According to DataHorizzon Research, the metaverse market size was valued at USD 85.2 Billion in 2022 and is expected to reach a market size of USD 1,397.4 Billion by 2032 with a CAGR of 32.4%.
Fort Collins, Colorado, Oct. 05, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research published a report titled, "Metaverse Market Size, Growth, Share, Statistics Report, By Component (Hardware, Software, Services), By Platform (Desktop, Mobile, Console), By Application (Gaming, Education, Training, Social Media, Entertainment, Tourism, Real Estate, Healthcare), By Region, and Segment Forecasts, 2023-2032."
According to DataHorizzon Research, the metaverse market size was valued at USD 85.2 Billion in 2022 and is expected to reach a market size of USD 1,397.4 Billion by 2032 with a CAGR of 32.4%.
Metaverse is a collection of linked online spaces enabling interactions between augmented, physical, and virtual realities. Under an immersive environment, users can seamlessly communicate with friends, work, travel, buy goods and services, and attend virtual events. It relays a rich, immersive experience and empowers users with digital attributes. Recently, there has been a rise in demand for methods to make online contact more lifelike in the future based on possibilities such as home learning, remote working, and establishing a virtual presence. As a result, the growing emphasis on fusing the physical and digital worlds through the Internet is propelling the expansion of the Metaverse business. In the medical industry, Metaverse is used to demonstrate operations using 3D or 4D images.
Metaverse follows the advanced stage in the evolution of the Internet. The development of augmented reality, virtual reality machine learning, block chain technology, and artificial intelligence are all the driving factors in the metaverse. These technologies are being continuously developed and updated, creating opportunities in the market.
The growth of crypto and gaming is further driving the market growth. The demand increase for digital asset purchasing is also contributing to market developments. These assets are generally purchased using cryptocurrency. The main advantage of digital assets is that they do not affect the physical and environmental conditions. Also, they offer a first-person view, 6-degree freedom, and an intuitive user interface (UI) using devices like MR headsets, VR headsets, heads-up displays (HUD), helmet-mounted displays (HMD), smart helmets, and smart glasses, which increases the adoption rate.
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Segmentation Overview:
The global metaverse market has been segmented into component, platform, application, technology, and region. Gaming is a fast-growing application segment attributed to the increasing popularity in the recent years. The emergence of gaming startups with innovative gaming modules in the metaverse industry has expanded the consumer base in the past few years.
North America is a prominent market for Metaverse in terms of revenue. The industry has witnessed a huge increase in revenue owing to the high adoption of immersive technologies by gaming startups. In addition, these startups are gaining huge traction attributed to the high spending on gaming technologies. Asia Pacific is a fast-growing market for the metaverse industry and is expected to register a high CAGR in the following years
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Metaverse Market Report Highlights
- The global metaverse market growth is anticipated at a CAGR of 32.4% by 2032.
- The emergence of immersive technologies in the entertainment industry significantly drives the metaverse market growth. Besides, heavy reliance on artificial intelligence and machine learning supplements the metaverse industry.
- Hardware is a leading component of the metaverse industry. The demand for AR and VR headsets, goggles, and 4D events has supplemented its growth.
- The desktop segment accounted for a significant share in 2022. The demand for powerful desktops that suit 3D and 4D augmented reality environments is pivotal to its market growth.
- The gaming segment registered a huge demand in 2022, attributed to its popularity.
- Some prominent players in the metaverse market report include META, NVIDIA Corporation, Snap Inc, Microsoft, EPIC Games, Qualcomm Technologies, Decentraland, AES Gener, Roblox Corporation, and Nextech AR Solutions.
Industry Trends and Insights:
- In 2023, India has emerged as a tech hub with a promising future in the tech industry. With the high adoption of virtual reality, Metaverse can be a game-changer in India’s educational system. For instance, many Indian schools are now adopting Science, Engineering, Technology, and Mathematics (STEM) education to incorporate knowledge expansion and decode future challenges.
- In 2023, Shemaroo Entertainment introduced Metaverse Content for users on JioDrive in India. It has been named ShemarooVerse which was designed in partnership with Microsoft AZURE, Seracle, and NEAR Protocol.
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Metaverse Market Segmentation:
- By Component: Hardware, software, services
- By Platform: Desktop, mobile, console
- By Application: Gaming, training, social media, education, tourism, real estate, healthcare
- By Technology: Augmented Reality, Virtual Reality, Blockchain & Mixed Reality
- By Region: North America, Latin America, Europe, Asia Pacific, Middle East and Africa
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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