Global Metaverse Market Highlights over 2022 – 2031
The global metaverse market is estimated to grow at a CAGR of ~45% over the forecast period, i.e., 2022 – 2031. 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.
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 metaverse market over the forecast period. This can be attributed to the successful deployment of the blockchain technology for cryptocurrency banking.
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market. CLICK TO DOWNLOAD SAMPLE REPORT
Global Metaverse Market 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.
The global metaverse market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global metaverse market includes the following segments:
Top Featured Companies Dominating the Market
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, Tencent Holdings Ltd., Infosys Limited, Zensar Technologies Limited, Accenture plc, and Net Ease Inc., among others.
FREQUENTLY ASKED QUESTIONS
Increasing investment in the advanced technologies globally, is anticipated to boost the market growth.
The market is anticipated to attain a CAGR of ~45% over the forecast period, i.e., 2022 – 2031.
The major players in the market are Hyperlink InfoSystem, Tencent Holdings Ltd., Infosys Limited, Zensar Technologies Limited, Accenture plc, Net Ease Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by component, platform, technologies, end-user, and by region.
The software segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Digital limitations with metaverse, such as, threats of cybercrime, and low-availability of advanced technology in developing regions, are estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the presence of various market players in the region.
Select License Type
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization