PUNE, India, Aug. 3, 2022 /PRNewswire/ -- According to a recent market study published by Growth Market Reports, titled, "Global Metaverse Market" by Technology (Mixed Reality, Virtual Reality & Augmented Reality, and Blockchain), Platforms (Mobiles, Desktop/Laptops, and Wearables), Components (Software and Hardware), Applications (Online Shopping, Content Creation, Gaming, Social Media, and Others), End-users (Education, Aerospace & Defense, Media & Entertainment, Real Estate, Healthcare, Engineering, and Others), and Regions: Size, Share, Trends and Opportunity Analysis, 2021-2030, the market was valued at USD 37.9 billion in 2021 and is projected to reach USD 659.7 billion by the end of 2030, expanding at a CAGR of 37.5% during the forecast period, 2022-2030. The global metaverse market growth is owing to the high penetration of the Internet of Things (IoT) and the rising demand for advanced technology for real-life gaming experiences.
Key Market Players Profiled in the Report
- Tencent Holdings Ltd
- Epic Games, Inc.
- Nvidia Corporation
- Unity Technologies, Inc.
- Meta Platforms, Inc.
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
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This report also includes a complete analysis of industry players that covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping them to expand their market share.
Highlights on the Segments of the Metaverse Market
On the basis of technology, the global metaverse market is segmented into mixed reality, virtual reality & augmented reality, and blockchain. The virtual reality & augmented reality segment is projected to expand at a considerable CAGR during the forecast period due to the increasing use of metaverse in the gaming industry. In the gaming industry, AR and VR technology are used to make games realistic and deliver an optimal gaming experience.
In terms of platforms, the global market is divided into mobiles, desktop/laptops, and wearables. The desktop/laptops segment is expected to hold a significant share of the market in the coming years due to the rising demand for massive virtual screens for watching movies, play games, and surf the web.
Based on components, the global metaverse market is bifurcated into software and hardware. The software segment is expected to expand at a high growth rate during the forecast period owing to the rising demand for advanced software for various applications including media & entertainment and gaming industries.
On the basis of applications, the global market is fragmented into online shopping, content creation, gaming, social media, and others. The gaming segment is expected to dominate the market in the coming years due to wide integration of advanced technologies to make video games more realistic, impacted by the rising number of professional gamers globally.
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Key Takeaways from the Study:
- Rapid expansion in the employment of a combination of advanced digital technologies including Augmented Reality (AR), Mixed Reality (MR), and Virtual Reality (VR) among business enterprises presents a key dimension of the market.
- Rising competition among service providers to develop cutting-edge digital software for online gaming and increasingly deployment of AR and VR from game developers is a major market trend.
- Availability of high-resolution image and video configurations in desktops/laptops and increasing use of such devices from professional gamers boosts the market expansion.
- Wide adoption of AR and VR technologies by the media & entertainment industry and increasing integration of advanced digital solutions in social media to enhance customers' experience in visual world presents a key source of the entire revenue of the market.
- Growing popularity of cryptocurrency used as a metaverse coin and increasing buying of digital assets such as non-fungible tokens (NFTs) built in cryptocurrency opened up several opportunities for the market expansion.
- Major players such as Tencent Holdings Ltd.; Nvidia Corporation; and Meta Platforms, Inc. together accounted for a large market share and held a majority of the revenue generated in the global market.
- Several end-user companies including Verizon; Nike, Inc.; Adidas; Gap Inc.; Hulu, LLC; and Walmart have made a massive sum of investment to provide immersive experience of metaverse to their customers and clients.
Read 215 Pages Research Report with Detailed ToC on "Global Metaverse Market" by Technology (Mixed Reality, Virtual Reality & Augmented Reality, and Blockchain), Platforms (Mobiles, Desktop/Laptops, and Wearables), Components (Software and Hardware), Applications (Online Shopping, Content Creation, Gaming, Social Media, and Others), End-users (Education, Aerospace & Defense, Media & Entertainment, Real Estate, Healthcare, Engineering, and Others), and Regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2030"
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Key Segments Covered
- Mixed Reality
- Virtual Reality & Augmented Reality
- Online Shopping
- Content Creation
- Social Media
- Aerospace & Defense
- Media & Entertainment
- Real Estate
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
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- Global AR and VR Market by Types (AR and VR), Applications (Aerospace & Defense, Gaming, Medicine, E-Commerce, Education, Art & Entertainment, Business, Emergency Services, and Others), and Regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa), Forecast To 2028
- Global Augmented Reality Hardware and Software Market by Types (Augmented Reality Glasses, Augmented Reality Display, Tracking System, and Others), Applications (Healthcare, Education, Retail, Entertainment, IT and Telecom, and Others), and Regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa), Forecast from 2022 to 2030
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