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The Worldwide Metaverse Industry is Predicted to Reach $678.8 Billion by 2030

The metaverse market is also growing due to the steady adoption of XR technologies to enhance user experience on various platforms

NEWS PROVIDED BY

Research and Markets
Mar 29, 2022, 11:30 ET

The “Metaverse Market Size, Share & Trends Analysis Report by Product, by Platform, by Technology (Blockchain, Virtual Reality (VR) & Augmented Reality (AR), Mixed Reality (MR)), by Offering, by Application, by End Use, by Region, and Segment Forecasts, 2022-2030” report has been added to ResearchAndMarkets.com’s offering.

The global metaverse market size is predicted to attain USD 678.8 billion by 2030.

The market is expected to witness a CAGR of 39.4% over the forecast period, owing to increasing demand from end-use industries, which prominently include media and entertainment, education, and aerospace and defense is anticipated to propel the industry growth over the forecast period.

The metaverse market is also growing due to the steady adoption of XR technologies to enhance user experience on various platforms. The growing demand for metaverse to purchase digital assets using cryptocurrencies is expected to drive the market significantly. The development and distribution of Augmented reality (AR), Virtual Reality (VR), and Mixed Reality (MR) devices are anticipated to spur market growth in years to come.

The prefix “meta” is commonly used in Greek to denote “after” or “beyond.” The metaverse is a three-dimensional interactive and immersive environment where several people can interact through avatars. The usage of the metaverse to purchase digital assets using bitcoin is becoming more popular around the world. Gaming websites, messaging applications, and social media platforms such as Facebook are being used to communicate with one another online. The metaverse is the advent of new online environments in which people’s interactions are more multidimensional and they can engage more deeply with digital content rather than merely reading it.

The metaverse is widely used as a real-time virtual world to build and leverage vast opportunities for brand connection. It would also set the stage for the next phase of post-COVID-19 digital activity, namely the emergence of digital social experiences. On Metaverse platforms that allow blockchain technology to be utilized, users can create, own, and trade autonomous digital assets and virtual regions using cryptocurrencies like Bitcoin and Ethereum, as well as nonfungible tokens (NFTs). During the forecast period, rising demand for blockchain-based metaverse networks and platforms for trading digital assets is expected to drive considerable market revenue growth. One of the major factors driving the future expansion of the metaverse business is the rise of the gaming industry.

Metaverse Market Report Highlights

  • The hardware sub-segment in the product segment dominated the global metaverse market in 2021 and accounted for the largest market share, owing to the increased adoption of AR, VR, and MR devices
  • Displays captured the highest revenue share in the hardware sub-segment in 2021 whereas, programming engines dominated the software sub-segment with the largest market share
  • Desktop and headsets dominated the market with 42.2% and 34.9% of the total revenue shares in 2021, respectively, and are projected to remain the highest revenue-generating segments during the forecast period
  • The VR and AR technology sector held the largest revenue share in 2021 as multiple industries such as gaming, healthcare, education, and entertainment have increasingly incorporated VR and AR technology for numerous purposes. Human resource domains are also incorporating the use of VR and AR devices for employee training
  • In terms of offerings, the virtual platform segment accounted for the largest market share in 2021 and is anticipated to exhibit significant growth, owing to the increased adoption of these platforms for multiple uses such as adverting, branding, and academics. Many key players have also realized that virtual platforms help reduce capital expenditures and operating expenses
  • The gaming segment is projected to dominate the application segment. The content and social media segment is anticipated to witness considerable growth over the forecast period owing to the increased demand for social media applications
  • The North American region accounted for the largest market share in 2021, owing to the high adoption of metaverse platforms
  • The Asia Pacific region is likely to witness a robust growth rate over the forecast period, owing to factors such as demand for a better viewing experience, an increasing number of start-ups like OneRare, LOKA, and Bolly Heroes.

For more information about this report visit https://www.researchandmarkets.com/r/gbb4vl

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