Global Metaverse Market

Metaverse Market Size, Share, Growth Analysis, By Product Type(Hardware, Software, Services), By Platform(Blockchain, VR & AR, Mixed Reality, Others), By Application(Gaming, Online Shopping, Content Creation, Social Media), By Platform(Mobile, Desktop, Headset), By End-Use(Aerospace & Defense, Education, Healthcare, Tourism and Hospitality) - Industry Forecast 2024-2031

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

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.

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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).

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 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