Metaverse Market Size to Expand at Over 45.2% CAGR Through 2030
The Metaverse market has been segmented into component, platform, technology, application, and end-user. Based on the component, the market is divided into hardware and software.
It is expected that the Metaverse Market will experience 105,597.5 million by 2030 and will register a CAGR of 45.2% from 2024 to 2030. This is a simulated digital environment with augmented reality and virtual reality, mixed reality, blockchain and others for a better user experience.
The gaming need in people increased during the pandemic due to lockdown. The rising investment in ecommerce and retail will propel market growth in the future. Lack of awareness, security concerns and increasing cyber-attacks are the restraining factors and will hinder the market growth.
The software market will dominate the market in the forecast period due to leading market players' development of advanced software and platforms. The service segment will also grow at a moderate rate due to the rising adoption of the service by many ecommerce brands.
The metaverse market is classified into desktop/laptops, mobile, and wearables by the platform. The desktop will have a high growth rate in 2021, and in that year, the video gaming audience will be 2.5 billion. The market will have high growth due to the rising video gaming audiences have increased the demand for desktop devices for the expenses of virtual reality gaming.
Moreover, the mobile segment is also expected to generate high growth as mobile gaming improves and the newer technological advancement in mobile phones is the key reason.
The technology of the Metaverse Market is categorized into the blockchain, VR & AR, mixed reality, and others. The VR and AR segment will hold the largest market share in the forecast period.
Metaverse Market by application is fragmented into gaming, online shopping, content creation, social media, and others. Gaming applications will dominate the market due to the surge in the global adaptation of live video streaming and gaming.
The gaming audiences are adopting advanced and newer technologies like VR, AR gadgets and digital world services to improve their experience. Based on the end-user, the market is bifurcated into consumers and enterprises. The enterprise's segment is divided into BFSI, retail, media & entertainment, education, real estate, aerospace & defense, healthcare, engineering, and others.
The Metaverse Market is analyzed in North America, Asia Pacific, Europe, South America, the middle east and Africa. North America will contribute to the market at a high rate.
The increasing use of the integrating digital and physical world via the internet and the increasing traction and popularity of mixed reality are major factors driving the market. Businesses in North America utilize sophisticated virtual reality and augmented reality to improve the company processes.
The increasing number of audiences on social media platforms and growing interest in games are the reason for enhancing the market in the euro[pwan region. Other regions, including the Asia Pacific and Latin America, also showcase substantial growth due to several propelling reasons.