According to the latest report by IMARC Group, titled “Metaverse Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global metaverse market trends. The report also includes competitor and regional analysis, and contemporary advancements in the market.What are the growth prospects of the Metaverse Industry ?
The global metaverse market size reached US$ XX Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ XX Billion by 2027, exhibiting a growth rate (CAGR) of 40.07% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
What is a Metaverse Market?
A metaverse represents a digital reality that combines aspects of social media, online gaming, augmented reality (AR), virtual reality (VR), cryptocurrencies, etc., enabling users to interact virtually. It is persistent, self-sufficient, infinite, interoperable, and provides real-time live experiences. Metaverse applications are being increasingly adopted across numerous sectors, including media, banking, financial services and insurance (BFSI), retail, education, automotive, etc.
What are the major market drivers in the Metaverse Market?
The expanding number of individuals relying on online shopping and the growing usage of online shopping apps are among the key factors stimulating the metaverse market. Besides this, the inflating product sales associated with gaming applications are further propelling the market growth. Additionally, the increasing popularity of virtual goods and digital currencies in the form of non-fungible tokens (NFTs) is also driving the global market. Furthermore, the growing adoption of the metaverse by small and medium-scale enterprises (SMEs) to allow individuals to have real-time interactions and experiences is catalyzing the market growth.
Apart from this, the escalating demand for online games, owing to the widespread digitization levels, the elevating reliance on smartphones, and high-speed internet connectivity, is also fueling the global market. Besides this, the rising usage of the metaverse for designing, manufacturing, and testing critical components of aircraft and the expanding aerospace sector are acting as significant growth-inducing factors. Moreover, the widespread adoption of these applications in the BFSI industry for minimizing the interaction between agents and customers and streamlining banking operations is expected to positively influence the metaverse market over the forecasted period.
Who are the leading players in the Metaverse Market?
Alibaba Group Holding Limited, Decentraland, Electronic Arts Inc., Facebook Inc., Nextech AR Solutions Inc., Nvidia Corporation, Roblox Corporation, The Sandbox and Unity Technologies
The report has segmented the market on the basis of region, component, Technology and industry Vertical.
Breakup by Component:
- Hardware
- Software
- Service
Breakup by Technology:
- Blockchain
- Virtual Reality and Augmented Reality
- Mixed Reality
- Others
Breakup by Application:
- Gaming
- Online Shopping
- Content Creation and Social Media
- Events and Conference
- Digital Marketing
- Testing and Inspection
- Others
Breakup by Industry Vertical:
- BFSI
- Retail
- Media and Entertainment
- Education
- Aerospace and Defense
- Automotive
- Others
Regional Insights:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor. If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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