Metaverse Market Technology
The global Metaverse market will be worth USD 11.47 billion in 2023 and is expected to reach USD 107.49 billion by 2030, growing at a 45.2% CAGR between 2022 and 2030.
The Metaverse is a simulated digital environment that uses augmented reality, virtual reality, blockchain, and social media concepts to create environments for rich user interaction that mimic the real world. Metaverse will create online spaces with more multidimensional user interactions than current technology allows. Users in the Metaverse will be able to immerse themselves in a space where the digital and physical worlds converge, rather than simply viewing digital content. Users will be able to interact with friends, work, play, learn, shop, create, and do other things without leaving their homes.
Prior to the pandemic, the Metaverse was not a hot topic. The pandemic increased its importance among consumers and industries alike. Tech companies began developing this technology and announced investments in 2020. The year 2021 was a good year for Metaverse technology investments, thanks to Meta’s billion-dollar investment (Facebook).
The increasing emphasis on converging digital and physical worlds using the Internet, as well as the growing demand for Metaverse to purchase digital assets using cryptocurrencies, are the major factors driving the growth of the metaverse market. However, cyber-threats in the Metaverse are impeding market growth.
The Metaverse Market has been segmented based on component, technology, platform, application, end user, and region.
Based on Component, the global Metaverse market has been segmented into Hardware and Software.
By Platform, the Metaverse market has been segmented into Mobile, Desktop/Laptops, and Wearables.
Based on Technology, the Metaverse market has been segmented into VR & AR, Blockchain, Mixed Reality, and Others.
By Application, the Metaverse market has been segmented into Online Shopping, Gaming, Social Media, Content Creation, and Others.
The global Metaverse market has been divided into five regions: North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. North America will account for the largest market share, with a market value of USD 8,103.1 Million in 2024 and a CAGR of 30.3% during the forecast period. Asia-Pacific will be the second-largest market in 2024, with a market value of USD 1,711.3 million and a CAGR of 62.2%. North America is expected to contribute the most to the metaverse market.
Many businesses in North America are heavily utilising advanced virtual reality, 3D simulation, and augmented reality to improve their business operations. Technologies such as Extended Reality, 5G, and AI may make the metaverse futuristic from the standpoint of business intelligence.
The Asia-Pacific metaverse market is expected to grow at a CAGR of 62.2% from 2024 to 2030, owing to the increasing use of the internet and other technologies to bring the digital and physical worlds closer together. Mixed reality is gaining traction and appeal for increasing the use of capabilities evolving various trends across numerous companies in China, Japan, and India, in order to make data-driven business decisions.
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