Metaverse Market - Global Industry Analysis

The global Metaverse Market accrued earnings worth approximately 47.49 (USD Billion) in 2021 and is predicted to gain revenue of about 400.5(USD Billion) by 2028, is set to record a CAGR of nearly 39.5% over the period from 2022 to 2028. The study provides assessment and analysis of the Metaverse Market on a global & regional level. It offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2018 to 2021 along with a forecast from 2022 to 2028 based on revenue (USD Billion).

Metaverse Market: Outlook

Metaverse is termed as a graphically enhanced virtual space having some amount of verisimilitude where individuals can work, shop, play, and socialize. Furthermore, metaverse components focus on ‘presence’ concept. In addition to this, metaverse is a network of 3D virtual spaces focusing on social links. Reportedly, the term is also described as hypothecation by internet as a single & universal world enabled through utilization of virtual reality & augmented reality. Many kinds of metaverses have been developed for popular utilization. For instance, virtual world tools such as Second Life.

Furthermore, metaverse is one of the buzzords in domain of technology and this insight will bring a paradigm shift in internet era with whole ecosystem of firms making it a future reality. In addition to this, 5G networks, cloud computing, and edge computing will help metaverse concept a reality in near future.

Metaverse Market: Growth Drivers

Surge in expansion of metaverse industry over forecasting timeline is subject to rise in focus on integration of physical & digital worlds through use of internet. In addition to this, rise in popularity of augmented reality, virtual reality, and mixed reality has prompted expansion of metaverse market. Furthermore, metaverse tool has enhanced web experience through setting up of virtual world in which customers are engaged into different activities such as immersive gaming, socializing, carrying out business, purchasing & selling virtual real estate along with enjoying immersive entertainment. All these aforementioned aspects will drive expansion of metaverse industry over ensuing years.

Furthermore, rise in purchase of digital assets with use of cryptocurrencies will culminate into humungous demand for metaverse over years ahead. In addition to this, rise in business to business and business to consumer activities has opened new growth avenues for metaverse market. However, rise in cyber-terrorist activities can put brakes on expansion of metaverse industry.

Report Scope:

Metaverse Market: Regional Insights

North American Metaverse Market To Account Lucratively Towards Regional Market Size By 2028

Growth of metaverse market in North America over forecasting years can be credited to rise in acceptance of new technology in countries such as the U.S. and Canada. Apart from this, rise in number of startup firms set up in sub-continent will further contribute towards regional market surge in ensuing years. In addition to this, huge presence of gaming as well as metaverse businesses in region including Epic Games, Inc., The Sandbox, and Nvidia Corporation will pave a way for expansion of metaverse industry in sub-continent. Rise in use of metaverse into gaming industry in countries such as the U.S. will proliferate size of metaverse industry in North America.

Metaverse Market: Breakthroughs

• In January 2022, The Sandbox declared that it has entered into business alliance with Warner Music Group for introducing first music themed world in metaverse
• In April 2022, Mid-Cap IT company Mindtree announced that it is raising allocation of funds in creating solutions that can reinforce consulting-led offerings to customers. The CEO of firm stated that Metaverse offering will facilitate customers in accelerating & optimizing its transfer into meta economy.

Metaverse Market: Competitive Landscape

Some of the major players have strongly leveraged growth of metaverse industry and is expected to do so even in foreseeable future. They include Meta Platforms, Inc., Nvidia Corporation, Tencent Holdings Ltd., Roblox Corporation, Unity Technologies, Inc., ByteDance Ltd., Nextech AR Solutions Corp., The Sandbox, Microsoft Corporation, NetEase, Inc., and Epic Games, Inc.

The global Metaverse Market is segmented as follows:

By Product

• Hardware
• Software
• Services

By Platform

• Desktop
• Mobile

By Technology

• Blockchain
• Virtual Reality (VR) & Augmented Reality (AR)
• Mixed Reality (MR)

By Offering

• Virtual Platforms
• Asset Marketplace
• Avatars
• Financial Services

By Application

• Gaming
• Online Shopping
• Content Creation & Social Media
• Events & Conferences, Digital Marketing (advertising)
• Testing & Inspection
• Others

By End Use

• Fashion
• Manufacturing
• Media & Entertainment
• Aerospace & Defense
• Education
• Automotive
• Travel & Tourism
• Manufacturing
• Finance

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa