Metaverse in Gaming Market Size

Metaverse in Gaming Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The metaverse in the gaming industry is expected to reach $11.14 billion by 2023, with a projected value of $100 billion by 2032. This remarkable growth rate, with a CAGR of 27.62% from 2024 to 2032, indicates a strong upward trajectory, driven by rising interest in virtual worlds and technological advances. Virtual reality, augmented reality and the blockchain are reshaping the gaming landscape and enabling the creation of fully immersive experiences. This is a major factor driving the metaverse market. As the use of virtual reality and augmented reality grows, the metaverse becomes more interactive and players are more engaged. In addition, the popularity of game-to-earn models and NFTs is attracting a new audience, further boosting the market. The leading players, such as Meta Platforms, Inc., Epic Games and Roblox, are investing heavily in the development of metaverse platforms, forming strategic alliances and launching new products to seize this booming market. These initiatives are not only strengthening their own competitiveness, but also contributing to the overall development and evolution of the metaverse in the gaming industry.

Regional Market Size

Regional Deep Dive

The metaverse in gaming is developing rapidly in all regions of the world. This is due to technological developments, the expansion of the Internet, and the growing interest in virtual reality. North America is characterized by the presence of major gaming companies and IT giants, which encourages innovation and investment. Europe is characterized by a varied gaming culture and the presence of a legal framework that supports digital assets and virtual economies. Asia-Pacific is experiencing a boom, fueled by a large gaming population and the integration of blockchain technology. The Middle East and Africa are emerging markets with a unique culture and growing mobile gaming, while Latin America is experiencing a surge in engagement and local development initiatives.

North America

• The metaverse is the most advanced technology of the future. It is the platform on which virtual reality and augmented reality are combined to give a complete view of the world.
• In the meantime, the emergence of blockchain-based gaming, such as the Axie Infinity, has begun to change the gaming world by enabling players to acquire in-game assets with real-world value.
• Regulators in the United States are currently examining the framework of digital currency and NFTs.

Europe

• The European Union is currently working on a digital assets regulation which could give a clearer framework for the NFTs and thus create a safer environment for both the players and the developers.
• Germany and France are leading the way in combining the experience of cultural heritage with gaming and thus promoting the appeal of the metaverse.
• The popularity of the Decentraland and The Sandbox projects has been increasing. They enable users to create, own, and monetize their own virtual land, which in turn enhances community engagement.

Asia-Pacific

• Xiaobian’s game industry is one that is rapidly adopting metaverse concepts. Leading companies such as Tencent and Netease have been investing in virtual reality and augmented reality to enhance the gaming experience.
• In Japan and Korea, where mobile games are very popular, metaverses are being developed that are especially suited to the mobile gaming audience.
• A change in the regulatory framework in India has prompted a number of local companies to enter the metaverse, backed by the government’s support for digital innovation.

MEA

• In the United Arab Emirates, the United Arab Emirates Metaverse Initiative aims to be a leading country in the field of metaverse development. Its goal is to attract and support the most important companies in the field of virtual reality.
• In Africa, mobile gaming is becoming a major industry. Local game development is resonating with the local audience, which is causing the metaverse to spread.
• In Africa, the improvement of the Internet is increasing access to virtual reality, especially in South Africa and Nigeria.

Latin America

• Brazil and Mexico are at the forefront of the gamer community. They are developing their own metaverses, which reflect local interests and narratives.
• In the region, the interest in the metaverse is growing, and the number of events and tournaments with virtual elements is growing.
• The government is trying to help tech start-ups and thus encourages investment in metaverse-related innovations and ventures.

Did You Know?

“The global gaming market was expected to exceed $200 billion by 2022. A good part of this growth was due to the emergence of metaverse gaming.” — Newzoo, 2022 Global Games Market Report

Segmental Market Size

Metaverse in the gaming market is a fast-growing sector that plays a crucial role in the gaming industry as a whole, which is currently experiencing a high level of growth. It is driven by the growing desire for a more realistic experience, the development of virtual reality and augmented reality, and the rise of social platforms that support the formation of a community. These factors are changing the way players interact with games and with each other, and creating a more connected gaming environment.

At present the market is in the field of a large-scale deployment, with companies like Meta (formerly the name of a company which is now owned by Facebook) and Epic leading the way in developing metaverse platforms. Notable use cases include the virtual concert in the Fortnite game and the social interaction in the virtual world of Horizon. In addition to this, the digital transformation that has been accelerated by the COVID pandemic and the rising interest in gaming based on the blockchain are contributing to the growth of the market. Furthermore, the introduction of 5G and the cross-platform availability of devices will also contribute to the development of this market, as they will make it easier for people to access these virtual worlds.

Future Outlook

The metaverse gaming market is expected to grow from $11.14 billion in 2023 to $100 billion in 2032, with a CAGR of 27.62%. This explosive growth is driven by the integration of virtual and augmented reality technology, which is expected to enhance the experience and engagement of users. In 2032, it is expected that over 60% of all gamers will be playing on metaverse platforms, driven by the improvement in hardware, software and network technology, including the launch of 5G technology and the development of better graphics processing units (GPUs).

Among the key technological drivers are the blockchain for secure transactions, NFTs for the ownership of in-game assets, and artificial intelligence for a more personal gaming experience. In addition, social gaming and the metaverse will lead to a greater degree of interactivity, resulting in increased retention and monetization opportunities. Cross-platform gaming and the convergence of gaming with social media will also add to the appeal of the metaverse, thereby attracting a wide variety of players. Strategic alliances between gaming companies and technology companies will be important in order to meet the growing demand for more immersive gaming experiences.