Press release
Metaverse In Gaming Market: Industry Trends, Size, Share, and Growth Rate Outlook
Metaverse In Gaming Market
The metaverse in gaming market size is expected to see exponential growth in the next few years. It will grow to $194.92 billion in 2028 at a compound annual growth rate (CAGR) of 42.2%. The growth in the forecast period can be attributed to expanding implementations of metaverse, the rising popularity of AR and VR, rapidly rising popularity of play-to-earn games, demand for immersive gaming experiences, and rising investment. Major trends in the forecast period include advancements in VR software, technological developments, innovative marketing strategies, enhancement of gaming experience through integration of 3D technology, and rapid advancements in gaming software.
Market Overview -
The metaverse in gaming refers to a virtual shared space where users can interact with each other and digital assets in real-time, often across multiple platforms and games. It's a convergence of virtual reality, augmented reality, and the internet, aiming to create immersive, persistent worlds beyond individual game experiences.
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Role Of Augmented Reality (AR) And Virtual Reality (VR) Enhanced Metaverse In Gaming Market
The rising popularity of augmented reality (AR) and virtual reality (VR) is expected to propel the growth of the metaverse in the gaming market going forward. Augmented reality (AR) enhances the real world with digital content, while virtual reality (VR) immerses users in entirely digital environments through specialized headsets. The growing popularity of AR and VR stems from their ability to provide immersive, interactive experiences across gaming, education, healthcare, and entertainment, transforming digital content interaction and real-world engagement. AR and VR use the metaverse in gaming to create immersive and interconnected virtual experiences, allowing players to interact with each other and digital environments seamlessly, enhancing gameplay and social interaction. For instance, in February 2023, according to XR Today, a UK-based technology podcast company, approximately 57.4 million people in the United States owned a VR headset in 2020, and this figure had risen to 37.7 million in 2022. Therefore, the rising popularity of AR and VR is driving the growth of the metaverse in the gaming market.
Competitive Landscape -
Major companies operating in the metaverse in gaming market are Microsoft Corporation, Meta Platforms Inc., Sony Corporation, Fujitsu Limited, Nvidia Corporation, WPP plc, NetEase Inc., Electronic Arts Inc., Vertiv Group Corporation, Epic Games Inc., Autodesk Inc., Roblox Corporation, Unity Software Inc., Axie Infinity, Magic Leap Inc., Kellton Tech Solutions Ltd., LeewayHertz Inc., Aetsoft Inc., Aptos Labs, SmartMedia Technologies Inc., Spatial Systems Inc., The Sandbox
Community-Driven Gaming Platforms Shaping The Metaverse Landscape
Major companies operating in the metaverse in the gaming market are focusing on the development of advance platforms such as community-driven gaming platforms to enhance immersive experiences and foster user engagement. These platforms harness the collective creativity, passion, and expertise of players to shape the gaming experience and create vibrant, thriving communities. For instance, in January 2024, Nifty Island LLC, a US-based play-to-earn gaming platform, launched its open beta version of metaverse games, offering players a unique gaming experience with avatars from renowned non-fungible token (NFT) collections such as Azuki, Bored Apes, CloneX, and CoolCats. Additionally, Nifty Island's play-to-airdrop system, which rewards players with tokens and NFTs for their participation and enhances the connection between the game and the broader Web3 ecosystem, offers crypto rewards that align with the principles of the metaverse as a decentralized and interconnected virtual space.
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Key Segments -
The metaverse in gaming market covered in this report is segmented -
1) By Component: Hardware, Software, Services
2) By Technology: Non-Fungible Token (NFT), Blockchain, Virtual Reality, Augmented Reality, Mixed Reality, Extended Reality
3) By Genre: Action, Adventure, Role-Playing Games (RPGs), Simulation, Sports And Racing, Strategy, Sandbox, Card And, Other Genres
4) By Age Group: Below 21 Years, 21 - 35 Years, 36 - 50 Years, 51 Years And Above
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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