READING, Calif., Aug. 17, 2023 (Globe Newswire) — According to a new market research report titledmetaverse market By Offerings (Hardware, Platforms), Media (HoloLense, Headsets, Others), Applications (Virtual Learning, Virtual/Augmented Gaming, Others), End-Use Industries (Gaming, Marketing & Advertising, Others), Geography – Forecast until 20:0030, The metaverse market is projected to reach $815.8 billion by 2030, at a CAGR of 47.2% from 2023 to 2030.
The Metaverse is an arbitrary 3D virtual space powered by technology.—Including Virtual Reality (VR), Augmented Reality (AR), Artificial Intelligence (AI), Internet of Things (IoT), Blockchain—This allows people to interact with each other (and possibly with non-human avatars). Metaverse applications are being adopted in all major sectors such as education, gaming, tourism, and healthcare.
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Key factors driving the growth of this market include increasing demand for the Metaverse in the entertainment and gaming industry, increasing government initiatives and investments in the Metaverse, and increasing adoption of the Metaverse to improve customer experience. You can Additionally, increasing adoption of virtual experiences in the corporate and hospitality sectors and growing need for the metaverse in education and training are expected to provide opportunities for market growth. However, high installation and maintenance costs, as well as health hazards from overuse may restrain the market growth.
The metaverse market is divided into products (hardware, platforms), media (hololens, desktops, smartphones, headsets), applications (virtual learning, VR entertainment, virtual work settings, virtual/enhanced games, virtual socialization, digital medical resources , and other applications), end-use industries (gaming, IT and telecommunications, education, finance, marketing and advertising, healthcare, travel and hospitality, construction, transportation, manufacturing, retail and e-commerce, and other end-use industries ), the study evaluates industry competitors and analyzes the market on a regional and country level.
based on offering, the metaverse market is segmented into hardware and platform. In 2023, the hardware sector is expected to hold a larger share of the global metaverse market. However, the platform segment is expected to register the highest CAGR during the forecast period. Growth in this sector is primarily driven by increasing metaverse adoption in various end-use industries such as BFSI, retail, and media & entertainment, as well as increased investment in immersive technologies.
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Moreover, increasing interest of players in product development and enhancement is expected to drive the growth of this segment. For example, in August 2021, NVIDIA Corporation (US) will launch the world’s first platform to provide the foundation for the Metaverse, which will open up the platform to millions through new integrations with Blender and Adobe. Announcing major enhancements to NVIDIA Omniverse™, our simulation and collaboration platform. More users.
based on medium, the metaverse market is segmented into hololens, desktops, smartphones and headsets. By 2023, the desktop segment is expected to hold the largest share of the global metaverse market. However, the smartphone segment is expected to register the highest CAGR during the forecast period. Technological advances and the emergence of web3 have increased the use of smart devices. Most Metaverse applications are available for Android devices. Users can download her Android app and use their Android device to access some metaverses. For example, in November 2021, Baidu, Inc. (China) released a Metaverse app that allows users to explore virtual environments through smartphones, computers, or VR goggles.
Therefore, the growth of this sector is mainly due to the increasing popularity of smartphones, significant growth in the revenue-generating ability of companies from mobile games, and the convenience and accessibility offered by these devices.
based on application, the metaverse market is segmented into virtual learning, entertainment in VR, virtual work settings, virtual/enhanced gaming, virtual socialization, digital medical resources, and other applications. By 2023, the virtual/enhanced games segment is expected to hold the largest share of the global metaverse market. However, the virtual learning segment is expected to register the highest CAGR during the forecast period. The growth of this segment is primarily driven by the increasing adoption of Metaverse, which makes learning more interactive and engaging, facilitates increased learning speed, provides an immersive learning experience, and improves student achievement. I’m here.
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Furthermore, in December 2022, Edverse (India), an educational metaverse company, launched Edverse Meta Classroom. This platform is the world’s first virtual classroom designed to take place within the Metaverse. Offering educators and learners her 3D visualization and storytelling, creating an immersive environment for an unparalleled learning experience.
Based on end-use industry, the metaverse market is segmented into gaming, IT & telecommunications, education, finance, marketing & advertising, healthcare, travel & hospitality, construction, transportation, manufacturing, retail & e-commerce, and other end-use industries. By 2023, the gaming sector is expected to hold the largest share of the global metaverse market. However, the marketing and advertising segment is expected to register the highest CAGR during the forecast period. The growth of this segment is fueled by the need to create immersive and engaging experiences that help increase brand awareness, enhance user engagement, generate new revenue streams, and gain valuable insights into user behavior and preferences. Propelled by rising.
based on geography The metaverse market is segmented into North America, Asia Pacific, Europe, Latin America, Middle East and Africa. Asia Pacific is expected to register the highest CAGR during the forecast period. Growing demand for the Metaverse in the media and entertainment and gaming industries; evolving opportunities from adjacent markets such as virtual reality (VR), augmented reality (AR) and mixed reality (MR); Factors such as increase. The fashion and retail industries are expected to drive the growth of the metaverse market in this country.
Some recent developments:
- In March 2023, South Korea announced an investment of US$21 million (27.7 billion won) in local services aimed at leveraging the Metaverse.
- In September 2022, Meta Platforms, Inc. (USA), in collaboration with the Indian Ministry of IT, released the XR Startup Program to develop evolving technology advances such as virtual and augmented reality. This effort focused on promoting technological upgrades in smaller towns and cities.
- In August 2022, Animoca Brands Corporation Ltd (China) received US$100 million from Singaporean state-owned Temasek, further cementing it as a Metaverse powerhouse.
- In February 2022, i-City Malaysia announced an investment of US$2.17 million (RM10 million) to enhance its theme park with a 3D metaverse.
Major players operating in the Metaverse market are Meta Platforms, Inc. (US), Microsoft Corporation (US), Google LLC (US), Unity Software Inc. (US), Accenture PLC (Ireland), Adobe Inc. ( United States). , Hewlett Packard Enterprise Company (USA), Infosys Ltd. (India), TCS (India), Qualcomm Technologies, Inc. (USA), Ansys (USA), Autodesk (USA), Intel Corporation (USA), Tech Mahindra (India) ) ), Samsung (Korea), NetEase, Inc. (China), Electronic Arts Inc. (US), Epic games (US), Take-Two (US), and Valve (US)
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Report scope:
Metaverse Market Evaluation – By Offering
- hardware
- AR device
- VR device
- MR device
- display
- platform
- Traditional
- blockchain
- Centralized metaverse
- decentralized metaverse
Metaverse Market Evaluation – By Medium
- hololens
- desktop
- smartphone
- headset
Metaverse Market Evaluation – By Application
- virtual learning
- VR entertainment
- virtual work settings
- virtual/augmented games
- virtual interaction
- digital health resources
- Other uses
Metaverse Market Evaluation – By End-Use Industry
- game
- IT and communication
- education
- finance
- marketing and advertising
- health care
- travel and hospitality
- construction
- Transportation facilities
- manufacturing industry
- retail and e-commerce
- Other end-use industries
Evaluating the Metaverse Market—Author geography
- North America
- Europe
- England
- Germany
- France
- Italy
- Spain
- rest of europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- latin america
- Middle East and Africa
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