Metaverse Market Growth Potential, Trends, Company Profiles and Forecast 2020-2030

Posted by sneha patil on March 9th, 2023

Market Highlights

The metaverse market was valued at USD 7.91 billion in 2022. The Metaverse Market industry is projected to grow from USD 11.47 Billion in 2023 to USD 107.49 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 45.2% during the forecast period (2022 - 2030)

Competitive Analysis

The key players of the Metaverse market 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.

Segmental Analysis

The Metaverse Market has been segmented based on component, platform, technology, application, end user, and region.

By Component, the global Metaverse market has been segmented into Hardware and Software.

By Platform, the Metaverse market has been segmented into Desktop/Laptops, Mobile, and Wearables.

By on Technology, the Metaverse market has been segmented into Blockchain, VR & AR, Mixed Reality, and Others.

By Application, the Metaverse market has been segmented into Gaming, Online Shopping, Content Creation, Social Media, and Others.

By End User, the Metaverse market has been segmented into Consumer and Enterprises.

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Regional Analysis

The geographic analysis of the Metaverse market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

North America is expected to be the largest contributor to the metaverse market. This includes the US, Canada, and Mexico. The most significant factor driving the growth of the market is the increasing focus on converging digital and physical worlds using the internet and the increased traction and popularity of mixed reality (MR). Numerous enterprises in North America are significantly adopting advanced virtual reality, 3D Simulation, augmented reality to enhance their business operations. From a business intelligence point of view, technologies such as Extended Reality, 5G, and AImay make the metaverse futuristic.

Continuous technological innovations and increase in big data usage in many other industries. Due to the extensive number of technological advancements in European countries are driving the demand for virtual analytics solutions in this sector. The metaverse market is expected to gain momentum in Europe due to major initiatives such as AEGLE (an analytics framework for integrated and personalized healthcare services in Europe) and Meaningful Integration of Data, Analytics and Services (MIDAS). Some applications of virtual reality and augmented reality for healthcare have been tested where doctors perform remotely via robotic arms using a combination of technologies. The growing development across and virtual reality is further expected to drive market growth in the coming years.