The global metaverse market is expected to witness promising growth owing to the increasing popularity of cryptocurrencies and non-fungible tokens (NFTs). By application, the gaming segment accounted for the highest share in 2020. Regionally, the Asia-Pacific region will manifest the highest CAGR by 2030.
Wilmington, DE, Nov. 14, 2023 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global metaverse market is envisioned to generate a revenue of $1,237 billion by 2030. The market accounted for $41.9 billion in 2020 and is projected to manifest a fascinating CAGR of 40.4% over the forecast period 2021-2030. The report presents a comprehensive analysis of the market size & estimations, changing market trends, top investment pockets, drivers & opportunities, top winning strategies, and competitive landscapes.
The global metaverse market is predicted to observe significant growth owing to the increasing popularity of cryptocurrencies and non-fungible tokens (NFTs). Furthermore, the compassionate goals of the decentralized network technology are predicted to bring profitable growth opportunities for the market over the estimated timeframe. However, complex security and privacy challenges on the Metaverse platform may impede the growth of the market to some level.
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Report Coverage & Details:
|Market Size in 2020||$41.9 Billion|
|Market Size in 2030||$1,237.0 Billion|
|No. of Pages in Report||289|
|Segments Covered||By Component, Technology, Application & Industry Vertical|
|Drivers||The rising popularity of virtual tokens and NFTs.|
Work from home and remote working tools.
|Opportunities||A positive drive toward decentralized network technology is expected to offer remunerative opportunities for expansion of the metaverse market during the forecast period.|
|Restraints||Complex security and privacy challenges on the metaverse platform can hamper the metaverse market.|
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The global metaverse market is evaluated based on component, technology, application, industry vertical, and region. By component, the hardware segment held the highest market share in terms of revenue, providing more than half of the total market revenue in 2020, and is projected to rule the roost by 2030. On the other hand, the service segment is predicted to manifest the fastest CAGR of 42.7% during the analysis timeframe.
By application, the gaming segment garnered the largest share in 2020, contributing to more than one-fifth of the global market. Moreover, the content creation and social media segment is expected to exhibit a stunning CAGR of 43.7% during the estimated period from 2021 to 2030.
By region, the North America region garnered the largest market share in 2020, contributing to nearly two-fifths of the global metaverse market. On the contrary, the Asia-Pacific region is predicted to showcase the highest CAGR of 42.5% throughout the analysis period.
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The key market players analyzed in the global metaverse industry report include Tencent, ByteDance Ltd, Shenzhen Zqgame Co., Ltd, Facebook, Inc., Alibaba Group Holding Limited, Huawei Technologies Co. Ltd., Roblox Corporation, Nextech AR Solutions Inc., NVIDIA Corporation, and Unity Technologies. These market players have adopted several strategies including partnership, merger, expansion, collaboration, acquisition, and others to gain a leading position in the global industry.
Key Industry Development -
In October 2023, ViewSonic launched its universe metaverse platform in India, offering an immersive 3D virtual campus for educators and learners. The platform allows students to create avatars, attend classes, collaborate with classmates, and participate in group activities. Teachers can create interactive presentations, virtual tours, and assessments. The platform also supports personalized avatars, breakout rooms for group activities, and myViewBoard tools for content casting and quizzes.
In September 2023, Meta partnered with U.S. universities on new metaverse education initiatives, by collaborating with 15 U.S. universities to facilitate classes in virtual reality, and examine how immersive technologies, including VR and AR, can contribute to the future of education.
In September 2022, DBS collaborated with The Sandbox. DBS Bank is developing a metaverse virtual environment that helps users participate in the construction of a more improved and sustainable world. The metaverse enables users to connect through characters or avatars and purchase real estate or things using virtual currency and has been heralded as the Internet of the future.
In October 2022, Meta Platforms partnered with technology giant Microsoft to bring a range of Microsoft Office 365 products into Meta’s virtual reality (VR) platform, aiming to entice companies into working in virtual environments.
In October 2022, the collaboration between Translucia and Sunovatech will engage with industry leaders, startups, and the related ecosystem, to bring the virtual community under one roof, with plans to reveal a unique virtual experience. This collaboration helps sunovatech to act as a production hub to build 3D assets, environments, and modules for the Translucia metaverse.
In October 2022, Walmart-owned e-commerce marketplace Flipkart launched a metaverse experience called Flipverse, in which users can experience and buy products in three-dimensional virtual reality (VR) that can be accessed through a smartphone without the need for a VR headset.
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