In-depth analysis of metaverse in gaming market

The metaverse is a collection of virtual worlds that may be explore and interact with. Because users can engage in a variety of activities and conversations and utilize utility tokens to participate in the in-world economy, these virtual worlds have a realistic feel to them. The metaverse allows virtual reality immersion when playing games, and more companies are developing digitally immersive platforms to provide customers with better gaming experiences.

The metaverse in the gaming market in 2021 was worth USD 36.93 billion and will be worth USD 70.17 billion by 2030 at a 37.85% CAGR during 2021-2030.

Large investments have been made in the Metaverse by VCs, tech behemoths, and a wide range of gaming companies. Persistence is the most common force in the metaverse. It is, therefore, still available even after a player has finish using the game platform for a full session. Gamers are also excite by the virtual world it offers for the digital recreation of our real life. 

Market Dynamics

Drivers

A growing user base in the gaming sector, the popularity of play-to-earn games, and the quick advancements in AR, VR, and XR technologies are significant factors driving market revenue growth. Expand use of VR headsets and other hands-free technologies, increase development of play-to-earn gaming platforms in the metaverse, and rapidly rising investment in metaverse gaming platforms are other factors that contribute to market revenue growth in the future.

Opportunities 

While businesses across all industries are still considering the many prospects of the Metaverse, users have observe a significant growth potential in metaverse gaming. According to SMR, a survey was done to learn more about the possible benefits of gameplay in the Metaverse. Nearly 50% of the users state that it provides opportunities for new business models, and 40% note the ability to strengthen relationships between companies and their customers. They saw potential in adding new products and services, improving customer acquisition, and creating new gaming communities among their customers, all of which can take advantage of several prospects for market expansion in the future.

Market Segmentation

The Gaming Engine category rule the entire market with a share of 59.91%. Unreal and Unity, the two most well-known gaming engines, are very active in generating games that are compatible with the Metaverse, promoting creation and selling in an open market, forming communities and AR/VR platforms, developing avatars, and interacting with other players like Fortnite, thereby fueling the market growth.

In terms of hardware, the ‘Metaverse Wearables sector led the market with a 47.21% share in 2022. NFT wearables are digital accessories and virtual clothes that can be use to modify avatars in metaverse gaming environments. Digital fashion is becoming increasingly popular. Designers can employ blockchain-base NFTs to ensure the uniqueness and ownership of digital apparel and accessories in Metaverse.

Based on technology, the AR & VR segment led the market with the largest position. The concepts of virtual reality (VR) and augment reality (AR) are linketo the metaverse game concept. Users can use AR (augment reality) technology to add virtual gaming elements to the real world. 3D computer modeling is one of the most fascinating sorts of visual designs, and it is utilize in VR to fully immerse consumers in a 3D virtual gaming environment, hence increasing market growth.

Regional Analysis 

Because of a plethora of technological breakthroughs in metaverse gaming, the Asia-Pacific area saw the fastest growth rate from 2022 to 2030. The term “metaverse in gaming” has grown in popularity in China, resulting in a plethora of new commercial potential. Chinese IT companies have already begun to test the waters by making major investments in VR/AR technologies, which are project to generate massive income in the future, fueling market expansion.

Key Players 

• Epic Games
• Unity
• NVIDIA
• Magic Leap Inc.
• Decentraland
• Roblox Corporation
• Meta
• Lilith Games
• Tencent Holdings Ltd.
• The Sandbox
• Microsoft
• Autodesk

The metaverse in the gaming market in 2021 was worth USD 36.93 billion and will be worth USD 70.17 billion by 2030 at a 37.85% CAGR during 2021-2030. The advancements of mix reality, extend reality, augment reality, and virtual reality technologies, and increase investment in the creation of new applications for the metaverse, have been some of the key factors driving the market for the metaverse in gaming.