The global metaverse gaming industry is expected to reach $307.3 billion by 2027, at a CAGR of over 14%, growing from an estimated $83.6 billion in 2019. Key growth drivers include increase in smartphone usage, rise in online gaming and deployment of advanced technologies such as VR and AR. In addition, increasing disposable income across the world will also drive this market further ahead:
A new analysis report by Research Dive says the global metaverse gaming industry will obtain a CAGR of over 14% and reach a revenue of $307.3 billion by 2027.
CAGR is a compound annual growth rate, which provides an easy way to compare growth rates across different periods of time. It’s defined as the percentage change in a compound annual growth rate from one year to another.
The metaverse gaming industry will have a CAGR of over 14% and reach a revenue of $307.3 billion by 2027 according to Research Dive’s new analysis report “Global Metaverse Gaming Market: Analysis & Forecast 2019-2028”
According to the report, the rise of online gaming combined with emerging technologies such as VR and AR will drive the growth of this market.
The global online gaming market is expected to grow at a CAGR of 36% during 2019-2021. Rising disposable income, adoption of advanced technology and burgeoning smartphone usage around the world will further boost demand for virtual reality (VR), augmented reality (AR) and other related technologies.
This is accompanied by an increase in smartphone usage and connected users all over the world.
The internet has become an essential part of our daily lives. As a result, more people are using it and becoming more connected. As people become more tech-savvy, they also want to play games on their phones or tablets.
In addition, increase in disposable income and adoption of advanced technology are the key drivers for a healthy growth rate.
The rising demand for online gaming has led to an increase in smartphone usage. As more people use smartphones to play games, they can now connect with other players from all over the world who enjoy playing virtual reality games as well. This has resulted in a significant increase in the number of users who have access to various VR platforms such as Playstation VR, Samsung Gear VR and Google Daydream View etc., which makes it easier than ever before for casual gamers who want to try out new titles without having too much equipment needed like expensive PC systems or expensive headsets
However, lack of awareness among customers, high price of VR devices and problems associated with VR can hamper the market growth.
VR is an emerging technology that has gained a lot of popularity in recent years. The market size of virtual reality gaming industry was around USD 2 billion in 2018 and is expected to grow at a CAGR (Compound Annual Growth Rate) of 41% during 2026-2027. In order to boost this growth rate further, it is important for companies to understand how they can leverage on this opportunity by innovating their products or services so as to attract more consumers towards their products/services.
The global metaverse gaming industry is set to be worth $307.3 billion by 2027 as it becomes more popular and accessible everywhere.
This is a new analysis report by Research Dive, which forecasts that the rise of online gaming combined with emerging technologies such as VR and AR will drive the growth of this market.
Conclusion
Metaverse gaming is a growing industry and it will continue to grow in the next few years. It has the potential to change the way we play games, interact with each other, and share experiences together. However, because of its complex nature and high cost of entry for consumers, it will not be as widely adopted as smartphones today.
