The Metaverse Market is projected to reach $815.8 billion by 2030, at a CAGR of 47.2% during the forecast period 2023–2030. Some of the major factors driving the growth of this market are increasing demand for metaverse in the entertainment & gaming industry, rising government initiatives and investment in metaverse, and growing adoption of metaverse to enhance customer experience. In addition, the rising adoption of virtual experiences in corporate and hospitality sectors and the growing need for metaverse in education and training are expected to provide opportunities for market growth. However, high installation and maintenance costs and health issues from excessive use can restrain the growth of the market.
A metaverse can be any 3D virtual space powered by technologies—including virtual reality (VR), augmented reality (AR), artificial intelligence (AI), the Internet of Things (IoT), and blockchain—that allow people to interact with each other (and in some cases, with non-human avatars). Metaverse applications are followed in every key area, including education, gaming, tourism, and healthcare.
The key players operating in the metaverse market are Meta Platforms, Inc. (U.S.), Microsoft Corporation(U.S.), Google LLC (U.S.), Unity Software Inc. (U.S.), Accenture PLC (Ireland), Adobe Inc. (U.S.), Hewlett Packard Enterprise Company (U.S.), Infosys Ltd. (India), TCS (India), Qualcomm Technologies, Inc. (U.S.), Ansys (U.S.), Autodesk (U.S.), Intel Corporation (U.S.), Tech Mahindra (India), Samsung (South Korea), NetEase, Inc. (China), Electronic Arts Inc. (U.S.), Epic games (U.S.), Take-Two (U.S.), and Valve (U.S.)
Some of the recent developments:
- In January 2022, Microsoft Corporation (U.S.) acquired Activision Blizzard, Inc. (U.S.) to foster the metaverse industry’s development and accelerate Microsoft’s gaming business growth across mobile, PC, cloud, and console platforms.
- In January 2023, the International Organization for Public-Private Cooperation in Geneva, also known as the World Economic Forum (WEF), collaborated with Microsoft Corporation (U.S.) and Accenture PLC (Ireland) to build a Global Collaboration Village. This metaverse platform focuses on promoting virtual multi-stakeholder cooperation.
The metaverse market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the Metaverse market. Being technologically advanced and developed, North America is the leading market in developing cutting-edge technologies used in display devices. The rising expenditure of companies and individuals on digital solutions and advanced technologies also boosts market growth. Furthermore, the strong presence of gaming and metaverse businesses concentrating on incorporating metaverse into gaming is creating market growth potential.
Scope of the report:
Metaverse Market Assessment, by Offering
- AR Devices
- VR Devices
- MR Devices
- Centralized Metaverse
- Decentralized Metaverse
Metaverse Market Assessment, by Medium
Metaverse Market Assessment, by Application
- Virtual Learning
- VR Entertainment
- Virtual Work Settings
- Virtual/Enhanced Gaming
- Virtual Socialization
- Digital Health Resources
- Other Applications
Metaverse Market Assessment, by End-use Industry
- IT & Telecommunications
- Marketing & Advertising
- Travel & Hospitality
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Key questions answered in the report-
- Which high-growth market segments are based on offering, medium, application, and end-use industry?
- What was the historical market for metaverse?
- What are the market forecasts and estimates for the period 2023–2030?
- How is the competitive landscape in the metaverse market?
- What are the recent developments in the metaverse market?
- What strategies are adopted by the major players in the metaverse market?
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