Overview and Scope
The metaverse refers to a developing 3D-enabled digital realm employing virtual reality, augmented reality, and advanced internet and digital technologies. It establishes a continuous virtual environment facilitating access to and interoperability of numerous virtual realities.
Sizing and Forecast
The metaverse market size has grown exponentially in recent years. It will grow from $86.99 billion in 2023 to $126.33 billion in 2024 at a compound annual growth rate (CAGR) of 45.2%. The growth in the historic period can be attributed to increasing adoption in healthcare, rising demand in media, entertainment, and gaming sectors, continuous innovations, influence on manufacturing industry, and growth in online gaming and AR/VR advancements.
The metaverse market size is expected to see exponential growth in the next few years. It will grow to $548.18 billion in 2028 at a compound annual growth rate (CAGR) of 44.3%. The growth in the forecast period can be attributed to consumer market growth, development and integration of VR/AR market focus on business growth, and global market valuation. Major trends in the forecast period include influence on healthcare and entertainment sectors, technological innovations, consumer market growth, development and integration of VR/AR, and market expansion across regions.
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Segmentation & Regional Insights
The metaverse market covered in this report is segmented –
1) By Product: Infrastructure, Hardware, Software, Services2) By Platform: Desktop, Mobile, Headset3) By Technology: Blockchain, Virtual Reality (VR) And Augmented Reality (AR), Mixed Reality (MR), Other Technologies4) By Application: Gaming, Online Shopping, Content Creation and Social Media, Events and Conference, Digital Marketing (Advertising), Testing and Inspection, Other Applications5) By End User: Aerospace And Defense, Education, Healthcare, Tourism And Hospitality, Banking, Financial Services And Insurance (BFSI), Retail, Media And Entertainment, Automotive, Other End Users
North America was the largest region in the metaverse market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the metaverse market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing demand for the metaverse to purchase digital assets is expected to propel the growth of the metaverse market going forward. Digital assets are virtual or electronic resources that hold economic value and can be owned or traded within digital environments. In the metaverse, users leverage virtual environments to acquire, own, and sell a range of digital assets, engaging in activities such as procuring virtual real estate, obtaining non-fungible tokens (NFTs) representing digital art or collectibles, and participating in cryptocurrency transactions, thus solidifying the metaverse as a dynamic hub for the commerce and exchange of diverse digital items. For instance, in February 2023, according to ETC Group, a UK-based financial services company, sales of non-fungible tokens (NFTs) on major blockchains reached nearly $1 billion in January 2023, reflecting an average increase of 33.83% across the top 12 chains from January 2022. Therefore, the growing demand for the metaverse to purchase digital assets is driving the growth of the metaverse market.
Key Industry Players
Major companies operating in the metaverse market are Apple Inc., Alphabet Inc., Samsung Electronics Co. Ltd., Microsoft Corporation, Alibaba Group Holding Ltd., Meta Platforms Inc., Tencent Holdings Ltd, ByteDance Ltd., Amazon Web Services Inc., Sony Corporation, Qualcomm Technologies Inc., Qualcomm Technologies Inc., NVIDIA Corporation, NetEase Inc., Electronic Arts Inc., Naver Corp, Epic Games Inc., Snap Inc., Roblox Corporation, Unity Software Inc, Cloudflare Inc., Niantic Inc, The Sandbox, Decentraland, Nextech AR Solutions Corp., Antier Solutions Pvt. Ltd., Lilith Games
The metaverse market report table of contents includes:
1. Executive Summary2. Metaverse Market Characteristics3. Metaverse Market Trends And Strategies4. Metaverse Market - Macro Economic Scenario5. Global Metaverse Market Size and Growth...32. Global Metaverse Market Competitive Benchmarking33. Global Metaverse Market Competitive Dashboard34. Key Mergers And Acquisitions In The Metaverse Market35. Metaverse Market Future Outlook and Potential Analysis36. Appendix
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