The Global Metaverse Market Summary with Segments and Recent Developments

Published: Jan 2023

The metaverse is a virtual world that incorporates elements of social networking, online gaming, augmented reality (AR), virtual reality (VR), and cryptocurrency. Augmented reality enhances the user experience by projecting visual components, music, and other sensory input onto real-world environments. Virtual reality, on the other hand, is wholly virtual and enriches fictitious worlds. 

When Facebook relaunched as Meta, everyone took notice. This shift raised public knowledge of the metaverse to unprecedented levels. Many firms from diverse industries are presently working on metaverse-based initiatives. Some of these are based on video games. Other companies are developing enterprise-level solutions. Companies such as Microsoft and NVIDIA create software and technology that aid in the operation of the metaverse. Roblox and other game platforms have evolved into the metaverse. Other corporations, such as Sony and Tencent, are transferring their platforms to new initiatives in the metaverse. This makes it possible for users of their products to reach the metaverse. Moreover, increasing investments in the metaverse, such as the $10 billion investment made by Meta, are only the very beginning of investments in the metaverse, and Microsoft has also made about $70 billion in investments connected to the metaverse, which will impact the market’s growth further. 

Segments of the Market

The global metaverse market is divided on the basis of component, application, platform, technology, and end-user. Based on component, the market is subdivided into hardware and software. Based on platform, it is subdivided into desktop, mobile, and VR headsets. On the basis of technology, the market is subdivided into blockchain, VR and AR, and mixed reality. On the basis of application, it is subdivided into online shopping, social media, content creation, and others. Further, based on end-user, the market is subdivided into BFSI, media and entertainment, education, retail, manufacturing, aerospace and defense, and others.  

Recent Developments

ByteDance Ltd., Meta Platforms, Inc., Roblox Corp., Shenzhen Zhongqingbaowang Interaction Network Co., Ltd., NetEase, Inc., NVIDIA Corp., The Sandbox, Unity Technologies Inc., and others are assisting in the market’s growth through various mergers, acquisitions, investments, and new technological advancement activities. Some of the recent developments in the market include:

In November 2022, GOQii, an Indian fitness technology company, launched a health metaverse platform. Users will be able to create virtual avatars in this health metaverse. This will provide consumers with a one-of-a-kind and entertaining way to digitally get younger while also motivating them to keep a healthy lifestyle. To launch this health metaverse and GOQii's entry into the UAE, the company has teamed with Harley International Medical Clinic. According to the firm, with this collaboration, UAE citizens will now be able to access a full digital diabetes treatment program. However, the UAE is GOQii's third-largest market, after India and the UK.

In December 2022, Flipkart announced its partnership with the Ethereum-based blockchain platform Polygon to establish a center of excellence (CoE) in India to concentrate on research and development of Web3 and metaverse commerce use-cases. Moreover, in October 2022, Flipkart introduced Flipverse, a Metaverse-based e-commerce platform that, for a week, allowed customers to make purchases in a photorealistic virtual environment. Flipverse included a number of Web 3.0 technologies provided by Polygon-incubated business eDAO. It also provided very high-quality, Metaverse-ready avatars, claimable offers, and other features. Games, drops, NFTS, sweepstakes, mystery boxes, brand activations, and other features were also available on Flipverse.

In December 2022, Tutera, an Egyptian creative community hub, announced the launch of Metatut, showing Egypt's entry into the metaverse, an immersive virtual reality. It is Egypt's largest and first project of its kind, and it was created in partnership with Cube Consultants, a Cairo-based architectural visionary firm. Metatut City's goal is to revive King Tutankhamun, who ruled Egypt from 1333 B.C. until his death in 1323 B.C., to allow him to carry out his vision for Egypt and its people in a different era in the virtual world. By creating a virtual city, Metatut City hopes to revive the spirit of ancient Egyptian civilization in a modern and futuristic setting.

Conclusion

The growing use of metaverse in various industries is the most significant factor in the market’s growth. For instance, the International Air Transport Association (IATA) recognized many technologies such as robots and automation, blockchain, metaverse, virtual reality, augmented reality, web 3.0, 5G, edge computing, and big data, among others, in its latest research titled "Future of the Airline Industry 2035." AR and VR are technologies that help bring the complicated surroundings of an aircraft or airport to life and may be utilized in various parts of aviation training. To replicate actual flying, Boeing, for instance, has started fusing genuine cockpits with movie screens. Without boarding an airplane, new crew members can learn about it and its equipment. Similar to this, using AR, VR, and the metaverse, a complicated airport environment may be brought to life for ground handling and ground service operator training. In short, utilizing VR, AR, and the metaverse in training may produce good results with little time and expense. With all such factors, according to OMR Research, the market is expected to grow at a CAGR of 25% during the forecast period (2023–2029).