Global Metaverse Market by Product Type, Technology, Application, Platform, and End-Use – Global Forecast 2031
Growing demand for digital assets such as NFTs and cryptocurrencies coupled with high investments in the development of metaverse technologies are slated to drive market growth. Advancements in augmented reality and virtual reality also boost the metaverse demand outlook. The market value stood at USD 50 Billion in 2022, and is expected to grow from USD 86.31 Billion in 2023 to reach USD 803.29 Billion by the end of 2031.
Gaming Sub-segment to Hold Dominant Share in Application Segment
The development of realistic games and improved accessibility to online gaming around the world has allowed the gaming industry to flourish. Rapidly expanding gaming community around the world is advocating for the development of novel metaverse platforms and this is projected to drive market growth over the coming years. The rising popularity of gaming streamers and the increasing availability of novel game streaming platforms are also estimated to bolster the demand for the metaverse in the long run. Social media has also played a crucial role in boosting the popularity of the gaming industry in the future.
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North America Estimated to Lead Global Market Growth Spearheaded by Revenue Generation in the U.S.
The presence of key metaverse companies focusing on innovation and growing emphasis on the commercialization of metaverse are key factors allowing North America to hold a high market share. The high availability of hardware and software resources required to access and engage in the metaverse is also helping metaverse companies boost their market growth in the future. The presence of key gamers and a robust gaming community in the United States allows this country to spearhead market growth in this region. Moreover, the presence of companies such as Nvidia Corporation and Epic Games will also aid metaverse market expansion in the North American region via the United States.
The global metaverse market has leading companies such as Roblox Corporation, Epic Games Inc., 3i Inc., Apple Inc., Atari Inc., Autodesk Inc., Dapper Labs, Decentraland, Fastly, and Google LLC, among others.
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Adoption of Digital and Remote Learning Creating Business Scope for Metaverse Companies
Metaverses can enhance the remote and digital learning processes by creating immersive environments that aid in learning and skill development. Utilization of advanced technologies such as AR and VR could help learners retain more and enjoy while learning. Metaverses can also help students learn in a remote and risk-free environment whilst experience all kinds of situations and sceanrios required for their development. Integration of virtual learning practices in traditional learning institutions will open up new opportunities for metaverse companies going forward.
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