PUNE, India, August 3, 2022 /PRNewswire/ — According to a recent market study published by Growth Market Reports, titled “The Global Metaversal Market” by technology (Mixed Reality, Virtual Reality and Augmented Reality and Blockchain), platforms (mobile, desktop/laptop and wearables), components (software and hardware), applications (online shopping, content creation, gaming, social media and others ), end users (education, aerospace and defense, media and entertainment, real estate, healthcare, engineering and other) and regions: size, share, trends and opportunity analysis, 2021-2030.the market is valued at 37.9 billion USD in 2021 and is projected to reach 659.7 billion USD by the end of 2030, expanding at a CAGR of 37.5% during the forecast period, 2022-2030. The growth of the global metaverse market is due to the high penetration of the Internet of Things (IoT) and the increasing demand for advanced technology for real-life gaming experiences.
Key players in the market profiled in the report
- Tencent Holdings Ltd
- Epic Games, Inc.
- Nvidia Corporation
- Unity Technologies, Inc.
- Meta Platforms, Inc.
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that may change the market dynamics of the industry. It provides detailed analysis of market segments that include products, applications and competitor analysis.
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This report also includes a complete analysis of the industry players covering their latest developments, product portfolios, pricing, mergers, acquisitions and collaborations. Moreover, it provides key strategies that help them expand their market share.
Featured on Metaverse market segments
Based on technology, the global metaverse market is segmented into mixed reality, virtual reality and augmented reality, and blockchain. The virtual reality and augmented reality segment is projected to expand at a significant CAGR during the forecast period due to the increasing use of metaverse in the gaming industry. In the gaming industry, AR and VR technology are used to make games realistic and provide an optimal gaming experience.
As for the platforms, the global market is segmented into mobile phones, desktop/laptop computers, and wearable devices. The desktop/laptop segment is expected to hold a significant market share in the coming years due to the growing demand for massive virtual screens for watching movies, playing games and surfing the Internet.
Based on components, the global metaverse market is divided into software and hardware. The software segment is expected to expand at a high growth rate during the forecast period owing to increasing demand for advanced software for various applications, including media and entertainment and gaming industries.
Based on applications, the global market is fragmented into online shopping, content creation, gaming, social media and more. The gaming segment is expected to dominate the market in the coming years due to the widespread integration of advanced technologies to make video games more realistic, influenced by the increasing number of professional gamers globally.
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Key conclusions from the study:
- The rapid expansion in the use of a combination of advanced digital technologies including Augmented Reality (AR), Mixed Reality (MR) and Virtual Reality (VR) among business enterprises represents a key dimension of the market.
- Growing competition among service providers to develop premium digital software for online gaming and increasing implementation of AR and VR by game developers is a major market trend.
- The availability of high definition image and video configurations in desktop/laptop computers and the increasing use of such devices by professional gamers is driving the market expansion.
- The widespread adoption of AR and VR technologies by the media and entertainment industry and the increasing integration of advanced digital solutions in social media to improve user experience in the visual world represent a key source of the market’s total revenue.
- The growing popularity of cryptocurrency used as a metaverse coin and the increasing purchase of digital assets such as non-fungible tokens (NFTs) embedded in cryptocurrency have opened up several opportunities for market expansion.
- Major players such as Tencent Holdings Ltd.; Nvidia Corporation; and Meta Platforms, Inc. together they accounted for a large market share and held most of the revenues generated in the global market.
- Several end user companies including Verizon; Nike, Inc.; Adidas; Gap Inc.; Hulu, LLC; and Walmart have invested heavily to provide their users and customers with an immersive metaverse experience.
Read the 215-page Research Report with detailed ToC on “Global Metaverse Market” by Technology (Mixed Reality, Virtual Reality & Augmented Reality & Blockchain), Platforms (Mobile, Desktop/Laptop & Wearables), Components (Software and hardware), applications (online shopping, content creation, games, social media and others), end users (education, aerospace and defense, media and entertainment, real estate, healthcare, engineering and others) and regions (North America, Latin America, Europe, Asia Pacificand Middle East and Africa) – Global Industry Analysis, Growth, Share, Size, Trends and Forecast 2021 – 2030.”
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Key segments covered
- Mixed reality
- Virtual reality and augmented reality
- cell phones
- Wearable items
- Online shopping
- Content creation
- Social media
- Aviation and defense
- Media and entertainment
- Real estate
- health care
- Asia Pacific
- North America
- Latin America
- Middle East and Africa
Other related reports:
- Global blockchain technology market by component (middleware, infrastructure and protocols and application and solution), applications (supply chain management, digital identity, smart contracts, exchanges and payments), types (public cloud, hybrid cloud and private cloud), end users ( Travel, financial services, transport and logistics, government, retail, healthcare, media and entertainment and others), company size (large companies and small and medium-sized companies) and regions (Asia Pacific, North America, Latin America, Europeand Middle East and Africa) – Industry Analysis, Growth, Share, Size, Trends and Forecast 2022 – 2030
- Augmented reality and virtual reality in the healthcare market by components (software, hardware and services), applications (surgery, patient care management and medical training and education) and regions (Asia Pacific, North America, Latin America, Europeand Middle East and Africa) – Global Industry Analysis, Growth, Share, Size, Trends and Forecast 2022 to 2030.
- Global AR and VR market by types (AR and VR), applications (aerospace and defense, gaming, medical, e-commerce, education, arts and entertainment, business, emergency services and others) and regions (North America, Latin America, Europe, Asia Pacificand Middle East and Africa), Forecast until 2028
- Global Augmented Reality Hardware and Software Market by Types (Augmented Reality Glasses, Augmented Reality Display, Tracking System & Others), Applications (Healthcare, Education, Retail, Entertainment, IT & Telecom & Others) and Regions (North America, Latin America, Europe, Asia Pacificand Middle East and Africa), Forecast from 2022 to 2030
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