The gaming industry is currently making enormous profits and is still a very successful industry. The advent of the blockchain and metaverse has contributed to the gaming industry’s growth. Playing games in the metaverse is the main idea behind metaverse gaming. A large online community where one can play games and meet new people simultaneously is known as a “metaverse.” Virtual reality and gaming have always developed together. Metaverse combines several elements, such as social media, cryptocurrencies. Virtual reality, augmented reality, and online gaming, to produce an entirely new experience.

In 2021, the market for the metaverse in gaming was worth USD 36.93 billion. And it will reach USD 663.8 billion by 2030, growing at a 37.85% CAGR during the forecast period.

The spike in demand for immersive games is one of the main factors propelling the market expansion. Also, the market will expand as a result of the increased trading activities in various kinds of tokens and coins. Moreover, mounting privacy-related worries will significantly impede the market growth rate.

Market Dynamics

Drivers

Large gaming and digital technology businesses are starting to make significant investments in the creation of customized metaverses. One of the main reasons for this increase in investment in metaverse technology is the enormous marketing possibilities for various items in the metaverse.

The demand for metaverse gaming increases as AR and VR headsets become more widely used. The demand for AR and VR headsets is rising as they gain popularity. The total number of AR and VR gadgets export worldwide is predict to reach 76.7 million units by 2024. 

Restraints

The high cost of equipment, early stages of research, unwillingness to invest in novel, unproven technology. And privacy concerns are restricting the growth of the metaverse in gaming.

Opportunity 

Users have seen a significant increase in the potential expansion of metaverse games. While corporations from all industries are still considering the different options that the Metaverse brings. Furthermore, the Play to Earn (P2E) concept in the metaverse gaming platforms is attracting more gamers than ever before, offering growth prospects in the future. While playing, users can also acquire other digital assets. As players advance in the game, they can earn real-world rewards like virtual lands. Some NFTs, and cryptocurrency tokens by completing in-game tasks.

Market Segmentation

By Software

On the basis of software, the market is segment into gaming engines and VR metaverse games. 

The gaming engine segment ruled the market entirely, with the largest market share of 59.91%. The two most popular gaming engines, Unreal and Unity, are very active in creating games that are compatible with the Metaverse. Establishing communities and AR/VR platforms, developing avatars, promoting the creation. And selling in an open market, and communicating with other players like Fortnite, thereby fueling the market growth.

By Hardware

On the basis of hardware, the market is segment into a gaming consoles, metaverse wearables, and 3D headsets.

In the year 2022, the metaverse wearables segment held the largest market position, with a revenue share of 47.21%. The digital accessories and virtual clothing that can be employ to personalize avatars in metaverse gaming environments are referr to as NFT wearables. Digital fashion is a growing trend that is accelerating. Designers can employ NFTs built on the blockchain to ensure the ownership, uniqueness. And validity of digital clothes and accessories in the Metaverse. 

By Technology

On the basis of technology, the market is segmented into mixed reality, AR & VR, blockchain, and others.

The AR & VR segment ruled the entire market. The development of metaverse technology has been greatly aid by AR and VR technologies. The growth of VR-compatible games and rising consumer demand for AR glasses. And other VR hardware have driven the growth of the AR & VR market segment.

Regional Overview

North America was the largest regional market in 2022. The largest market share is due to the growing popularity of virtual reality (VR) gaming. The growing desire for realistic gaming experiences, the development of A.R. and VR technology. And the release of extremely sophisticated VR headsets in the States.

However, the Asia-Pacific region will experience the greatest growth in the metaverse gaming market during the forecast period. The Asia Pacific region’s expanding population, rising smartphone. And internet usage, and expanding AR and VR device availability will fuel the market for metaverse gaming.

Key Players 

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

In 2021, the market for the metaverse in gaming was worth USD 36.93 billion. And it will reach USD 663.8 billion by 2030, growing at a 37.85% CAGR during the forecast period. Factors contributing to the growth of the metaverse in the gaming market are the increased investment in creating new applications for the metaverse. And the growth of mixed reality, augmented reality, extended reality, and virtual reality technologies.

The developing interest in coordinating advanced and actual universes utilizing the web, the developing force in the improvement of blended reality, expanded reality, broadened reality, and augmented reality advances, and the developing interest in the improvement of new metaverse applications have been a portion of the significant drivers of the metaverse in gaming market.

The developing reception of blockchain-based advances like digital currency and non-fungible tokens (NFTs) are additionally expected to add to the development of the metaverse in gaming market. The Coronavirus pandemic and the resulting improvements in computerized and cloud innovation have prompted an expansion in the reception of metaverse innovation during the pandemic.

The metaverse can be characterized as a virtual 3D obstinate climate created through increased reality, computer generated reality, and blended reality innovations, among others.

The metaverse stage improves the computerized insight by making a virtual world where clients can encounter vivid interactivity, manage exchanges, organization, interface, blend, exchange virtual property, consume computerized content, and go to virtual occasions.

Major computerized innovation and gaming organizations are starting to put vigorously in the advancement of exclusive metaverses. The massive promoting potential for different items in the metaverse has been one of the significant drivers of this rising interest in metaverse innovation.

The rising fame of AR and VR headsets is projected to support interest for metaverse gaming. As they become more conspicuous, AR and VR headsets are seeing an expansion popular. By 2024, worldwide commodities of AR and VR gadgets are assessed to add up to 76.7 million units. A sum of 34 million VR headset establishments are normal toward the finish of 2024 with no less than 26 million units being sold every year.

Meta Reality Lab has spent in excess of ten billion bucks fostering its metaverse. In April 2021, Amazing Games raised over USD 1 billion to help its metaverse adventures. Decentraland’s metaverse gambling club acquired over USD 7 million in something like three months of its beginning. Organizations are zeroing in on fostering their mingling and player commitment modules in gaming metaverse improvement.

The metaverse in gaming market is limited by the significant expense of gadgets, beginning transformative phase, hesitance in putting resources into new untested innovation, and security concerns.

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