Top 10 Metaverse Companies In The Industry - Offering Advanced Technologies

The metaverse platforms industry is becoming one of the developing sectors globally. Increase in spending by consumers for virtual concerts, events, and other events is driving the market. There has been a rise in investments in e-commerce and retail platforms in the virtual environment. As per a report by Fortune Business Insights™, the market size for metaverse reached USD 63.83 billion in 2021 and is set to reach USD 1,527.55 billion by 2029 at a CAGR of 47.6% during the forecast period. Rise in the adoption of various advanced VR devices and blockchain is estimated to drive this market. Increasing adoption of new technologies, such as blockchain, AI, and Mixed Reality (MR), is anticipated to propel market growth.

Fortune Business Insights™ Reports Top 10 Metaverse Companies Operating in the Industry.

1. Tencent Holdings Ltd. 

Tencent Holdings Ltd. is a Chinese multinational entertainment and technology company based in Shenzhen, China. It is one of the highest grossing entertainment companies globally. The company offers a wide range of services such as advertising, Fintech services, cloud computing, and other enterprise services. It helps companies to digitize their business.

In January 2022, Tencent Holdings Ltd. updated its QQ Unreal game engine for metaverse. QQ allows users to interact and socialize online games such as Animal Crossing in the metaverse environment. The beta version provides 3D interactive space for all users. It enables customized 3D full-body avatars for playing the game and interacting.

2. NVIDIA Corporation

NVIDIA Corporation is an American technology company incorporated in Delaware located in Santa Clara, California. NVIDIA Corporation is a computing technology provider that aims at helping and solving challenging computational problems. The company designs various graphic processing units for the global computing, gaming, and professional markets. It leverages its advanced GPU architecture to create meta platforms, virtual reality, high-performance computing, and AI.

In August 2021, NVIDIA Corporation expanded NVIDIA Omniverse metaverse collaboration and simulation platform. The platform delivers an advanced experience by integrating Blender and Adobe. It is an open-source 3D animation tool that allows artists to access the Omniverse platform.

3. Meta (Facebook, Inc.) 

Meta Platforms, Inc., formerly known as Facebook, is an American multimedia technology conglomerate located in Menlo Park, California. The company owns WhatsApp, Instagram, and Facebook. The company offers metaverse services for several applications, including gaming, education, entertainment, construction, e-commerce, and building virtual infrastructure.

In November 2021, Meta announced a partnership with Peres Center for Peace and Innovation in Israel. The partnership aimed to bring AR/VR developers and startups to the unlock metaverse opportunity. The partnership includes a growth program for various AR/VR startups across Israel.

4. Roblox Corporation

Founded in 2004, Roblox Corporation is an American video game developer based in San Mateo. California. As of 2021, the company employs around 1,600 people. Roblox Corporation consists of millions of creators and developers who thrive on producing immersive multiplayer interactive experiences. The company has a metaverse through its Roblox Studio and desktop tools and software. The company offers online media & entertainment platforms.

In September 2021, Roblox Corporation accomplished the acquisition of Sway, an application that puts an emphasis on AI filters and developing motion effects. In November 2020, Roblox Corporation acquired 3D Avatar creator Loom.ai, which strengthened the metaverse environment capabilities. This acquisition helped support real-time facial animation with the help of advanced neural networks, computer vision, deep learning, and visual effects.

5. Microsoft Corporation

Microsoft Corporation, also known as Microsoft, produces computer software, personal computers, consumer electronics, and other services. It is headquartered in Redmond Campus, Redmond, Washington, U.S.

In May 2022, the company launched three cybersecurity services for companies to offer extended support to improve the protection against ransomware and other online threats. The company also released a national campaign with the U.S. Community universities, which are expected to train and hire 250,000 individuals in cybersecurity by 2025, accounting for half of the nation's employment scarcity.

6. Globant

Globant is an IT and software development company based in Luxembourg. It was started in 2003 and currently has locations in Argentina, Colombia, Uruguay, the U.K., Brazil, the U.S., Canada, Peru, India, Mexico, Chile, Costa Rica, Ecuador, Spain, France, Germany, Romania, and Belarus.

In December 2021, Globant partnered with PIXELYNX, a music metaverse gaming company, to drive the digital transformation for artists and creators. The partnership aims to combine and advance the evolution of music, media, and entertainment across the metaverse.

7. Alibaba Cloud

Alibaba Cloud, also goes by the name of Aliyun, is a cloud computing company and a subsidiary of Alibaba Group. The company is a provider of Infrastructure as a Service (IaaS), e-commerce, cloud computing, and other services. Alibaba Cloud’s digital media and entertainment business consists of several distribution platforms such as Youku, Alibaba Pictures, and other diverse content platforms. These platforms offer online films, videos, live events, news, and literature.

In January 2022, DingTalk, a subsidiary of Alibaba Group Holding, launched smart glasses for the augmented reality market. The advanced set of smart glasses is used in virtual meetings, and these are priced at USD 2,202 for 3D virtual meeting rooms.

8. Queppelin

Queppelin is an Indian multimedia technology company that offers Augmented Reality(AR), Artificial Intelligence (AI), and Virtual Reality (VR) services. The company offers solutions for clients in several industries such as retail, manufacturing, real estate, pharmaceutical, training, and education. The company thrives on building virtual offices for businesses using next-generation AI, VR, and AR technologies.

In December 2021, Queppelin launched a Podcast Series named the Metaverse Guy. The podcast series concentrated on advanced technologies for shaping the world's future.

9. Netease, Inc. 

Netease, Inc. is a Chinese Internet technology enterprise that operates and develops popular PC and mobile games. The company functions in four segments, including online games, learning, advertising, and others. It has expanded its gaming and learning services across the international markets, including North America and Japan. The company has its headquarters in Hangzhou, China.

In August 2021, Netease, Inc. launched an immersive virtual meeting system called Yaotai. This VR-powered Zoom gaming company further planned to offer metaverse with user-generating content platforms.

10. Magic Leap, Inc.

Magic Leap, Inc. is an American company that released a virtual retinal display called Magic Leap One. The company was founded in 2010 and finds its main office in Plantation, Florida. Magic Leap Inc. offers augmented and virtual reality platforms to enterprises. Metaverse service offered by the company is used in the 3D reconstruction of CT scans and MRI. Magic Leap 1 headset uses Mixed Reality Viewer from the Brainlab metaverse environment.

In January 2022, Magic Leap Inc. launched a second-generation Magic Leap 2 VR device to enhance the experience.

Rise in Virtual Events and Concerts to Create Opportunities for Market

Rise in the spending by consumers on virtual events, concerts, and other events is expected to create opportunities for top metaverse companies. Increase in the number of visitors for events and concerts can boost the adoption in near future. Increasing adoption of VR devices and blockchain in various applications has surged the demand for meta platforms. Immersive technologies, such as VR and AR, are also growing at a rapid rate.