Market Overview
The Metaverse market is predicted
to reach USD 105,597.5 million by 2030, registering a 45.2% CAGR during the
forecast period, 2024–2030. In this report, Market Research Future (MRFR)
includes the segmentation and dynamics of the market to offer a better glimpse
of the market in the next few years.
The global Metaverse market is expected to witness substantial growth during
the forecast period due to the increasing focus on converging digital and
physical worlds using the Internet and rising traction and popularity of mixed
reality (MR) which are expected to be the major drivers of the market.
Furthermore, metaverse's success depends on the pricing of hardware and
associated software. Not every individual can afford the price of headsets and
other wearables. The tech companies will have to create more affordable options
to increase potential customers and penetrate this technology at every corner
of the globe. Therefore, rapid technological advancements are the basic need
for the market.
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Segmental Analysis
The global Metaverse market has been segmented based on component, platform,
technology, application, and end user.
The global Metaverse market, based on the component, the market has been
segmented into hardware and software. The software segment is expected to
exhibit the fastest growth rate during the anticipated period. Software aids
laptops tap into computing power from other devices, including chips from its
rivals. The software is designed to solve technical challenges for users.
Software are vital components in metaverse solutions. As the number of AR/VR
players grows, consumers will have access to a wider range of products and
options. However, many well-known platforms currently utilize applications that
lack cross-platform capabilities and use a variety of development standards,
enclosing their goods in their own ecosystems. As a result, software developers
are compelled to create apps and platforms that may or may not be interoperable
with any of these ecosystems. With the influx of new entrants into the
business, the possibility of fragmented software ecosystems has increased.
Based on the platform, the market has been classified into desktop/laptops,
mobile, and wearables. The wearable segment is expected to account for the
major share during the projected period. Wearables provide the complete
experience in the metaverse. Meta has been working on several new wearable
techs to enhance users' presence in it. Wearable technology to bridge between
the material and virtual worlds. Wearable tools fitted with sensors as well
that collect data and also feedback data to users.
Based on the technology, the market has been segmented into the blockchain, VR
& AR, mixed reality, and others with the blockchain technology expected to
exhibit the highest CAGR growth rate during the projected period. While the
internet accepts PayPal and credit cards, the metaverse includes cryptocurrency
to help with the creation of a digital economy. Blockchain has proven to be
effective in six key metaverse categories: digital proof of ownership, digital
collectability, value transfer, governance, accessibility, and
interoperability. The metaverse is well-suited to blockchain technology because
it offers a transparent and cost-effective alternative.
Based on the application, the market has been segmented into gaming,
online shopping, content creation, social media, and others. Gaming application
is expected to account for the major share in Metaverse technology. This can be
attributed to the demand for new realistic gaming experiences among
millennials. The gamers will drive the Metaverse growth during the projected
period. The metaverse will provide a more comprehensive open economic paradigm,
especially in the gaming industry, eliminating the current one-sided
capitalist-driven model favoring a more lively and inclusive play-to-earn
gaming ecosystem. The online participants and players will have a more
immersive experience. Aside from the all-encompassing thrills of online gaming,
gamers and users will play an important role in this new economic model.
Based on the end user, the market has been categorized into consumers and
enterprises. The enterprise's segment is further broken down into BFSI, retail,
media & entertainment, education, real estate, aerospace & defense,
healthcare, engineering, and others. The consumer segment is expected to be the
dominant end-user for the metaverse market. This can be attributed to the
rising demand for gaming, live events, video entertainment, and leisure
activities. By using the Metaverse, a user could hang out with friends, work,
play, learn, shop, create, and more without going anywhere physically.
Especially, in that game environment, people have the opportunity to engage as
never before. They can experience a deeper reality: instead of being focused on
a flat screen, they can actually interact with the environment around them.
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Competitive
Analysis
In this study,
MRFR has analyzed major players such as Meta Platforms Inc., Nvidia, Microsoft
Corporation, Tencent Holdings Ltd., Bytedance, Epic Games, Netease Inc., Roblox
Corporation, Lilith Games, Nextech AR Solutions Inc., and Unity Software Inc.
that have contributed a significant share to the growth of the global Metaverse
market.
Regional
Analysis
The global
Metaverse market, by region is divided into North America, South America, the
Middle East & Africa, Europe, and Asia-Pacific. The market is led by North
America. North America is expected to be the largest contributor to the
metaverse market. This includes the US, Canada, and Mexico. The most
significant factor driving the growth of the market is the increasing focus on
converging digital and physical worlds using the internet and the increased traction
and popularity of mixed reality (MR). Numerous enterprises in North America are
significantly adopting advanced virtual reality, 3D Simulation, augmented
reality to enhance their business operations. From a business intelligence
point of view, technologies such as Extended Reality, 5G, and AImay make the
metaverse futuristic.
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