Industry Overview
Global Metaverse Market is projected to grow at a CAGR of 47.7% from USD 83.2 billion in 2023 to USD 1208.4 billion in 2030 during the forecast period from 2025 to 2030.
Virtual worlds in which users are represented by avatars interact, which are generally in 3D and focused on economic and social connection is known as metaverse. The term metaverse has originated from science fiction novel Snow Crash as a portmanteau of ‘meta’ and ‘universe’ in 1992. The metaverse provides new ways to connect and share experiences. Using metaverse, we can connect from any point of the world, learn new things together in hands of spaces, explore AR and VR, we can collaborate from anywhere in virtual 3D, we can see how VR world shall have positive real-world impact. The minds with creative ideas and imagination power shall built the metaverse. Innovative ways to help people feel closer to each other in Metaverse shall boost the growth of this market in the coming future.
Market Segmentation
Insight by Component
On the basis of component, the Metaverse Market is classified into Hardware, Software and Professional Service. Further hardware segment is divided into AR Devices, VR Devices, Displays and MR Devices. Strategy and Business Consulting Services of Professional services segment is anticipated to develop considerably during the forecast period as these services focus on the time lines, goals, pain areas considering the competence of human and technology.
Insight by Platform
Based on platform, the Metaverse Market is segregated into Desktop, Mobile and Headset. Desktop segment shall dominate the market during the forecast period as it is updated with the latest trends continuously in AR, VR, computer graphics and AI.
Insight by Vertical
Based on vertical, the Metaverse Market is segregated into Consumer, Commercial and Industrial Manufacturing. Among these, consumer segment shall dominate the market during the forecast period.
Insight by Application
The Metaverse Market is segregated into Gaming, Online Shopping, Digital Marketing (Advertising), Content Creation & Social Media, Testing and Inspection, Events & Conference and Others based on its application. Gaming segment shall dominate the market during the forecast period due to ongoing advancements and increasing emphasis by the developers and organization in the promotion of their corporate image.
Insight by End-User
Based on end-user, The Metaverse Market is segregated into Education, Aerospace & Defense, Healthcare, Media & Entertainment, BFSI, Automotive, Tourism and Hospitality, Retail and Others. . BFSI industry is projected to account for highest revenue in recent years.
Global Metaverse Market Report Coverage
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Report Metric
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Details
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Historical Period
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2018 - 2023
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Base Year Considered
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2024
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Forecast Period
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2025 - 2030
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Market Size in 2023
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U.S.D. 83.2 Billion
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Revenue Forecast in 2030
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U.S.D. 1208.4 Billion
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Growth Rate
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47.7%
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Segments Covered in the Report
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By Component, By Platform, By Vertical, By Application and By End-User
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Report Scope
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Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
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Regions Covered in the Report
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North America, Europe, Asia-Pacific, Latin America and Middle East and Africa
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Industry Dynamics
Growth Drivers
Business giants around the globe are excited about Metaverse. Even though it is in the early stages of development, it has the potential to boost its growth in the near future, digital media. The immersive, virtual, spatial and interactive three-dimensional nature of the Metaverse is a transformation in the digital world. Consumer experience, Resource allocation and Data strategy are mainly looked after by metaverse which is another reason to drive the growth of this market. Businesses are increasingly focusing on organizing virtual music concerts, and the adoption of this concept by a growing number of businesses is likely to boost this segment's revenue growth. segment shall dominate the market during the forecast period as it is updated with the latest trends continuously in AR, VR, computer graphics and AI. Digital transformation initiatives, across sectors from healthcare to retail and financial services shall drive the market growth too.
Restraints
The challenges mainly limiting the growth of the Metaverse market are data security and privacy issues faced by VR, AR and MR organizations. Inconsistencies in programming and oversight of end-users and developers have created these issues. Many AR applications available on the apps do-not have abilities to secure user identity and privacy, thereby raising cyber security concern. Furthermore there are no regulations and standards in the Metaverse industry which can guide the consumers with the dos and don’ts associated with metaverse environment. All these factors are restraining the metaverse market.
Geographic Overview
- North America
- Europe
- Asia Pacific (APAC)
- Latin America
- Middle East and Africa
Now-a-days the key area focused by retailers and consumers is E-commerce. As China is the largest e-commerce center, Asia Pacific shall dominate the Metaverse Market. Commercial sector demands high metaverse software and devices which is driving this market growth. The highest demand for tablets, smart phones, laptops and TV sets is registered in the Asia Pacific region.
Competitive Insights
The industrial metaverse provide by Microsoft Corporation is powered by the combination of many innovative technologies that deliver immediate sustainability, financial value and employee efficiency through process modelling, digital analysis, optimizations and AI-based predictions.
NVIDIA Omniverse which is the revolutionary new platform for virtual collaboration and simulation. Omniverse is helping companies and individuals across multiple industries to address the challenges of complex 3D workflows by connecting users, content creation tools and enabling artificial intelligence to be used across shared virtual worlds.
Key Players Covered in the Report
Some of the prominent players in this market include Meta Platforms, Inc., Tencent Holdings Ltd., Microsoft Corporation, ByteDance Ltd., Nvidia Corporation, NetEase, Inc., Unity Technologies, Inc., Epic Games, Inc., Lilith Games, Roblox Corporation, Nextech AR Solutions Corp., Active Theory, The Sandbox, Decentraland, Antier Solutions Pvt. Ltd.
Recent developments by Key Players
Nvidia has teamed up with Microsoft to offer firms building in the metaverse a range of services that will assist in building realistic virtual worlds. This partnership shall have endless possibilities. Microsoft shall provide Nvidia with computing services, which is the firm’s cloud computing offering via Azure.
Capgemini is collaborated with Unity to help organizations to explore opportunities and benefits of immersive and metaverse experiences across industries. This collaboration has delivered numerous value-creating projects for major global companies.
The global Metaverse Market report offers a comprehensive market segmentation analysis along with the estimation for the forecast period 2025–2030.
Segments Covered in the Report
- By Component
- Hardware
- Software
- Professional service
- By Platform
- By Vertical
- Consumer
- Commercial
- Industrial Manufacturing
- By Application
- Gaming
- Online Shopping
- Digital Marketing (Advertising)
- Content Creation & Social Media
- Testing and Inspection
- Events & Conference
- Others
- By End-User
- Education
- Aerospace & Defense
- Healthcare
- Media & Entertainment
- BFSI
- Automotive
- Tourism and Hospitality
- Retail
- Others
Region Covered in the Report
- North America
- Europe
- Asia-Pacific (APAC)
- China
- Japan
- South Korea
- India
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East and Africa
- Turkey
- UAESaudi Arabia
- South Africa
- Rest of MEA
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