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:
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North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
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Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
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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
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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
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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
Market Segmentation
Our in-depth analysis of the global metaverse market includes the following segments:
By Component
- Hardware
- Software
By Platform
- Desktop
- Mobile
- VR Headset
By Technology
- Blockchain
- VR & AR
- Mixed Reality
- Others
By End-User
- BFSI
- Retail
- Manufacturing
- Media & Entertainment
- Education
- Aerospace & Defense
- Others
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
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.
