The global Metaverse Market size is estimated to reach USD 566.42 billion by 2032 at 52.78% - players- Meta (US), Microsoft (US), NetEase (China), Electronic Arts (US), Take-Two (US), Tencent (China), Nexon (Japan), Epic games (US), Unity (US), Valve (US)

The global Metaverse Market size is estimated to reach USD 566.42 billion by 2032 at 52.78% Compound Annual Growth Rate (CAGR). The market for metaverse was valued USD 61.8 billion in 2022. Major factors that are expected to drive the growth of the metaverse market include a rise in demand in the media and entertainment as well as the gaming industry, evolving opportunities from adjacent markets such as Virtual Reality (VR), Augmented Reality (AR), Mixed Reality (MR), and digitalization in art, fashion, & retail industries. These major factors multiply the scope, reach and offerings by metaverse largely to the industries, end-users. Furthermore, a shift by brands for their promotions using gamification and virtual world simulators has exponentially created a surge for the metaverse market vendors for restructuring cutting edge infrastructure design, 3D environment revamp and improvisation, while offering technologically-driven ecosystem so as to create the best suited experience and transactions to end-users.

Request A Sample Report + All Related Graphs & Charts @https://www.mraccuracyreports.com/report-sample/588958

Based on the component, Software segment to hold a largest market size during the forecast period in metaverse market
The software market is dominated by extended reality software. The high share is attributed to the high demand for AR and VR web app development tools, AR and VR mobile app development tools, AR and VR studios, Software Development Kits (SDK), and cloud-based tools. Further, the 3D mapping, modeling, & reconstruction tools, and volumetric video tools are key components for designing the virtual worlds and games in metaverse platforms. The software market for metaverse platforms is growing at a highest growth rate due to the emergence of centralized and decentralized gateways, avatar identity makers, play-to-earn games, virtual worlds, and metaverse-based social media. The metaverse and financial platforms market is dominated by numerous start-ups and are emerging markets with high potential in booming technologies, such as blockchain, NFT, cryptocurrency, and virtualization. The companies are focusing on leveraging these technologies to design their platforms and decentralized solutions.

The hardware market is expected to grow at the highest CAGR over the forecast period. The introduction of HUD in the entertainment sector is expected to fuel the growth of the AR devices segment of the market. The ability of AR devices to combine the real world with virtual objects has increased their demand across various applications. Presently, AR smart glasses are the most demanded among AR devices in industrial applications, thereby contributing to the growth of the AR devices segment. Haptics and gesture-tracking devices have been an integral part of VR hardware owing to their rise in consumer applications usage. Gaming with gesture-tracking devices provides users an enhanced experience of the virtual world. The MR devices segment is mainly dominated by Microsoft HoloLens 2 and Magic Leap One, which are expected to gain popularity in experiencing the metaverse.

Based on vertical, Consumer segment to hold the largest market share among verticals during the forecast period in metaverse market
The consumer segment consists of mainly two sub-segments namely gaming & social media, and live entertainment & other events. Various entertainment applications include museums (archeology), theme parks, art galleries, and exhibitions. Metaverse, along with the XR technology, offers remarkable results in terms of visual effects when used in gaming and sports broadcasts. The gaming sector has been an early adopter of new technologies such as 3D, VR, and MR. These technologies can enhance the gaming experience of players by creating virtual objects and characters, which are linked to defined locations in the real world. Players can interact and involve as if real-time in these games and the engines and 3D modeling software are so precisely designed it feels like live gaming for a player.

Live entertainment and events include sports, circus, music concerts, and other events such as trade fairs, exhibitions, seminars, so on and so forth.

Segments Covered in the Report
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030 For this study, Grand View Research has segmented the global metaverse market report based on product, platform, technology, offering, application, end use, and region:

Metaverse Product Outlook (Revenue, USD Million, 2017 - 2030)

Hardware

Displays

eXtended Reality (XR) Hardware

Haptic Sensors & Devices

Smart Glasses

Omni Treadmills

AR/VR Headsets

Others

Software

Asset Creation Tools

Programming Engines

Services

Metaverse Platform Outlook (Revenue, USD Million, 2017 - 2030)

Desktop

Mobile

Headsets

Metaverse Technology Outlook (Revenue, USD Million, 2017 - 2030)

Blockchain

Virtual Reality (VR) & Augmented Reality (AR)

Mixed Reality (MR)

Others

Metaverse Offering Outlook (Revenue, USD Million, 2017 - 2030)

Virtual Platforms

Asset Marketplaces

Avatars

Financial Services

Metaverse Application Outlook (Revenue, USD Million, 2017 - 2030)

Gaming

Online Shopping

Content Creation & Social Media

Events & Conference

Digital Marketing (Advertising)

Testing and Inspection

Others

Metaverse End-use Outlook (Revenue, USD Million, 2017 - 2030)

BFSI

Retail

Media & Entertainment

Education

Aerospace and Defense

Automotive

Others

Please click here today to buy full report @ https://www.mraccuracyreports.com/checkout/588958

Market Opportunities - Expansion of Opportunities for Business-to-Business (B2B), and Business-to-Consumer (B2C), Career Opportunities in the Metaverse

Access to the metaverse's marketplace for consumers is rapidly increasing in frontier and emerging economies. In the metaverse, the differences between B2C and B2B marketing are not visible that companies can leverage to grow their consumer bases while avoiding corporate trends. For example, a Gucci bag was worth more in the metaverse than in real life when it was resold for 350,000 Robux or USD 4115 in the Roblox metaverse. The same bag's price in real life is approximately USD 3400. The expansion of opportunities can help boost the metaverse market size.



The career opportunities in the metaverse are growing. More jobs are being created due to the increasing demands for different products and services in the metaverse, which could ultimately increase market growth. According to a study, about 10,000 jobs across different sectors like research, planning, development, safety, world-building, storytelling, ad-blocking, and cybersecurity are expected to be created soon in the metaverse.

Platform Analysis & Insights

The desktop segment accounted for the largest metaverse market size, with USD 16.38 billion in 2021. The desktop is currently a primary portal for entry into the metaverse. The desktop has more storage than a mobile device, allowing faster entry into the metaverse. The desktop processor has a larger screen and a physical keyboard, enabling smoother access to the metaverse. The internet connection speed is fixed for desktop, making it faster than the mobile internet connection speed. The different advantages of desktop over mobile cause more users to prefer it for multiverse entry, driving the market growth of this segment. According to a study, fixed internet connection speed on the desktop is 29.2 Mbps faster than mobile internet connection speed. According to another study, 48.88% of internet traffic for various purposes like metaverse entry comes from desktop users, while 47.59% of internet traffic comes from mobile users.



Technology Analysis & Insights

The metaverse in virtual reality (VR) and augmented reality (AR) segment showed the maximum market share in 2021, with revenue of over 35%. Currently, Metaverse VR and AR are being used in the gaming industry, propelling the market growth. The user experience is enhanced by using virtual reality and augmented reality devices, while costs can be cut when organisations use VR for education and training. These factors caused the demand for virtual reality and augmented reality devices to increase, fostering market growth. According to a study, around 50 million people used virtual reality in the United States and 83.7 million people used augmented reality in 2020, and these numbers are expected to rise to 65.9 million and 110.1 million users, respectively, in 2023.

Metaverse in Mixed Reality is expected to be the fastest-growing metaverse market, with a CAGR of 40.4%. Due to the increased use of MR for better engagement in the metaverse, the metaverse in the mixed reality market segment is growing tremendously. Mixed reality enables the user to see and immerse himself into the metaverse even as he interacts with it using his hands. Mixed reality helps adapt the metaverse to fit the real-life surroundings of the user. The benefits of mixed reality for the metaverse increase the number of users to adopt it, driving the market growth. A study by Boeing showed that mixed reality improved productivity in the metaverse by 25%, while another study showed that mixed-reality onboarding improved employee retention by 82% and productivity by 70%.



Offering Analysis & Insights

The metaverse in the asset marketplace is expected to have a high growth rate, with a CAGR of 40%. The increased investments in bitcoins, Ethereum, NFTs, and other cryptocurrencies have caused the metaverse's rapid growth in the asset marketplace segment. Cryptocurrencies are protected from inflation, governed and managed by their user, decentralised, secure, and private. They are a cost-effective transaction method, allow for smooth currency exchange, and allow easy transfer of funds. The benefits of a cryptocurrency cause more users and businesses to adopt it in the metaverse, which causes its market expansion. According to a study, around 300 million people, or 3.9% of the total population use cryptocurrencies for different transactions in 2021. Around 18,000 businesses have started adopting cryptocurrency payments for transactions such as those in the metaverse.



Application Analysis & Insights

The metaverse in gaming has the maximum revenue share with 27.17% in 2021. Due to developers' significant ongoing developments and innovations and a growing focus on boosting immersion and realism in games, the gaming segment had the highest market share in 2021. VR, AR, and MR devices are increasingly being used to access and provide a real experience for gaming. Epic Games was reported to invest USD 1 billion to accelerate the gaming segment in the metaverse in 2021, and it announced a further USD 2 billion investment for metaverse advancement along with KIRKBI.



End-Use Analysis & Insights

The Media and Entertainment segment held a significant portion of total global industry revenue. The industry is working to improve participant social interactions. Companies are also using the metaverse concept to add value to entertainment brands by enhancing offerings such as immersive storytelling, unleashing fan creativity, and world-building. These three factors contribute to the franchise-building process while also increasing audience engagement. The concept will improve storytelling by incorporating an immersive and interactive experience. The COVID-19 pandemic aided the growth of the media and entertainment segment.



Regional Analysis & Insights

North America is having the largest share, with a revenue of over 70 % in 2021. The North American region's market share is high due to the customers and users in North America that adopt new and complex technology. Americans are increasingly using VR, MR, AR, and other new technology to access and experience the metaverse as real as possible. Americans also enjoy their experience in the metaverse, which compels them to invest in devices that would further enhance their experience in the metaverse. The increased demand for devices that enhance their experience fosters market growth. According to a study, 37% of Americans believe life in the metaverse would be more fun than real life, 38% believe the metaverse makes their life better, 47% use it to socialise efficiently, and 48% do not feel overwhelmed about the multiverse, 40% understand the purpose of the metaverse, and 57% believe that the metaverse will be as popular as traditional social media platforms.

Due to many start-ups and organizations, the Asia-Pacific region could be the fastest-growing metaverse market. The industry in India, for example, is seeing tremendous growth due to a lot of start-ups and organizations plying in the metaverse being present. The metaverse consumer base is also growing in Asia-Pacific due to the increased adoption of technology that would enhance their experience in the metaverse, which increases the demand for these devices and the market growth. According to China's Social Sciences Academic Press and NetEase, 31.8% of people use the QQ metaverse platform seven days a week, while another study suggests that the South Korean metaverse platform Zepeto has about 2 million active Asian users a day.

Call Us - UK +44 7452119323
USA +1 8045001224
Email us - sales@mraccuracyreports.com
30 Crawley Lane, West Sussex, RH10 7EG, United Kingdom
3351 Green Turtle Rd, Regina, SK S4V 3N6, Canada

MR Accuracy Reports is a Market Research and consulting company that accomplishes requirement of research agencies,small, medium and large corporations, global business leaders, government organizations,
SME's, Individual & Start-ups, top management consulting firms.

This release was published on openPR.