Metaverse Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Metaverse Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Metaverse Market

The global metaverse market size was valued at USD 234.04 billion in 2022, and the market is now projected to grow from USD 416.02 billion in 2023 to USD 3409.29 billion by 2027, exhibiting a CAGR of 69.2% during the forecast period (2023-2027).

The COVID 19 pandemic, led to sudden inclination towards the online video gaming and also online video conferencing platforms. The global metaverse market witnessed an increase in growth rate rate of 3.3% in 2020 as that of 2.6% in 2019. This surge can be credited to an increase in adoption of virtual gaming and also online shopping. The pandemic thus positively impacted the global metaverse market growth.

The surging call for advanced VR gadgets globally from individuals and small, medium, and even large-scale entities will contribute in driving the global metaverse market share. Moreover, increasing investments in ecommerce and retail industries along with rising presence of products in the virtual environment is said to give boost to the metaverse market growth.

Surging expenditures by consumers on virtual concerts and other similar events in the media and entertainment sector is the latest trend in the metaverse industry. As per IBEF (India Brand Equity Foundation Organization), the valuation of media and entertainment industry was close to USD 19 billion.

Comprehensive Analysis of Metaverse Market

The Metaverse marketplace is growing significantly due to its market segmentation. These market segmentations are further bifurcated into component analysis, platform analysis, application analysis, and region. Based on component analysis, software/platform segment will give highest CAGR. As per the platform analysis, the desktop segment captures major marketplace share. Whereas, gaming segment dominates the application analysis.

Based upon the regional analysis, the North American region dominates the global Metaverse marketplace. The region’s metaverse industry is rapidly growing owing to rising number of investments in metaverse by the dominant entities like, NVIDIA, Roblox, Meta and others to expand the market existence. Meta (U.S.) invested about USD 50 million into its global R&D in September 2021.

The key metaverse industry dominators are investing on advanced technological solutions like, machine learning (MI), cloud, artificial intelligence (AI) and others in order to improve the quality of their current services. These corporations are also actively participating in mergers and acquisitions to expand their marketplace share. These companies include, Tencent Holdings Ltd. (China), NVIDIA Corporation (U.S.), Roblox Corporation (U.S.), Microsoft Corporation (U.S.), Globant (Luxembourg), Queppelin (India), Alibaba Cloud (U.S.), Netease Inc. (China), Magic Leap, Inc. (U.S.).

In January 2023, the International Organization for Public-Private Cooperation located in Geneva, agreed to collaborate along with Accenture and Microsoft. This collab was to build a Global Collaboration Village the main focus of the said metaverse platform is to promote virtual multistakeholder cooperation. International Organization for Public-Private cooperation is also referred to as World Economic Forum (WEF).

Segmentation Table

Metaverse Market Scope

Study Period 2019-2027

Base Year 2022

Estimated Year 2023

Forecast Period 2023-2027

Historical Period 2019-2021

Unit Value (USD Billion)

Growth Rate CAGR of 69.2% from 2023 to 2027

Segmentation By Component, Platform, Application, and Region

By ComponentHardware

Software/Platform

Services

By Platform Desktop

Mobile

Console

Others

By ApplicationGaming

Healthcare

Education and Training

Social Media and Entertainment

Travel and Tourism

Real Estate

Banking and Finance

Others (Remote Working)

By Region North America (By Component, Platform, Application, Country)

- U.S.

- Canada

- Mexico

Europe (By Component, Platform, Application, Country)

- U.K.

- Germany

- France

- Italy

- Spain

- Russia

- Benelux

- Nordics

- Rest of Europe

Rest of the World (By Component, Platform, Application, Country)

- Asia Pacific

- South America

- Middle East & Africa


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