Pune, India, Nov. 22, 2023 (GLOBE NEWSWIRE) -- The global metaverse market size was valued at USD 234.04 billion in 2022 and is projected to reach USD 3,409.29 billion by 2027, exhibiting a CAGR of 69.2% during the forecast period. Fortune Business Insights™ displays this information in a report titled, “Metaverse Market Forecast, 2023-2027.”
Metaverse is a simulated digital environment created with the help of Augmented Reality (AR), Virtual Reality (VR), mixed reality, blockchain, and other advanced technologies. Many e-commerce organizations are availing digital world services to show their offerings in the virtual world and create a real-world experience for their customers. These companies are also increasing their investment in these services, thereby fueling the metaverse market growth. For example, in November 2021, Nike, Inc., a shoe and retail apparel giant, collaborated with Roblox Corporation to create a virtual world named Nikeland. Nikeland enables dressing up with individual avatars in Nike’s branded apparel and sneakers.
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Key Industry Development:
Roblox Corporation acquired 3D Avatar creator Loom.ai, which supported the capabilities of the metaverse. This acquisition helped Roblox develop a real-time facial simulation that is equipped with advanced computer vision, deep learning, neural networks, and visual effects.
Key Takeaways
- Growing Adoption of Online Gaming Platforms to Boost Demand for Video Conferencing & Gaming Services
- Creation of Innovative Software/Platform May Spur Market Expansion
- Rising Consumer Spending on Virtual Concerts and Events to Drive Market Growth
- By Component Analysis: Rising Development of Advanced Software/Platform Aids Market Growth
Discover the Leading Players Featured in the Report:
“Companies leading the Metaverse Market share are Tencent Holdings Ltd. (China), NVIDIA Corporation (U.S.), Meta (U.S.), Roblox Corporation (U.S.), Microsoft Corporation (U.S.), Globant (Luxembourg), Queppelin (India), Alibaba Cloud (U.S.), Netease Inc. (China), Magic Leap, Inc. (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 69.2% |
| 2030 Value Projection | USD 3,409.29 Billion |
| Base Year | 2022 |
| Metaverse Market Size in 2022 | USD 234.04 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 140 |
| Segments covered | Component, Platform, Application and Geography |
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Drivers and Restraints:
Growing Use of Innovative VR Devices and Blockchain to Speed Up Market Growth
The demand for futuristic VR devices is rising across the globe among small, medium-scale & large-scale organizations and individual consumers. Moreover, the growing adoption of innovative technologies, such as blockchain, Artificial Intelligence (AI), and Mixed Reality (MR), in a wide range of applications is also driving the market growth.
However, lack of knowledge regarding service and security options might impede the market growth.
Segments:
By Component
- Hardware
- Software/Platform
- Services
By Platform
- Desktop
- Mobile
- Console
- Others
By Application
- Gaming
- Healthcare
- Education and Training
- Social Media and Entertainment
- Travel and Tourism
- Real Estate
- Banking and Finance
- Others
By Region
- North America
- South America
- Europe
- Asia Pacific
- Middle East & Africa
Regional Insights:
Growing Investment in Virtual World Platforms Will Boost the North America Market Growth
North America is expected to capture the largest market share due to growing investments in metaverse platforms by leading companies such as Roblox Corporation, Meta, NVIDIA Corporation, and many others.
Europe is anticipated to record the highest CAGR during the forecast period due to the rising number of social media platform users and gamers in the region.
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Competitive Landscape:
Key Companies to Focus on Creating and Extending their Advanced Service Offerings Worldwide
Some of the key organizations operating in the market are increasing their spending on innovative technologies, such as AI, cloud, and ML, to improve the quality of their services. These players are also involved in implementing a wide range of corporate strategies, such as acquisitions, mergers, and partnerships, to expand their market presence.
FAQ’s
How big is the Metaverse Market?
Metaverse Market size was USD 234.04 billion in 2022.
How fast is the Metaverse Market Growing?
The Metaverse Market will exhibit a CAGR of 69.2% during the forecast period, 2023-2030.
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