In the past two years, Meta has spent more than USD 10 billion on their metaverse business division – Reality Labs, becoming one of the first companies to take giant steps toward building metaverse. In October 2022, CEO Mark Zuckerberg declared that the company further aims to increase its investments in the metaverse in 2023 by launching its new virtual reality headsets.
Microsoft, another technology giant with their next-gen product, Mesh for Teams, has already forayed into the commercial metaverse market. Further, with USD 69 billion acquisition of one of the largest gaming companies – Activision Blizzard, it has tapped into the consumer metaverse market.
According to statistics, the metaverse investments from companies have more than doubled from 2021 to 2022. Such rising investments state that the metaverse will stay for the next decade. Metaverse is an online experience of shared 3D virtual worlds created through the convergence of physical and digital worlds. These virtual worlds are created by leveraging state-of-the-art technologies, such as Augmented Reality (AR) and Virtual Reality (VR), Real-Time 3D (RT3D), and interactive video. Metaverse can be experienced through various VR, AR, and mixed reality (MR) devices, such as Head-Up Displays (HUD), Head-Mounted Displays (HMD), smart helmets, and smart glasses. It can also be experienced using smartphones, displays, projectors, and computers. The metaverse is gaining wide popularity in social networking, online video gaming, and live entertainment. Online game makers like Roblox, Electronic Arts, Activision Blizzard, Tencent, NetEase, and Nexon are tapping into the metaverse market through the in-game 3D virtual worlds. Further, various companies from consumer and commercial industries, such as Nike, Walmart, Adidas, Atari, and Verizon, are foraying into the metaverse market through different strategies by leveraging immersive and interactive digital worlds.
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Evolution and need for Metaverse
The internet evolved from Web 1.0 (multimedia, networking) to Web 2.0 (virtualization, cloud computing, mobile), which formed the base for all the innovative technologies today. The rise of virtual reality, collaborative gaming, and social media gave a foundation to the metaverse in the past decade.
The metaverse today is built upon three primary technologies: Web 3.0, extended reality (XR), and decentralization. A technological paradigm shift has given birth to many emerging technologies in recent years. Metaverse is built upon all these disruptive technologies, forming a next-generation experience. The vendors are witnessing new revenue prospects from the opportunities in adjacent markets of such disruptive technologies, including extended reality, blockchain, non-fungible tokens (NFT), cryptocurrency, artificial intelligence (AI), machine learning, ubiquity, edge computing, virtual connectivity. Metaverse has highly penetrated the consumer vertical with gaming and social media developments. However, multiple large-scale companies’ collaborative efforts are paving the way for metaverse-based corporate training, industrial design & simulations, next-gen telemedicine, and education.
The metaverse market is fragmented, with numerous market players across hardware, software, and services. The metaverse hardware providers offer AR, VR, MR hardware, display products, and other related hardware. The software vendors are primarily divided into 3D modeling and reconstruction software vendors (including game engines), game developers, social networking companies, financial platforms (NFT, crypto), asset marketplaces, and metaverse platforms (Gateways, Avatar Makers, Play-to-Earn, Virtual Worlds, and Metaverse-based social media). The service providers offer application development, system integration, strategy, and business consulting services. Vendors such as Microsoft, Meta, Decentraland, and NVIDIA are developing innovative metaverse hardware & software to drive the market’s growth. Meta offers Meta Quest Pro, an advanced self-contained VR headset to connect & collaborate in VR. It features face tracking via inward-facing cameras and a full-color video feed to facilitate a virtual office space where people can meet with co-workers and use either full VR or a limited form of AR. Additionally, Microsoft provides Mesh, a unifying holographic virtual collaboration experience through mixed-reality applications. Mesh-enabled apps allow users to experience a shared 3D virtual presence using any device, such as VR headsets, mobile phones, tablets, and PCs.
As per MarketsandMarkets (MnM) analysis, the global Metaverse Market is estimated to be USD 61.8 billion in 2022 and is projected to reach USD 426.9 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 47.2% during 2022 to 2027. The market is nascent and has massive potential over the next decade. Companies heavily invest in metaverse solutions and services to support the ecosystem. MarketsandMarkets estimates that the revenue shall reach USD 1600-1700 billion by 2030. The multi-billion-dollar opportunity attracts many global investments from large, medium, and small organizations. Furthermore, numerous start-ups are foraying into the metaverse marketspace to tap onto lucrative opportunities. According to a report, venture capitalists and large enterprises altogether funded more than USD 120 billion in just the first half of 2022 towards developing metaverse technology and infrastructure. With this level of investment from existing companies and innovations from newly funded venture-based startups, the metaverse is expected to penetrate all industries in major regions and countries for the next 5-10 years.
The rising adoption of metaverse from commercial and industrial verticals is expected to continue in the coming years. Advanced technologies such as AR, VR, blockchain, 3D mapping, 3D modeling, simulation, cloud computing, AI, and ML are bringing massive transformations in metaverse platforms, resulting in the growth of the metaverse market.
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