Product ID: SQMIG45D2039
Global 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
Global Metaverse Market Insights
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).
The Metaverse is a virtual interactive self-sufficient ecosystem comprising mobile networks, augmented reality, social media, gaming, virtual reality, e-commerce, cryptocurrency, and workplace. This universe is envisioned as the internet's future, bringing together augmented reality (AR), virtual reality (VR), and physical worlds in a common digital arena. NFTs and online events are exploding, opening up a world of possibilities for it and associated technologies. The metaverse market is being promoted and accelerated because the world of entertainment and gaming are both industries whose demand is increasingly high.
It is the technology with the fastest growth rate because of the steady and rapid advancement in the AR, VR, and MR technologies. Adoption of these technologies is mainly on the fact that gadgets such as VR headsets, MR headsets, HUD, HMD, smart glasses, and smart helmets can simulate first-person view, act as natural user extension and acquisition capabilities and provide 6 degrees of freedom to mimic the virtual world and put the experience of game users to a higher level - the real world. Prominent gaming players and digital technology businesses have focused on providing specific metaverses for their consumers alongside huge investments. As a prominent reason lying behind this rise in the budget of metaverse technology has the great chance of marketing various goods in the metaverses. The metaverse features the immersive environments where gamers can play video games in their full forms.
Many businesses try to compete by creating gaming experiences that offer the gamers an incredible gaming through the internet. Specialized factors associated with the growth of the market revenue are the gentle increase in the number of participants, the great attraction of play-to-earn games, and the progress in AR, VR, and metaverse (XR) technologies. The market is being shaped by cryptocurrencies and the Non-Fungible Token (NFTs) in an artistic manner. Cryptocurrencies transform the technology of traditional transactions and eventually provide a decentralized and borderless digital economy as a surrogate community to certain virtual spaces. Users are able to seamlessly engage in purchases that overpass the level of the traditional payment systems and stipulate the prompt processing of transactions in the metaverse.
Alongside, NFTs are bringing revolution in the way ownership is perceived and digital assets like artwork and virtual real estate are being demonstrated as one-of-a-kind and having genuine history. This opens up a new range of values and scarcities which makes the first ever direction in digital creativity and collectables. All these traits collectively result in the formation of a metaverse where ownership, trade, and innovation intersect in groundbreaking and motif-inducing way, thus paving way for a new-age virtual ecosystem.
US Metaverse Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Metaverse Market Report Snapshots
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATION
USA (+1) 351-333-4748
