Metaverse in Gaming Market
In gaming, the term “metaverse” refers to a virtual world that is connected to a network of multiple virtual universes. It is a persistent, immersive, multi–player experience that can exist in a single world or a series of interconnected worlds. Players may interact with each other, engage in various activities, and explore the environment. Examples of metaverse games include Second Life, World of Warcraft, and Minecraft.
The Metaverse in gaming market is witnessing significant revenue growth. The market is expected to witness a substantial rise during the next few years. According to Market Research Future (MRFR), the Metaverse in gaming market size is expected to reach further heights by 2030, growing at a notable CAGR during the review period (2021-2030).
Technology companies increasingly look to incorporate video game elements. Gaming is the largest entertainment industry by far. The gaming industry certainly dominates the entertainment industry. Metaverse in gaming provides the most immersive experiences. Open world games continue to lead because it opens a virtual reality space for users allowing them to interact with the computer-generated environment and the ecosystem of users.
Metaverse in Gaming Market is Expected to reach US$ 40 Billion by 2030 with 43% CAGR.
Advances in online video games, console games, and mobile games have emerged as one of the most prevalent media forms. Most console and role-playing games (RPG) have already incorporated their own metaverse versions into their gaming structure. Game companies like Epic Games’ Fortnite, Roblox, and Grand Theft Auto already have metaverse platforms that depend on their communities for their business model.
The interest in playing online games is surging due to the rapidly releasing new gaming platforms and opportunities to earn profits. The market witness’s vast capital ventures investing hugely in the development of gaming platforms. On the other hand, privacy concerns and data harvesting issues are major factors impeding market growth.
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Growing developments in Metaverse and its compatible technologies bring forward certain digital privacy concerns. These privacy concerns are primarily related to the location tracking of players. The data collected by AR glasses reveal the user’s location, whereas facial technology used in gaming shares certain information with private and government agencies.
Metaverse in Gaming Market – Competitive Analysis
The Metaverse in gaming market appears to be highly competitive due to the presence of several small and large-scale players. These players incorporate strategic initiatives such as innovations in products and manufacturing techniques, mergers & acquisitions, and brand reinforcement to churn the market competition and maintain their market positions.
Metaverse in Gaming Market Key Players:
- Roblox Corporation
- Tencent Holdings Ltd
- Epic Games
- Magic Leap, Inc.
- Facebook, Inc
Metaverse in Gaming Market – Segments
The global metaverse in gaming market has been segmented based on component, device type, technology, age group, and region.
- Based on the component, the market has been segmented into hardware and software.
- Based on device type, the global market has been segmented into PCs, mobile, VR headset.
- Based on technology, the global market has been segmented into blockchain, NFT, virtual reality, augmented reality, mixed reality, and extended reality.
- Based on age group, the global market has been segmented into below 10 years, 11-19 years, 20-35 years, and above 35 Years.
- The regions included in the study are North America, Europe, the Asia-Pacific, the Middle East and Africa, and South America.
Metaverse in Gaming Market – Geographical Analysis
North America dominates the global Metaverse in gaming market. The presence of major IT giants such as Google, NVIDIA, Microsoft, and others in the region contribute to the market revenues. Besides, the wide acceptance of blockchain technology aids in Metaverse development.
The vast popularity of games like Beat Saber, Pistol Whip, Population and increasing numbers of gamers in the region boost the market size. Moreover, large advances and the adoption of innovative technologies such as Web 3.0 positively impact the growth of the regional market. The US has emerged as a leading market for Metaverse in gaming platforms globally.
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