Metaverse in Gaming Market Projected to Hit USD 40 Billion at a 43% CAGR by 2030- Report by Market Research Future (MRFR)

The global Metaverse in gaming market is expected to gain vast momentum in the years to come. Advances in smartphones, consoles, and other gaming devices substantiated the market value. Market Research Future (MRFR) states that the global Metaverse in gaming market is projected to reach USD 40 Billion by 2030, expanding at a 43% CAGR throughout the review period (2022-2030).

Metaverse in gaming enables players to get together with their friends in a shared virtual environment and experience gaming across platforms. With an open metaverse, players can play different games, staying together as a group without worrying about the brand, make, and manufacturer of devices and operating servers. Rising social gaming platforms drive the Metaverse in gaming market.

In other words, Metaverse in gaming allows players to go head-to-head with players across the world, play new sports and games, make video calls between active avatars, and build large and loyal followings. This boom of digital worlds that allow people to interact has led the overall tech industry to describe their gaming platforms with the metaverse catchphrase. 

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Report Scope:

Industry Trends

Online gaming needs Metaverse to create better ecosystems that, together with several NFTs, can make gaming more tangible and engaging. The gaming industry increasingly focuses on converging digital and physical worlds using the internet, which, in turn, boosts market growth. Also, the virality and monetization that Metaverse could offer in gaming increased its market demand.

Rising VR-enabled online social gaming platforms saw a steep rise during the pandemic. Gaming companies like Fortnite, Minecraft, and Roblox have already been employing metaverse inklings. Interest in purely digital technology that can ensure the security of persistent virtual experiences has spiked dramatically with the proliferation of non-fungible tokens (NFTs) and cryptocurrencies. 

There are many features available on individual platforms. The trick to building the innovative Metaverse will be to get the functionality to work seamlessly across platforms for the ultimate gaming experience. The gaming industry using the blockchain and crypto space drives market growth. Gaming companies have started research and development programs on metaverse projects blending virtual reality and augmented reality. 

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A leading gaming platform Meta has been working on a free experience called Horizon Worlds that facilitates a Rec Room allowing people to hang out and play games in a shared virtual environment. In addition to latching onto this idea, players like Microsoft, cryptocurrency specialist Coinbase, and the entertainment giant Disney are building their own metaverses.

Furthermore, concepts like play to earn in online gaming and incentives of earning NFTs (Non-Fungible Tokens) boost the Metaverse in gaming industry. The current online gaming scenario has completely changed with the introduction of blockchain technology, allowing players to invest and earn huge profits. 

Similarly, wearable metaverse tech collects forms of user data with personal details. Both AR and VR technology are highly prone to collecting data through eye-tracking sensors, which hinders the privacy of an individual. Moreover, wearable devices can collect biometric data from nearby surroundings, thus hampering the privacy of individuals in the vicinity.

Metaverse in Gaming Market Segments

The Metaverse in gaming market forecast is segmented into components, device types, technologies, age groups, and regions. The component segment is further sub-segmented into hardware and solutions/software. The device type segment is bifurcated into PCs, mobiles, VR headsets, and others.  

The technology segment is bifurcated into Blockchain, NFT, Virtual Reality, Augmented Reality, Mixed Reality, Extended Reality, and others. The age group segment is bifurcated into below 10 years, 11-19 years, 20-35 years, and above 35 years. Further, the region segment comprises the Americas, Asia Pacific, Middle East & Africa (MEA), Europe, and Rest-of-the-World.

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Metaverse in Gaming Market Regional Analysis

North America is the largest market for Metaverse in gaming market. Factors such as the vast popularity of games like Pistol Whip and Beat Saber and increasing numbers of gamers boost the region’s market size. 

Besides, the wide acceptance of blockchain technology and the presence of major IT giants such as NVIDIA, Google, Microsoft, and others in the region foster market revenues. The US is the leading market for Metaverse in gaming platforms globally. Moreover, large advances and the growing adoption of innovative technologies such as Web 3.0 impact the market value in the region. 

Metaverse in Gaming Market Competitive Analysis

This market appears highly competitive, with the presence of prominent companies having an international and regional presence. The market would witness intensified competition with innovations and an increase in R&D investments and M&A. These companies aggressively target increased participation through collaborations to expand their operations and offerings to target potential clientele. They work on increasing their funding support. 

For instance, recently, on Sept. 05, 2022, Metaverse Magna (MVM) announced raising US$3.2 MN at a US $30 MN valuation in partnership with a multistrategy blockchain investment fund to build Africa’s largest gaming DAO. The funding will be used to expand MVM’s efforts to build Africa’s largest gaming DAO and provide gamers with access to world-class opportunities. The gaming DAO publishes mobile games in frontier markets and creates developer tools for game creators to utilize emerging business models in web3 gaming. 

Key players active in the Metaverse in gaming market are Roblox Corporation, Facebook, Inc., Tencent Holdings Ltd., Epic Games, Inc., and Lilith Games, among others. 

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