Mexico; the UK; Germany; France; China; Japan; India; South Korea; Brazil.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Metaverse market companies & financials:

The metaverse market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Meta Platforms, Inc. - Meta Platform Inc. is a technology company based on connecting people virtually and growing their businesses. Meta Platform Inc. operates through two segments, a family of apps that includes Facebook, Instagram, workplace, Novi, messenger, and WhatsApp. The other segment is The Reality Labs segment, which provides reality-related products consisting of virtual reality hardware and software that help people feel connected. The company provides solutions for SMEs, large businesses, developers, creators, and Startups.

  • Tencent Holding Ltd. - Tencent Holding Ltd is an internet and technology company that develops services and products to improve quality of life. Tencent Holding Ltd is into producing video games and other high-quality digital content that helps enrich the interactive entertainment experience. Cloud computing, advertising, and FinTech are a range of services Tencent offers. Online gaming, social networking, E-commerce, online music, Online Video, and WeChat are some of the specialties of Tencent. The company is innovating in Artificial Intelligence and applying diverse technological assets, including data sets, computing power, and a broad range of use cases, to improve AI capabilities in decision-making and creation.

  • ByteDance Ltd. - ByteDance Ltd. (ByteDance) Is an internet technology company that is into developing video-sharing social networking services and apps. ByteDance is also a developer of the news and information platform Toutiao. The main focus for ByteDance is on applying artificial intelligence technology to mobile internet apps. The company operates through its subsidiaries, Moonton and Lark Nuverse, with a global geographical footprint. The company specializes in using artificial intelligence to provide people with a large amount of news. Toutiao is the company’s app that utilizes AI technologies, data mining strategies, and user behavior analysis to connect with its customers.

  • NetEase Inc. - NetEase Inc. (NetEase) is an internet technology company that provides internet tech. NetEase is developing and operating online PC and mobile games, email services, advertising services, and e-commerce platforms in China. The company has partnered with other game developers to operate globally known games in China, including Blizzard Entertainment and Mojang AB. Video games of NetEase include Tianxia III, Ghost II, the Westward Journey series, Onmyoji, and Nostos, partnering with Activision Blizzard for operating in China’s version of their games like Starcraft II. NetEase has a geographical presence across eight countries, having 11 offices that include the U.S., Germany, Italy, Australia, China, Hong Kong, Japan, and Korea.

  • NVIDIA Corporation - NVIDIA Corporation is a multinational technology corporation manufacturing computer graphics processors, chipsets, and related multimedia software. It specializes in designing and manufacturing GPUs (Graphical Processing Units) for professional and gaming markets and SoCs (Systems on a Chip) for automotive and mobile computing applications. The company caters to various customers, including designers, developers, and scientists from diverse industry verticals such as visualization, gaming, professional, automotive, and data centers.

  • Epic Games, Inc. - Epic Games, Inc. is an American interactive entertainment provider developing 3D engine technology, software, and video games. The company develops a commercially available game engine named ‘Unreal Engine’ that powers its internally developed video games. It is also adopted across other industry verticals, including architecture, manufacturing, automotive, television, and simulation. With Unreal Engine, Epic Online Services, and Epic Games Store, the company offers an end-to-end digital ecology for creators and developers to design, operate, and distribute games and other content.

  • Roblox Corporation - Roblox Corporation is a technology company. The corporation is involved in operating the human co-experience platform “Roblox.” This platform allows users to explore and collaborate on user-generated 3D experiences. The Roblox Platform allows users to communicate and play together for free. The site is powered by user-generated content influenced by entertainment, gaming, toys, and social networking. Roblox Studio is a free toolkit that allows developers and creators to create, publish, and operate 3D experiences; Roblox Client is a 3D digital world exploration application; Roblox Cloud is a service and infrastructure provider that powers the human co-experience platform, and Roblox Education is a learning platform.

  • Unity Technologies, Inc. - Unity Technologies, Inc. is a software development company. The company is involved in operating and creating a platform for real-time interactive 3D content. The platform allows developers to monetize, distribute, and create real-time, interactive, 3D, and 2D content for consoles, mobile phones, PCs, tablets, and virtual and augmented reality devices. The company collaborates with artists, content developers and creators, designers, architects, and engineers, to create real-time interactive 3D and 2D content. Unity Technologies, Inc. operates its business into three segments: Strategic Partnerships, Operate Solutions, and Create Solutions. Unity's platform is designed to create simulations and games in three dimensions, two dimensions, augmented reality, and virtual reality.

  • Lilith Games - Lilith Games is a China-based game development company. The company develops mobile games and focuses on role-playing and action genre games. Some of the company's games include "Techno Strike," "Art of Conquest," "Soul Hunters," and "Heroes Tactics: Strategy PvP." It creates games for iOS as well as Android platforms. The company makes premium games and in-app purchases. Lilith is creating a platform for user-generated content (UGC) and quietly putting Metaverse in place. Lilith Games' primary aim is to develop games that are both authentic, simple, and pleasant for players.

  • NexTech AR Solutions Corp. - NexTech AR Solutions Corp provides augmented reality (AR) 3D models. It uses a peer-to-peer cloud-based software platform to provide augmented reality and videotelephony services for social interactions, teleconferencing, remote work, advertising, e-commerce, and distance education. The company's technological stack includes, ARitize360 App, ARitize for eCommerce, ARitize App, AR 3D Ads, HoloXA, R for Higher Education, LiveX, Map Dynamics, and Genie in a Bottle. It is available for iOS and Android smartphones. ARitize for eCommerce is an end-to-end augmented reality platform that aids online retailers, companies, and distributors.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Metaverse Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2017 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Metaverse Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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