Metaverse market size to grow by USD 1,152.35 billion between 2022 and 2027; Growth driven by increasing smartphone penetration and the use of 5G - Technavio
Metaverse market size to grow by USD 1,152.35 billion between 2022 and 2027; Growth driven by increasing smartphone penetration and the use of 5G - Technavio
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Apr 06, 2023, 16:00 ET
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NEW YORK, April 6, 2023 /PRNewswire/ -- The latest report on the metaverse market estimates that the market will register an incremental growth of USD 1,152.35 billion, at a CAGR of 40.06% between 2022 and 2027. The market is driven by the increasing smartphone penetration and the use of 5G. The rapid adoption of smartphones at home and workplaces has created a demand for 5G services. It has also increased the number of online shoppers and social media users. Thus, with the increased adoption of smartphones, the demand for different apps and online shopping is expected to rise. Also, the increasing availability of 5G will evoke businesses such as e-commerce and finance businesses to adopt advanced technologies, including metaverse, to enhance the experience of users. All these factors will drive the growth of the market during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. Request a Sample Report
Technavio has announced its latest market research report titled Global Metaverse Market
Metaverse Market 2023-2027: Vendor Analysis
The global metaverse market is fragmented with the presence of many vendors. Vendors compete based on several factors, such as quality, price, service, brand image, distribution, and marketing. Moreover, several vendors are focusing on acquiring smaller brands to increase their market presence. Most vendors are innovating their existing products or introducing new product lines to sustain the market competition. The market is subjected to rapidly changing consumer demands and preferences. Changing consumer buying pattern affects vendor performance in the market. Also, changes in consumer preferences, global and regional economic conditions, and various other demographic trends will affect vendor performance.
Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Some of the key players covered in the report include:
· Accenture Plc - The company offers Meatverse Continuum with 2D or 3D commerce, digital twins, blockchain AR, and extended reality.
· Animoca Brands Corp. Ltd. - The company offers metaverse called Pixelynx Inc. for gaming companies.
· ByteDance Ltd. - The company offers metaverse applications such as Douyin, Toutiao, TikTok, Xigua video, and Helo.
· Decentraland - The company offers Worlds for personal 3D space in the metaverse.
· Active Theory LLC
· CL Educate Ltd
· Devden Creative Solutions Pvt. Ltd.
· Epic Games Inc.
· GoMeta Inc.
· Infosys Ltd.
· Magic Leap Inc.
· Meta Platforms Inc.
· Microsoft Corp.
· Mobiloitte Technologies
· NexTech AR Solutions Corp.
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