Market overview

The metaverse technology is the next big platform that has managed to attract social networks, online game makers, and various technology leaders all around the world. Social, shared, virtual, persistent 3D worlds, this technology is the convergence of the digital and physical realms within the next evolution of not only the internet but social networks as well, with the use of real-time 3D software. Metaverse Market Size to reach USD 105,597.5 million, growing at a compound annual growth rate of 45.2% by 2030.

Metaverse offers an opportunity to the top online social media and entertainment companies to leverage the emerging revenue streams. With video game developers working on elevating the existing titles into the 3D online space that are similar to social networks, their business opportunity will rise to encapsulate live entertainment including sports events and concerts and also trying to capture a share of the social-media advertising space.

Metaverse is a virtual world where the users can go to work, shop, experience virtual trips, play games, establish communities, and also host numerous activities. Modern technologies including 5G should accelerate the power and speed needed for the digital worlds to carry on, which would encourage metaverse market growth.

Market segmentation 

The Metaverse market has been segmented into component, platform, technology, application, and end-user. Based on the component, the market is divided into hardware and software. The software market will dominate the market in the forecast period due to leading market players' development of advanced software and platforms. The service segment will also grow at a moderate rate due to the rising adoption of the service by many e-commerce brands. The metaverse market is classified into desktop/laptops, mobile, and wearables by the platform. The desktop will have a high growth rate in 2021, and in that year, the video gaming audience will be 2.5 billion. The market will have high growth due to the rising video gaming audiences have increased the demand for desktop devices for the expenses of virtual reality gaming. Moreover, the mobile segment is also expected to generate high growth as mobile gaming improves and the newer technological advancement in mobile phones is the key reason.

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The technology of the Metaverse Market is categorized into the blockchain, VR & AR, mixed reality, and others. The VR and AR segment will hold the largest market share in the forecast period. Metaverse Market by application is fragmented into gaming, online shopping, content creation, social media, and others. Gaming applications will dominate the market due to the surge in the global adaptation of live video streaming and gaming. The gaming audiences are adopting advanced and newer technologies like VR, AR gadgets and digital world services to experience better. Based on the end-user, the market is bifurcated into consumers and enterprises. The enterprise's segment is divided into BFSI, retail, media & entertainment, education, real estate, aerospace & defense, healthcare, engineering, and others.

Regional analysis

The Metaverse Market is analyzed in North America, Asia Pacific, Europe, South America, the middle east and Africa. North America will contribute to the market at a high rate. The increasing use of the integrating digital and physical world via the internet and the increasing traction and popularity of mixed reality are major factors driving the market. Businesses in North America utilize sophisticated virtual reality and augmented reality to improve the company processes. The increasing number of audiences on social media platforms and growing interest in games are the reason for enhancing the market in the euro[pwan region. Other regions, including the Asia Pacific and Latin America, also showcase substantial growth due to several propelling reasons.

Industry news

global metaverse revenue is estimated to touch $800 billion in 2024 as compared to around $500 billion in 2020, according to Bloomberg Intelligence

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