Metaverse Market Size & Share, by Component (Hardware, Software); Platform (Desktop, Mobile, VR Headset); Technology (Blockchain, VR & AR, Mixed Reality), End-user (BFSI, Retail, Manufacturing, Media & Entertainment, Education, Aerospace & Defense) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 3925
  • Published Date: Aug 21, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Metaverse Market size was over USD 82.61 billion in 2023 and is likely to reach USD 11.72 trillion by 2036, witnessing around 46.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of metaverse is assessed at USD 113.27 billion. Metaverse can be described as a universal virtual world, which is facilitated by the use of virtual and augmented reality headsets, and is considered the future of social connectivity. The growth of the market can be attributed to the advancement in technology, along with the growing adoption of virtual reality amongst the people. Moreover, the global coronavirus pandemic encouraged the virtual social connectivity, and metaverse is the next big step in the field of social media. With the help of AR and VR supporting devices, such as, VR headsets, one can perform various activities, such as meetings, and shopping, in a virtual 3D environment. Along with this, the growing adoption of technologies, such as virtual reality and augmented reality is estimated to propel the market growth. For instance, the number of mobile augmented reality (AR) active users reached around half a billion in 2020, which further touched 0.8 billion in 2021. Various industry giants are extensively investing in the development of metaverse, which is expected to be a reality in the upcoming decade. Moreover, growing investment in the R&D activities is anticipated to boost the market growth.  


Metaverse Market
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Metaverse Sector: Growth Drivers and Challenges

Growth Drivers

  • Increasing Convergence of Internet with Physical World
  • Growing Investment for Development of Virtual 3D Universe

Challenges

  • Issues with Cyber Security
  • Lack of Availability of Advanced Technology to the Entire Population

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Base Year

2023

Forecast Year

2024–2036

CAGR

46.4%

Base Year Market Size (2023)

USD 82.61 billion

Forecast Year Market Size (2036)

USD 11.72 trillion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Metaverse Segmentation

The market is divided by technology into blockchain, VR & AR, mixed reality, and others, out of which, the blockchain segment is anticipated to hold a substantial share in the global market over the forecast period. This can be attributed to the successful deployment of the blockchain technology for cryptocurrency banking.

Our in-depth analysis of the global market includes the following segments:

           By Component

  • Hardware
  • Software

             By Platform

  • Desktop
  • Mobile
  • VR Headset

 

 

           By Technology

  • Blockchain
  • VR & AR
  • Mixed Reality
  • Others

            End-User

  • BFSI
  • Retail
  • Manufacturing
  • Media & Entertainment
  • Education
  • Aerospace & Defense
  • Others

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Metaverse Industry - Regional Synopsis

On the basis of geographical analysis, the global metaverse market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Europe region is estimated to witness modest growth over the forecast period on the back of growing adoption of advanced technology in the region.

The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of the presence of various key players in the region, along with the high research and development investment. According to the data by the World Bank, 2.833% of the total GDP of the United States was spent on R&D activities, in 2018.     

Research Nester
Metaverse-Market-Share
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Companies Dominating the Metaverse Landscape

    Meta Platforms, Inc., or formerly Facebook Inc. is one of the largest companies involved with the development of metaverse. Some other major market players investing in the development of metaverse include,

    • Hyperlink InfoSystem,
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis 
    • Tencent Holdings Ltd.,
    • Infosys Limited,
    • Zensar Technologies Limited,
    • Accenture plc,
    • Net Ease Inc.,

In the News

  • In February 2023, Google introduced XR Immersive Stream, a cloud-based graphics rendering solution leveraging Google Cloud's GPUs to provide detailed, high-quality visuals and videos across any device. This service allows developers to create immersive experiences without the need for advanced hardware or specific applications on the user's device. The primary advantage of XR Immersive Stream is its capacity to offer fully immersive 3D or AR environments without requiring powerful hardware or specialized software on the user's end.
  • September 27, 2021: Meta Platform Inc. to build Metaverse in collaboration with various industry experts and policy makers. The company aims to build the next computing platform, work across augmented and virtual reality and consumer hardware.
  • May 15, 2021: Zensar Technologies Ltd. to acquire M3bi Private Limited, to expand its expertise across digital technologies.

Author Credits:  Abhishek Verma


  • Report ID: 3925
  • Published Date: Aug 21, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of metaverse is assessed at USD 113.27 billion.

Metaverse Market size was over USD 82.61 billion in 2023 and is likely to reach USD 11.72 trillion by 2036, witnessing around 46.4% CAGR during the forecast period i.e., between 2024-2036. Increasing investment in the advanced technologies globally, is anticipated to boost the market growth.

Europe industry is anticipated to hold largest revenue share by 2036, led by growing adoption of advanced technology in the region.

The major players in the market are Hyperlink InfoSystem, Tencent Holdings Ltd., Infosys Limited, Zensar Technologies Limited, Accenture plc, Net Ease Inc., and others.
Metaverse Market Report Scope
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