Metaverse In Gaming Market

According to Stratistics MRC, the Global Metaverse in Gaming Market is accounted for $36.8 billion in 2022 and is expected to reach $246.6 billion by 2028 growing at a CAGR of 37.3% during the forecast period. The metaverse is a platform for global digital interaction that integrates social networking, online gaming, virtual reality, augmented reality, and cryptocurrency. The Metaverse has attracted significant investment from V.C.s, tech behemoths, and a variety of game companies. Persistence is mostly what generates the metaverse. In other words, a player can still access it even after using the gaming platform for the duration of a session. It also thrills gamers since it offers a virtual setting for the digital reconstruction of our real world. Players frequently stumble upon objects on metaverse platforms that look remarkably real. They can converse with other players, trade digital products, and interact with virtual objects using haptic gloves and jackets.

According to the EY Gaming Industry Survey report, considering the product side, half of the Nordics executives surveyed (precisely 53%) responded that they are prioritizing investments in VR, AR, and MR experiences.



Market Dynamics:

Driver:

Brand promotions using gamification and virtual world simulators

The gaming component of the metaverse is being utilized by numerous businesses, particularly those in the retail and gaming (entertainment) sectors. In order to engage in metaverse-based marketing and sponsorships, they are strategically using the metaverse in gaming. By gamifying their brands through engaging online experiences and virtual world simulators, these companies profit. Reactland by Nike, Inc. (US), MagicBand+ by Disney (US), Mobility Adventure by Hyundai Motor Company (South Korea), and Gucci Garden by Gucci (Italy) are a few instances of the metaverse in gaming initiatives that gamify brand awareness.

Restraint:

Digital privacy concerns and data harvesting

Concerns about certain aspects of digital privacy are being raised by the emergence of a metaverse in gaming and its associated technologies. The Electronic Frontier Foundation (EFF) claims that the privacy issue is connected to the location monitoring of a person, where it is anticipated that the data obtained by the AR glasses will reveal the user's whereabouts. Another major concern is that the facial technology employed in the process is anticipated to be shared with both private and public organizations. Additionally, users' personal data is projected to be gathered from wearable metaverse technology. Eye-tracking devices, which have the potential to encroach on a person's privacy, can be used with both AR and VR technology to collect data.

Opportunity:

Emergence of virtual reality (VR) and augmented reality (AR)

The gaming industry has experienced an enormous rise in game platforms since the advent of VR and AR. The development of virtual reality projection technology, which gives consumers a consistent experience in the virtual world, is establishing new trends for the expansion of the gaming business. For instance, Meta's virtual reality division, Oculus, made revolutionary technological accomplishments. Since October 2020, the business expects to have sold 10 million Quest 2 headsets worldwide.

Threat:

Regional government regulations coupled with environmental impact

Adjacent technologies, especially cloud computing (cloud gaming), blockchain, and XR, facilitate the metaverse in gaming. High computational and storage requirements for these technologies have led to an ever-increasing need for data centers and computing hardware, including storage hardware, cooling components, networking cables, GPUs, CPUs, and bandwidth. Additionally, the blockchain is crucial to the operation of the metaverse, which is supported by cryptocurrency mining and the heat produced by crypto mines powered by hundreds of thousands of graphics cards. AI and cloud services are used in data centers and VR technologies, both of which consume a lot of energy. Such an infrastructure demands a lot of energy and power to operate and maintain. All of this has an effect on the ecosystem, either directly or indirectly.

Covid-19 Impact:

Digital products and services have been quickly adopted as a result of the global COVID-19 epidemic. New immersive digital material has been created as a result of forced lockdowns and the ensuing changes in lifestyle. One such advancement that has greatly profited from the lockdowns and restrictions brought on by the pandemic is the metaverse. NFTs and blockchain technology advancements have both played a significant role in the market's expansion during the pandemic.

The software segment is expected to be the largest during the forecast period

Software segment held the largest market share during the forecast period. On the basis of software, game engines commanded rapid growth. A game engine is a software development tool or setting that was initially employed to create video games. However, a gaming engine can also be utilized for collaboration, visualization (such as with the creation of digital twins), and other purposes. Animation tools, AI, physics and collision engines, audio engines, and other functions can be found in game engines.

The strategy segment is expected to have the highest CAGR during the forecast period

Strategy segment is expected to record lucrative growth throughout the projection period. Players can explore a substantial, open environment filled with social and cooperative gameplay elements in these games. Primal energy can be used to forge and personalize weapons, and individuals can test their strength by taking on powerful bosses. Decision-making abilities are placed to the test in this gaming genre. Though it is a highly lucrative game genre, developers must be careful when making strategy games. When playing and formulating strategies, players are prone to becoming easily bored, especially if they feel like they are not making any progress. To encourage players and lower uninstalls, developers could add exclusive live event incentives, collecting mechanics, and unique player vs. environment games.

Region with largest share:

Asia-Pacific is projected to hold the dominant share during the extrapolated period. Vendors of metaverse gaming solutions must constantly innovate and upgrade their products to keep up with the diverse expectations of gamers in different nations, including Australia and New Zealand (ANZ), Japan, China, Singapore, South Korea, India, Indonesia, and Hong Kong. The gaming industry jumped on board quickly. However, alibaba (China), a local IT and gaming powerhouse, is rewarding players in Ant Adventure, its first blockchain game, with NFTs. Ant Adventure is accessible through the Alipay app.

Region with highest CAGR:

Asia pacific is expected to witness substantial growth over the domination period. The world's largest provider of IT services, Fujitsu (Japan), and the automaker Mitsubishi have partnered up to develop the Japan Metaverse Economic Zone, a world-class immersive game setting that attracts advertisements. However, the biggest producer of hardware in the world is Asia-Pacific. In order to enjoy gaming in the metaverse, manufacturers of the metaverse in gaming are actually updating the region's connecting technologies to be dependable, display high bandwidth, and emerge upstream connections.



Key players in the market

Some of the key players in Metaverse in Gaming market include Magic Leap Inc , Lilith Games, Microsoft, Roblox Corporation, Decentraland, The Sandbox, Epic Games, NVIDIA, Tencent Holdings Ltd, Autodesk and Meta.

Key Developments:

In November 2022, Web3's most potent lynchpin, MetaMask, announced a partnership with blockchain gaming launcher, HyperPlay. They are gearing up to usher in a new era in which every desktop game will have accessibility to a cryptocurrency wallet.

In September 2022, Epic Games partnered with Hadean and contributed $30 million towards constructing Hadean's metaverse game infrastructure. Epic Game's extremely advanced Unreal Engine will help Hadean develop its existing technologies for suitably constructing metaverse gaming platforms by allowing massive numbers of concurrent users and opening up new gaming tools for the creators and developers.

Components Covered:
• Services
• Software
• Hardware

Game Genres Covered:
• Strategy
• Sports & Racing
• Simulation
• Role Playing
• Casual
• Adventure
• Action

Equipments Covered:
• Gaming Console
• Desktop
• Smartphone

Age Groups Covered:
• Below 10 Years
• 11 to 19 years
• 20 to 35 years
• Above 35 Years

Technologies Covered:
• 3D Reconstruction
• Internet of Things (IoT)
• Blockchain (Cryptocurrency & NFTs)
• Other Technologies

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances