Newark, June 07, 2023 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global metaverse market is expected to grow from USD 39.25 billion in 2021 to USD 993.86 billion by 2030, at a CAGR of 43.20% during the forecast period 2022-2030. North America emerged as the largest market for the global metaverse market with a 34.5% share of the market revenue in 2021. North America currently dominates the metaverse market due to the acceptance of the metaverse solution which is predicted to be the highest in North America compared to other regions. North America is a technologically advanced and developed market by region to create advanced technologies operated in display devices.
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Additionally, the increasing cost of companies and individuals on digital solutions also promotes market growth. The use of augmented technology in consumer electronics fosters the development of the AR market in the region. Many international companies providing AR devices and solutions exist in the US, including Microsoft and Google. Additionally, companies' massive acceptance of metaverse technologies to market their products in a modern way has been the critical factor propelling the growth of the metaverse market in the North American region.
The metaverse industry encompasses various sectors and activities related to the development, deployment, and utilization of metaverse platforms and experiences. It involves a combination of virtual reality, augmented reality, social interactions, and immersive technologies. While the metaverse is an evolving concept, several industries are expected to be influenced by its emergence.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2030 |
| Base Year | 2021 |
| Market Size in 2021 | $ 39.25 billion |
| Market Size in 2030 | $ 993.86 billion |
| CAGR | 43.20% |
| No. of Pages in Report | 236 |
| Segments covered | Technology, Component, End-User |
| Drivers | Rising need in the gaming and entertainment industry |
| Opportunities | Technological advancement in the defense & aerospace industry |
| Restraints | Risk of Cyber-Attacks |
Here are some key sectors within the metaverse industry:
Technology and Infrastructure
Virtual Worlds and Gaming
Social and Communication Platforms
Entertainment and Media
E-commerce and Virtual Assets
Education and Training
Real Estate and Architecture
Healthcare and Therapy
As the metaverse industry continues to evolve, new sectors and opportunities may emerge. The industry is characterized by innovation, collaboration, and a multidisciplinary approach that brings together technology, entertainment, communication, and various other fields.
Leading companies in the industry include Alibaba Cloud, Globant , Magic Leap, Inc., Meta (Facebook Inc.), Microsoft Corporation, Netease Inc., NVIDIA Corporation, Queppelin, Roblox Corporation and Tencent Holdings Ltd, among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
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The technology segment is divided into Virtual Reality (VR), Blockchain, Mixed Reality (MR), & Augmented Reality (AR). The Augmented Reality (AR) segment dominated the market, with a market share of around 28% in 2021. The component segment is divided into software, hardware & professional services. The software segment dominated the market, with a market share of around 34% in 2021. The end-user segment is divided into retail, BFSI, media & entertainment, education, aerospace & defense, automotive, and others. The media and entertainment segment dominated the market, with a market share of around 16% in 2021.
The pandemic has played an essential role in promoting interest in the metaverse concept. People began work from home, and students started taking online classes, forming a need for practical techniques or ways to make online contact more real. The pandemic strengthened its importance among customers and businesses also. The COVID-19 pandemic has favourably impacted the metaverse market, potentially enhancing many industries. The increase in blockchain, digital assets, and Nonfungible Tokens (NFTs) add to the metaverse’s popularity.
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About the report:
The global metaverse market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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