Market Overview
It is expected that the Metaverse Market will experience 105,597.5 million by 2030 and will register a CAGR of 45.2% from 2024 to 2030. This is a simulated digital environment with augmented reality and virtual reality, mixed reality, blockchain, and others for a better user experience. The increasing gaming need in people increased during the pandemic due to lockdown and pause in movement orders. The rising investment in e-commerce and retail will propel market growth in the future. Lack of awareness, security concerns, and increasing cyber-attacks are the restraining factors and will hinder 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.
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Segments
Technology Outlook
- Artificial Intelligence
- VR & AR
- Mixed Reality
- De-centralized Technology
- Human Interface
- Edge Computing
- Others
Offering Outlook
- Virtual Platform
- Marketplace
- Digital Avatars
- De-centralized Finance
- Digital Twin
- Others
Platform Outlook
- Desktop
- Mobile
Component Outlook
- Hardware
- Software
Application Outlook
- Social Events & Trade Shows
- Health Surgery
- Virtual Gaming
- Social Media & Marketing
- 3D Training
- Remote Working
- Virtual Runaway Shows
- 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
- On 12 October 2022, Facebook parent company Meta launched Meta Quest Pro virtual reality headset. This high-end headset costs USD 1,500 and is available for pre-order on Meta Store and certain retail outlets. It will be available for purchase on 25 October 2022. Meta Quest Pro provide an open periphery, allowing users to multitask between real and virtual worlds via peripheral vision.
- On 13 September 2022, Meta Platforms formed a partnership with Indian IT Ministry's startup hub to launch an accelerator in the country to broaden innovation in emerging technologies such as augmented reality and virtual reality. The XR Startup Program, which is a collaboration between MeitY Startup Hub and Meta, is expected to work with 40 early-stage startups to assist them in Research & Development (R&D) as well as development of workable products and services.
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