Metaverse Market Research Report- Forecast till 2030
The global metaverse market will touch USD 105,597.5 million at a whopping 45.2% CAGR by 2030, as per the new Market Research Future report.
Over the projected period, the market would benefit from rising demand for metaverse from various end-use industries such as education, aerospace and defence, media, and entertainment.
Drivers and Restraints
Rising Focus to Converge Digital & Physical Worlds to Bolster Market Growth
The expanding focus on using the internet to connect the digital & physical worlds, as well as the growing traction and popularity of MR (mixed reality), will drive market expansion over the projection period.
Cyber-Based Attacks to Serve as Market Restraint
Over the forecast period, cyber-based attacks on the metaverse may operate as a market restraint.
Concerns Regarding Security Issues to Serve as Market Challenge
In the forecast period, concerns regarding security & privacy in metaverse environments could pose an obstacle for the market.
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The metaverse market has bifurcated based on platform, application, technology, and component.
Software based on component will spearhead the market over the forecast period.
Wearables based on platform will precede the market in the forecast period.
Blockchain based on technology will lead the market in the forecast period.
Gaming based on application will have the lions share in the market over the forecast period.
Consumer based on end users will lead the market over the forecast period.
Because of the increased demand for metaverse during this crisis, the COVID-19 pandemic had a favourable impact on the metaverse market. The pandemic played a key role in stoking interest in the concept of the metaverse. The demand for metaverse has been spurred by work-from-home trends and online education. Furthermore, the crisis has accelerated the growth of virtual networks.
North America to Command Metaverse Market
North America will command the metaverse market over the forecast period. Higher adoption of metaverse platforms, rising investments in metaverse associated with research and development by various social media businesses & entertainment businesses, increasing use of metaverse for education, applications, business, and others, growing emphasis to create metaverse platforms for the education sector, the presence of several key companies, extended reality, 5G and Almay making the metaverse futuristic, most businesses making big investments in 3D simulation, AR and VR simulation to improve their company processes, growing popularity, traction of mixed reality, and growing emphasis of physical & digital worlds through the internet are adding to the global metaverse market growth in the region.
APAC to Have Admirable Growth in Metaverse Market
The APAC region will have admirable growth in the metaverse market over the forecast period. Because of the widespread usage of metaverse platforms in the gaming, entertainment and social sectors in Asia Pacific, the worldwide metaverse market is predicted to grow at the quickest rate. Millions of dollars had been invested in Asia’s gaming & social network sectors as a result of the metaverse frenzy. Many people’s interactions are changing to the internet realm, and demand in digital entertainment services has skyrocketed.
Eminent market players in global metaverse market report include Meta Platforms Inc, Nvidia, Microsoft Corporation, Tencent Holdings Ltd., Bytedance, Epic Games, Netease Inc, Roblox Corporation, Lilith Games, Nextech AR Solutions Inc., and Unity Software Inc.
The metaverse market is both competitive as well as fragmented for the presence of multiple international and domestic key players. These industry players have incorporated a series of innovative strategies for staying at the forefront along with catering to the surging need of the clients including joint ventures, geographic expansions, collaborations, contracts, partnerships, new product launches, and others. Besides, the players are also devoting in numerous research & development activities.
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Metaverse Market Research Report: Information By Component (Hardware and Software), Platform (Desktop/ Laptops, Mobiles, and Wearables), Technology (Blockchain, VR & AR, Mixed Reality, and Others), Application (Gaming, Online Shopping, Content Creation, Social Media, and Others), End Users (Consumer and Enterprises [BFSI, Retail, Media & Entertainment, Education, Real Estate, Aerospace & Defense, Healthcare, Engineering, and Others)]) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America]) – Forecast Till 2030
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