What is the global market size of the Metaverse Market?

The global Metaverse Market size was valued at around USD 63.45 billion in 2022 and is expected to rise from USD 86.31 billion in 2023 to reach a value of USD 803.29 Billion by 2031, at a CAGR of 39.68% over the forecast period (2024-2031).

Who are the key vendors in the Global Metaverse Market?

The global market is fairly concentrated, with a few big and medium-sized market participants accounting for a large portion of market revenue. Major players are implementing numerous tactics, including mergers and acquisitions, strategic agreements and contracts, and the development and testing of metaverse platforms. Additionally, the market is being fueled by government support, with governments aiming to utilize the potential of the metaverse to enhance the capacity and efficiency of government service delivery. Companies and governments worldwide are involved in the evolving industry of the metaverse, contributing to industry growth, user adoption, and more possibilities. Key players include: 'Roblox Corporation', 'Epic Games, Inc.', '3i Inc. (South Korea)', 'Apple Inc. (US)', 'Atari, Inc. (France)', 'Autodesk Inc. (US)', 'Dapper Labs (Canada)', 'Decentraland (China)', 'Fastly (US)', 'Google LLC (US)', 'IBM Corporation (US)', 'Infor (US)', 'Magic Leap, Inc. (US)', 'Meta Platforms, Inc. (US)', 'Microsoft Corporation (US)', 'Nextech AR Solutions Inc. (Canada)', 'NVIDIA Corporation (US)', 'Oracle Corporation (US)', 'PTC Inc. (US)'

What is the key driver of the Global Metaverse Market?

Based on research conducted by SkyQuest, it has been discovered that the medical industry is exploring innovative avenues through the metaverse within the healthcare sector. This development opens up novel prospects for healthcare professionals and instills optimism, especially among contemporary healthcare establishments. It facilitates virtual interactions between doctors and patients, overcoming geographical limitations and enhancing fitness, well-being, and mental health.

What is the key market trend for the Global Metaverse Market?

The Saudi Arabia Ministry of Culture initiated the development of a virtual world (known as metaverse) dedicated to the demonstration and protection of the country’s cultural heritage, as reported by Cointelegraph. This initiative indicates the Ministry of Culture’s engagement with inclusivity. The availability of the program across multiple platforms allows a global audience to interact with Saudi Arabia’s diverse cultural background. Despite challenges like virtual crimes, the metaverse continues to grow as an economic area for social interaction and entertainment.

Which region accounted for the largest share in the Global Metaverse Market?

North America is forecasted to dominate the market with the highest share of 39.6% in 2022, primarily due to the region's embrace of advanced technologies.

Metaverse Market Size, Share, Growth Analysis, By Component(Hardware and Software), By Technology(AR, VR, and MR), By Application(Gaming and Social Media), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45D2039 | Region: Global | Published Date: August, 2024
Pages: 157 | Tables: 153 | Figures: 77

Metaverse Market Insights

Global Metaverse Market size was valued at USD 63.45 Billion in 2022 and is poised to grow from USD 86.31 Billion in 2023 to USD 803.29 Billion by 2031, growing at a CAGR of 39.68 % in the forecast period (2024-2031).

Metaverse is a terminology that describes the 3D virtual world experience, which is immensely engaging and can be accomplished through the incorporation of technologies such as AR, VR, and MR. The metaverse platforms improves the internet by developing a virtual world where users can easily take part in immersive gaming and conduct businesses. Companies are also utilizing metaverse for socializing, purchasing, and selling real estate and indulging in immersive entertainment. The global market is experiencing massive advancement owing to the rise in demand for work from home and remote work instruments during the COVID-19 pandemic and post COVID. It is also estimated that a positive trend towards decentralized network technology will also offer massive opportunities for market development. Furthermore, many gaming companies and digital technology businesses are also emphasizing offering particular metaverse for the consumers by investing in them. More factors which are increasing the growth of the market revenue are the rise in the number of participants and the advancement conducted in metaverse (XR) technologies.

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Many companies are using product launches and advancements, along with expansions, mergers & acquisitions, contracts, agreements, and collaborations as their main business strategy for increasing their market share and presence. Companies are also using various methods to improve market penetration and boost their position in this competitive sector. For example, in February 2024, The Walt Disney Company partnered with Epic Games Inc., as Disney invested $1.5 billion to secure a significant ownership interest in Epic Games. Disney has planned to develop a massive games and entertainment universe related to Fortnite. This collaboration aims to incorporate Disney stories and characters into Fortnite by using Unreal Engine. '3i Inc. (South Korea) ', 'Apple Inc. (US) ', 'Atari, Inc. (France) ', 'Autodesk Inc. (US) ', 'Dapper Labs (Canada) ', 'Decentraland (China) ', 'Epic Games, Inc. (US) ', 'Fastly (US) ', 'Google LLC (US) ', 'IBM Corporation (US) ', 'Infosys (India) ', 'Magic Leap, Inc. (US) ', 'Meta Platforms, Inc. (US) '

The Metaverse market is substantially boosted by the growing demand for immersive and interactive digital experiences. This is majorly fueled by the developments in virtual reality (VR), augmented reality (AR), and mixed reality (MR). These technologies improve user engagement by providing more realistic and engaging scenarios, especially in the media, entertainment, and gaming sectors. The growing popularity of XR (Extended Reality) devices such as VR headsets providing a first-person perspective and natural user interfaces, contributes to developing massively engaging virtual settings.

It has been seen that consumers are utilizing online games for recreational purposes. This is helping them in extending the metaverse as it provides a better interface compared to the conventional gaming platforms. Furthermore, using equipment and platforms such as smart helmets, VR headsets, and MR displays have assisted in enhancing the gaming experience, resulting in the increasing use of metaverse in games. Therefore, this has resulted in the expansion of the market.

North America is dominating the global metaverse market. The consumers in these regions are considered as the early adopters of advanced technologies. They have often focused on investments in devices like VR headsets, gaming consoles embedded with metaverse abilities, and high-speed internet connection for smooth metaverse experiences. This shift has established a robust market for metaverse products and services in the region. Using North America’s prominent gaming culture, the gaming sector is estimated to emerge has a vital driver of the metaverse. Platforms like Roblox and Fortnite, developed by organizations like Roblox Corporation and Epic Games are incorporating metaverse components into their offerings. The current user base places them in a better position for early adoption of metaverse concepts, boosting market growth.

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Metaverse Market Size, Share, Growth Analysis, By Component(Hardware and Software), By Technology(AR, VR, and MR), By Application(Gaming and Social Media), By Region - Industry Forecast 2024-2031

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What is the global market size of Metaverse Market?

Who are the key vendors in the Metaverse Market?

What is the key driver of Metaverse Market?

What is the key market trend for Metaverse Market?

Which region accounted for the largest share in Metaverse Market?

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