The success of the metaverse as an idea and the innovations in the field would rationally be determined by the metaverse market size over a period of time and how the industry growth for particular ideas or products/services in the metaverse is projected.
Metaverse is currently one of the most prevalent concepts widely discussed among tech enthusiasts and business opportunists. The concept that promulgates the realization of a seamless transition from the real to the virtual world, blurring the boundaries between the two realities, caught greater attention after the rebranding of Facebook as ‘Meta.’
Ever since then, metaverse market statistics have been quite surprising. The popularity and adoption of metaverse related technologies such as AR, VR, XR, Blockchain, Cryptocurrency, and NFTs have been incrementing.
In this article, we bring you the most significant metaverse statistics facts and other related information on metaverse market size. We’ll also shed some light on metaverse growth for 2022 and future expectations. Read till the end to learn more!
What Is The Metaverse?
The metaverse is defined as an evolved spatial environment that will be more immersive and interactive than the technology and internet we experience today. With the combination of immersive technologies such as Augmented Reality (AR), Virtual Reality (VR), Extended Reality (XR) and other growing technologies like blockchain, the concept is expected to come about in a decade.
American sci-fi novelist Neal Stephenson first mentioned the word and vision of a dystopic world and called it the metaverse in ‘Snow Crash,’ published in 1992. Later on, more books and movies were released elaborating on similar lines.
Today we see how the vision that those movies and books presented is now a work in progress to become a reality. Big tech companies like Microsoft, Meta, Apple, Google and many others have profoundly invested in the space.
All such progressions have considerably increased the metaverse market, adding to the pool of interesting metaverse statistics facts.
Metaverse Growth 2022
Surprisingly, while markets in the rest of the world were facing a slump during the COVID-19 pandemic, metaverse as a concept attracted greater attention and stimulated people’s interests. Moreover, due to the pandemic, the importance of a seamlessly interconnected virtual and real-world environment rose among the consumers and businesses alike.
The metaverse market statistics show how the idea is steadily establishing itself.
In 2020, tech corporations began developing metaverse technology and announced various investments in space.
Industry experts believe that the COVID-19 pandemic acted as a stimulus for the development of metaverse technology, and the post-pandemic environment will galvanize the interest and curiosity for the technology.
1. A General Overview of the Metaverse Growth
In 2021, the metaverse market size was $38.9 billion. However, this valuation is expected to rise by 22.18% in 2022. Therefore, the metaverse market size for 2022 is projected at $47.48 billion.
According to metaverse market research and reports, it is said that by 2030, that is, over a period of eight years, the valuation of the market for metaverse could reach as high as $678.8 billion.
In addition, to the overall market growth of the metaverse, an industry-specific increment in the metaverse market is also projected, which has been discussed below.
2. Metaverse Growth In Gaming & eSports
The growth of metaverse is expected to touch $400 billion in the gaming world by 2025. Big gaming companies are investing huge sums of money to explore the potential of metaverse since it’ll harbor some of the most prominent gaming technology like Virtual Reality.
For nstance, in 2021, Epic Games, which is the developer of Fortnite, raised funds worth $1 billion for investing in Metaverse. According to the metaverse statistics, Epic Games’ market value reached more than $28 billion.
Soon after Epic Games’ metaverse market investment, SONY initiated a strategic move and invested $200 million in Epic Games. The two leading gaming companies might collectively contribute to the metaverse gaming field with this strategic investment.
3. Metaverse Growth In Entertainment
The entertainment industry had begun exploring the realm of more immersive storytelling. With the advent of the ideation of a metaverse, creative directors, art producers, artists and performers began reimagining the future of entertainment.
Artists like Travis Scott, Ariana Grande, Justin Bieber and many others added fuel to the trend of metaverse concerts. These concerts attracted significant attention from the people. The participation of millions of users in the online Fortnite Concerts is a major metaverse statistic fact.
These events only point towards the greater potential of metaverse growth in entertainment.
4. Metaverse Growth In Education
Metaverse in education is one of the most productive and worthwhile scopes for using metaverse technologies. Experts suggest the combination of these two would bring about significant development in the growth of educational possibilities and metaverse market size.
The concept of MetaClassrooms, which would be created with VR and AR technologies coming together, could change the world of education by adding greater effectiveness in the process.
5. Metaverse Growth In Professional Training
Professional training is another significant field where the growth of metaverse technologies can be projected. For instance, skilled occupations such as medicine, military, mining and others can effectively utilize metaverse technologies for training.
Recently, tech giant Microsoft signed a contract with the US Army, committing to deliver AR headsets for the training of the soldiers. In addition, other companies, such as 8chili Inc., are using virtual reality technology to transform medicinal training.
Metaverse Statistics 2022
The year 2022 began with an open and widely acknowledged exposure to the metaverse. Though the metaverse’s technologies, like virtual reality, augmented reality, 3D technology, and blockchain, have been around for some time, people have begun to see them in a new light because of the metaverse.
Here are some of the most striking metaverse statistics facts to remember.
- Google invested $39.5 million in a private equity fund for its metaverse projects. In 2014 it released AR glasses which didn’t receive much appreciation in the market. But, Google is keeping up with its competitors, investing in the metaverse growth.
- Microsoft signed a ten-year contract with the US Army worth $21.8 billion to supply 120,000 AR headsets. Previously, in 2018, it had signed a contract of $480 million with the US Army to develop more than 100,000 HoloLens.
- According to recent metaverse statistics reports, Nvidia, a leading American MNC which develops GPUs and APIs, became one of the top ten metaverse companies with its advanced omniverse technology. In addition, about 50,000 individuals downloaded the Nvidia Omniverse Beta Version, increasing its metaverse market size to more than $500 billion.
- Global shipments for AR/VR devices have been projected to reach 76.7 million in 2024.
- The metaverse concert organized by Fortnite, featuring Travis Scott in a game avatar, was attended by more than 12.3 million users live, which is an all-time high record.
- A metaverse statistics report for 2022 by Statista on the views of US adults about the metaverse said 26% believe that it’s the future of technology while 30% think metaverse experiences will not be as good as real-life experiences.
- Another online survey conducted by Statista on the important factors affecting the use of metaverse concerning adults for the metaverse statistics in 2022 showed that 24% believe that lower-priced VR headsets are the most significant factor.
FAQs – Metaverse Statistics
Here are some frequently asked questions (FAQs) that you can consider referring to understand the metaverse market better.
Q1. What Is The Metaverse Market?
The metaverse market is the scope of the extent of metaverse business operations and the remunerative benefits that people in the industry and consumers, in general, might receive from the metaverse. These benefits could be in terms of utility, income and earnings. As the adoption of the technology increases by the masses, so will the metaverse market size.
Q2. How Fast Is The Metaverse Growing?
The opinions on this question are quite varying. While some experts quote reports that project a high growth rate of the metaverse, like one by Goldman Sachs that projected the metaverse market size to reach an astonishing $800 billion valuation by 2024; other experts suggest having realistic expectations and propose that metaverse is a work-in-progress, therefore, discussing and projecting high growth figures would be misleading.
Q3. How Many Metaverse Are There?
Experts suggest that metaverse would be a collection of different virtual and 3D environments rather than a single one. Various companies are coming up with their versions of the metaverse and giving them names; however, ideally, the metaverse would be a collection of these versions forming a whole.
Metaverse Market Size and Industry Growth: Key Takeaway
The technology industry’s growth with respect to the operations and the market size of the metaverse would depend on how accessible and affordable the gateways to the metaverse are. In addition, the factors of accessibility and affordability would significantly influence the willingness of people to experience the related technological advancements. Nonetheless, the metaverse statistic facts indicate one important thing – Metaverse technology is here to stay, grow, and transform how the world functions gradually.
- 3D Technology
- Augmented Reality
- Metaverse Growth
- Metaverse Statistics
- Virtual reality
Nitisha Lal is a writer enthusiastic and curious to learn new things. Currently, she writes about the latest developments in technology, particularly around Web3 and the Metaverse. She enjoys nature walks, capturing the world around her on the phone, or reading books when away from work.