A virtual platform called the metaverse unifies various technologies, including social media, live streaming, video conferencing, cryptocurrencies, gaming, and other digital ones like virtual reality and augmented reality. Players may immerse themselves in virtual reality while playing games thanks to the metaverse, and more businesses are working on creating digitally immersive platforms to give clients greater gaming experiences.

The market for metaverse in gaming was USD 36.93 billion, and by 2030, it will reach USD 70.17 billion, growing at a 37.85% CAGR during the forecast period. 

The rising popularity of play-to-earn games, the quick advancements in AR, VR, and XR technologies, and the expanding user base in the gaming sector are some of the main drivers stimulating market revenue growth throughout the forecast period. Expanded use of VR headsets and other hands-free technologies, expanded progress in play-to-earn gaming platforms in the metaverse, and rapidly rising investment in metaverse gaming platforms are other factors that will contribute to market revenue growth in the future.

Market Dynamics

Drivers

The advancement of mixed reality, augmented reality, extended & virtual reality technologies, and the rising investment in the creation of new applications for the metaverse are major factors driving the market for the metaverse in gaming.

The metaverse in the gaming sector will increase as blockchain-based technologies like bitcoin and non-fungible tokens (NFTs) become more widely used. During the COVID-19 pandemic, the use of metaverse technology has increased due to the epidemic and subsequent advances in digital and cloud technologies.

The demand for metaverse gaming will increase 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 exported worldwide is predicted to reach 76.7 million units by 2024. By the end of 2024, 34 million VR headset installations are anticipated, with at least 26 million headsets sold annually.

Meta Reality Lab has used more than 10 billion dollars to create its metaverse. To fund their metaverse endeavors, Epic Games raised more than $1 billion in April 2021. In the growth of the gaming metaverse, businesses are concentrating on their socializing and player engagement modules.

Restraints

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

Market Segmentation 

By Technology

Augmented reality and virtual reality will experience exponential growth and dominate the market. Through the metaverse, which connects the virtual and real worlds, AR and VR are closely related to gaming and significantly contribute to it. In order to enjoy the leveled-up gaming sector, users add virtual gaming objects utilizing AR, while VR enables them to explore infinite possibilities.

Further promoting industrial growth is the incorporation and application of 3D computer modeling, which enables consumers to fully immerse themselves in 3D virtual game environments. On the other hand, the segment's growth is also aided by AR's lower cost when compared to VR.

By Age Group

The age group of 11-19 years held the biggest market with 67.23%. The number of gamers on metaverse gaming platforms is increasing dramatically over time. The majority of players of the top three games (Fortnite, Minecraft, and Roblox) are under the age of 20, with 59% of them being male.

Regional Analysis 

North America had a huge market share in 2022. The USA has seen a rise in the popularity of virtual reality (VR) gaming due to the increasing demand for immersive gameplay, advancements in A.R. and VR technology, and the introduction of highly advanced VR headsets.

Due to the introduction of numerous technology improvements in metaverse gaming, the Asia-Pacific area saw the largest growth rate between 2022 and 2030. In China, the phrase "metaverse in gaming" has become extremely well-known, creating various intriguing commercial options. With considerable expenditures in VR/AR technology, Chinese tech companies have already begun to test the waters. These investments will generate enormous income in the future, spurring market expansion.

Key Players

· Tencent Holdings Ltd.

· Roblox Corporation

· Magic Leap Inc.

· Epic Games

· Lilith Games

· Meta

· NVIDIA

· Decentraland

· Microsoft

· The Sandbox

· Unity

· Autodesk

The market for metaverse in gaming was USD 36.93 billion, and by 2030, it will reach USD 70.17 billion, growing at a 37.85% CAGR during the forecast period. The development of mixed reality, extended reality, augmented reality, & virtual reality technologies, and the increased investment in creating new applications for the Metaverse are the key factors driving the Metaverse in the gaming market.

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