Global Metaverse Market

Metaverse Market Size, Share, Growth Analysis, By Product Type(Hardware, Software), By Platform(Blockchain, VR & AR), By Application(Gaming, Online Shopping), By Platform(Mobile, Desktop), By End-Use(Aerospace & Defense, Education) - Industry Forecast 2024-2031

Report ID: SQMIG45D2039 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 153 | Figures: 77

Metaverse Market Regional Insights

North America is forecasted to dominate the market with the highest share of 39.6% in 2022 simply because of the fact that the users and customers of the region are embracing the computerization of their hard-to-believe technology.

For instance, the fact that the number of startups that specialize in metaverse platform development for commercialisation is expected to increase shows the region is also one of the factors behind the growth in the revenue of the market. In other words, the remarkable footprint of gaming and metaverse companies like The Sandbox, Nvidia Corporation and Epic Games, Inc operating in the area that is keen on integrating metaverse into games provides a fertile ground for potential market growth.

For instance, NVIDIA Corporation with Blender and Adobe decided to expand the usage of NVIDIA Omniverse, the first collaboration and simulation platform in the world, on millions of more users.

The Asia Pacific region is on the both production and consumption end and is expected to show tremendous CAGR over the forecast period. More and more new players in the field including start-ups and organizations such as The Sandbox (Hong Kong), Bolly Heroes (India), Axie Infinity (Singapore), NextMeet (India), GuildFi (Thailand) and also Shenzhen Zhongqingbaowang Interaction Network Co., Ltd. (ZQGame Global) and miHoYo Co., Ltd These metaverse platform and gaming applications offer real-time experiences where one can interact and use hybrid operations via live and concurrent third-party apps.

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Metaverse Market size was valued at around USD 63.45 billion in 2022 and is expected to rise from USD 86.31 billion in 2023 to reach a value of USD 803.29 Billion by 2031, at a CAGR of 39.68% over the forecast period (2024-2031).

Global market is fairly concentrated, with a few big and medium-sized market participants accounting for a large portion of market revenue. Major players are implementing numerous tactics, including mergers and acquisitions, strategic agreements and contracts, and the development and testing of metaverse platforms. Additionally, The market is being fueled by government support and the government aiming to use the potentials of metaverse to enhance the capacity and steps of government service delivery and cooperation between market players and government/agency agencies. Companies and governments everywhere have their hands on the evolving industry of the metaverse with the government augmenting job numbers and a training academy for it. From tech giants, consultancies, entrepreneurs, investors, university or government representatives to the individual users, each stakeholder having interest in the metaverse and satisfying the demand for some "fresh idea" in the existing industry through such metaverse will result in industry growth, user adoption, and more possibilities than ever. 'Roblox Corporation', 'Epic Games, Inc.', ' 3i Inc. (South Korea) ', ' Apple Inc. (US) ', ' Atari, Inc. (France) ', ' Autodesk Inc. (US) ', ' Dapper Labs (Canada) ', ' Decentraland (China) ', ' Fastly (US) ', ' Google LLC (US) ', ' IBM Corporation (US) ', ' Infor (US) ', ' Magic Leap, Inc. (US) ', ' Meta Platforms, Inc. (US) ', ' Microsoft Corporation (US) ', ' Nextech AR Solutions Inc. (Canada) ', ' NVIDIA Corporation (US) ', ' Oracle Corporation (US) ', ' PTC Inc. (US) '

Based on the research conducted by SkyQuest, it has been discovered that the medical industry is exploring innovative avenues through the metaverse within the healthcare sector. This development opens up novel prospects for healthcare professionals and instills optimism, especially among contemporary healthcare establishments. It helps the doctors and patients to interact virtually through sessions and eliminates geographical limitations. It helps the fitness, well being, mental health and it is possible for the patient to connect with the doctor.

The Saudi Arabia Ministry of Culture initiated the development of a virtual world (which is broadly known as metaverse) dedicated to the demonstration and protection of the country’s valued cultural heritage according to the Cointelegraph report. Such an initiative is an indication of the Ministry of Culture’s engagement with inclusivity. Multi-platform availability provides for the spread of the program worldwide which makes it possible for a broad global audience to delve into and interact with Saudi Arabia’s diverse cultural background. It is to be noted that the attempt defines the growing popularity of metaverse platforms for cultural conservation and immersive learning opportunities worldwide.. The police in the UK are investigating a scenario where a virtual gang-rape was reported to have occurred in a metaverse setting, as per a news article in the New York Post. This unique case has caused everyone to wonder about the awkward issues of virtual reality grounds. As metaverse technologies get grown, incidents like these emphasize the gravity that calls for the development of stringent regulatory frameworks and measures to secure security to ensure the welfare of the users and to prevent virtual crime. Notwithstanding such problems, the case provides the basis for the position of metaverse as the rising economic area for social interaction and entertainment through its virtual environment.

North America is forecasted to dominate the market with the highest share of 39.6% in 2022 simply because of the fact that the users and customers of the region are embracing the computerization of their hard-to-believe technology.

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Global Metaverse Market

Product ID: SQMIG45D2039