The Metaverse Market is anticipated to grow at a CAGR of 47.2% from 2023 to 2030, reaching $815.8 billion. Increased demand for metaverse in the entertainment and gaming industries, increased government efforts and investments in metaverse, and expanding acceptance of metaverse to improve customer experience are some of the key drivers propelling the growth of this market. More chances for market expansion are anticipated as a result of the expanding use of virtual experiences in the corporate and hospitality sectors as well as the growing demand for metaverse in training and education. The market’s expansion may be constrained, though, by costly installation and maintenance costs as well as health risks from excessive use.
Any 3D virtual environment supported by technologies like virtual reality (VR), augmented reality (AR), artificial intelligence (AI), the Internet of Things (IoT), and blockchain that enable interactivity between people (and, in some cases, non-human avatars) is referred to as a metaverse. Every major industry, including education, gaming, tourism, and healthcare, uses metaverse applications.
According to offering, medium, application, and end-use industry, the metaverse market is divided. The report also assesses industry rivals and examines regional and national marketplaces.
Based on offering:
Hardware and platform segments make up the metaverse market, according to what they offer. The significant market share of this sector is mostly due to companies’ increasing emphasis on developing goods that offer better user experiences and facilitate deeper user immersion. Companies are also working to create more advanced hardware, such as VR/AR headsets, haptic devices, and sensors, which are anticipated to fuel category expansion, in order to enhance the realism of virtual worlds.
For instance, Meta Platforms, Inc. (U.S.) announced the release of their newest mixed-reality headset in June 2023. In comparison to its predecessor, this new headset has a number of improvements. It stands out for having a sleeker design and a 40% thinner thickness. But during the forecast period, the platforms category is anticipated to have the greatest CAGR.
Based on medium:
Hololense, PCs, cellphones, and headsets are the different market segments for the metaverse. The desktop market is anticipated to hold the greatest proportion of the global metaverse market in 2023. A desktop computer or laptop with an internet browser can be used to access some metaverse platforms, such as decentraland. Additionally, a computer with strong graphics and RAM will improve customers’ experiences if they wish to go beyond what a smartphone is capable of. As a result, the huge share of the category is blamed for all such causes. But during the forecast period, the mobile segment is anticipated to have the highest CAGR.
Based on application:
The virtual learning, virtual/enhanced gaming, virtual socialization, digital health resources, and other applications are the different segments of the metaverse market. The major continuous breakthroughs and advancements by developers, as well as an increasing emphasis on enhancing immersion and making games more realistic, are primarily responsible for this segment’s significant market share.
Based on end-use industry:
Gaming, IT & telecom, education, finance, marketing & advertising, healthcare, travel & hospitality, construction, transportation, manufacturing, retail & ecommerce, and other end-use industries are the different segments of the metaverse market. The growing use of the metaverse in gaming, which offers players a social environment where they may interact with objects around them to improve their immersive gaming experience, is primarily responsible for this segment’s significant market share.
To give customers a high-quality virtual reality experience that allows users to lose themselves in the game world with a variety of activities, Sony (Japan) introduced the VR2 and VR2 Sense Controllers for the PlayStation 5 in February 2022.
Based on geography:
North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa make up the segments of the metaverse market. North America is the top market for creating cutting-edge technologies utilized in display devices due to its advanced and developed technology. Additionally, there is room for market expansion due to the prevalence of gaming and metaverse firms that focus on bringing metaverse into gaming.
Several recent advances include:
Microsoft Corporation (U.S.) bought Activision Blizzard, Inc. (U.S.) in January 2022 in order to promote the growth of the metaverse sector and quicken Microsoft’s gaming division’s expansion across mobile, PC, cloud, and console platforms.
The World Economic Forum (WEF), also known as the International Organization for Public-Private Cooperation in Geneva, worked with Microsoft Corporation (U.S.) and Accenture PLC (Ireland) to create a Global Collaboration Village in January 2023. The goal of this metaverse platform is to encourage online multi-stakeholder collaboration.
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