The report ‘Global Metaverse Market by components (hardware, software, and service components), platform (desktop, mobile, and headsets), technology (blockchain, VR and AR, MR, IoT, and others), end-use (healthcare, real estate, education, military, manufacturing, social media, customer experience, digital twin operations, advertising, online education, entertainment, virtual goods, technology, edge computing, online shopping, content creation, conferences, fashion, blockchain applications, virtualisation tools, payments, NFT, and gaming), offering (virtual platforms, asset marketplaces, avatars, and financial services) and region (North America, Europe, Asia-Pacific, South America, and the Middle East and Africa) – Global Forecast to 2030’. In 2022, the Global metaverse had its market share valued at USD 124.04 billion, and in 2030, the market is expected to be valued at USD 1655.29 billion, with a 38.25% CAGR.
To know more about the report, Click on the link : https://www.strategicmarketresearch.com/market-report/metaverse-market
Key Factors Augmenting the Market Growth
Some of the necessary factors that assist in driving the overall growth of the market globally are the increase in the adoption of new technology, rise in demand in the entertainment & gaming industry, and the growing demand for metaverse users to purchase digital assets through cryptocurrency.
The hardware segment accounted for the maximum metaverse market share, with USD 16.58 billion in 2021, and is expected to grow at more than 38% CAGR.
The metaverse market is divided into hardware, software, and service segments by component. The hardware segment accounted for the maximum metaverse market share, with USD 16.58 billion in 2021, and is expected to grow at more than 38% CAGR. Due to an increasing focus by firms to produce products that have a better user experience and enable greater user immersion, the hardware segment is expected to account for the largest metaverse market revenue size during the projected period.
The desktop segment accounted for the largest metaverse market size, with USD 16.38 billion in 2021.
The metaverse market is divided into desktop, mobile, and headsets segments by platform. 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, which is preferred by many consumers, driving the market growth of this segment.
The metaverse in virtual reality (VR) and augmented reality (AR) segment showed the maximum market share in 2021, with revenue of over 35%.
The metaverse market is divided into the blockchain, VR and AR, MR, IoT and other segments based on technology. 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.
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.
The metaverse in the asset marketplace is expected to have a high growth rate, with a CAGR of 40%.
The metaverse market is divided by offering into virtual platforms, asset marketplaces, avatars, and financial services. 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.
The metaverse in gaming has the maximum revenue share with 27.17% in 2021.
The metaverse market is divided into healthcare, real estate, education, military, manufacturing, social media, customer experience, digital twin operations, advertising, online education, entertainment, virtual goods, technology, edge computing, online shopping, content creation, conferences, fashion, blockchain applications, virtualisation tools, payments, NFT, and gaming segments by end-use. 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.
North America is the largest metaverse market, with a revenue share of over 45% in 2021.
The metaverse market is divided geographically into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa regions. The North American region’s due to the customers and users in North America that adopt new and complex technology.
The Asia-Pacific region could be the fastest-growing metaverse market
The Asia-Pacific region could be the fastest-growing metaverse market due to many start-ups and organisations being set up in the region and the increasing number of users of the metaverse.
Key Players Existing in the Market
The main competitors in the metaverse market are Tencent Holdings Ltd., Meta, Inc., Alphabet, Inc., Nvidia Corporation, Roblox Corporation, Microsoft Corporation, Globant, Queppelin, Alibaba Cloud, Netease, Inc., and Magic Leap, Inc.
Recent Developments
In January 2022, Microsoft announced its acquisition of Activision Blizzard, Inc.
In January 2022, The Sandbox announced a collaboration with Warner Music Group to launch the first music-themed world in the Sandbox gaming metaverse.
In November 2021, TaleCraft Majuro announced the launch of its medieval-themed NFT gaming metaverse.
In November 2021, Microsoft announced Mesh for its Teams platform.
In November 2021, Tencent announced a collaboration with the Asian Institute of Digital Finance (AIDF).