Metaverse Market Size, Share, Growth Analysis, By Component(AR Devices, VR Devices, MR Devices, Displays, Software, Services), Technology(Blockchain, VR, AR, MR, Others), Application(Gaming, Shopping, Social Media, Events, Others), End-Use Industry, and Region - Industry Forecast 2024-2031

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 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. '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) ', 'Infosys (India) ', 'Magic Leap, Inc. (US) ', 'Meta Platforms, Inc. (US) ', 'Microsoft Corporation (US) ', 'Nextech AR Solutions Inc. (Canada) ', 'NVIDIA Corporation (US) ', 'Oracle Corporation (US) ', 'Tencent Holdings Ltd. (China) ', 'Unity Technologies, Inc. (US) ', 'The Sandbox (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 novel prospects for healthcare professionals and instils optimism, especially among contemporary healthcare establishments. It helps the doctors and patients to interact virtually through sessions and eliminates geographical limitations. The growth of AI technology and machine learning in the XR area will create applications that can change according to the requirements of every user; this will deliver individualized experiences in healthcare tasks including training, patient education, and therapy, which are likely outcomes in improving engagement, comprehension, and overall achievements. These experiences can be tailored to every user of the provider which allows the delivery of the information that is most expected leading to better results. With the arrival of a new open, decentralized internet, comes an increased focus on blockchain, for the management of transparent data. Many experts believe the blockchain will play an important role in the creation of a safe and fair metaverse.   

Leveraging Metaverse and Related Technologies in Aerospace and Defence Sector: Technologies such as Metaverse, or XR, and AI and analytics will be most useful in the aerospace and defence industry for training and simulation. Since these technologies are converging with the metaverse, otron experiential, using data-driven applications in real-time; the metaverse, therefore, can make possible, the effectiveness and efficiency of skill transfer and knowledge retention by the trainees in this industry. An instance of using metaverse is seen during the training ground crew members responsible for pre-flight inspections in the aviation sector. These technologies can empower ground crew personnel to execute essential protocols before aircraft take-off. For instance, in November 2022, SimX, a medical device manufacturing company, received a research and development contract from the US Air Force to create an improved virtual reality (VR) medical simulation training program. The goal was to adapt their current VR medical simulation system to produce a platform that guarantees increased flexibility and consistency for tactical combat casualty care training.

North America is forecasted to dominate the market with the highest share of 39.6% in 2023 simply because 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.