Metaverse Market to grow by USD 1,152.35 billion from 2022 to 2027|Growing smartphone penetration and use of 5G technology to boost market growth - Technavio
Metaverse Market to grow by USD 1,152.35 billion from 2022 to 2027|Growing smartphone penetration and use of 5G technology to boost market growth - Technavio
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28 Jul, 2023, 02:30 ET
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NEW YORK, July 28, 2023 /PRNewswire/ -- The global metaverse market size is estimated to increase by USD 1,152.35 billion from 2022 to 2027. The market's growth momentum will progress at a CAGR of 40.06% during the forecast period. Discover some insights on market size historic period (2017 to 2021) and Forecast (2023 to 2027) before buying the full report -Request a sample report
Technavio has announced its latest market research report titled Global Metaverse Market
Metaverse market – Vendor Analysis
Vendor Landscape - The global metaverse market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer metaverse in the market are Accenture Plc, Active Theory LLC, Animoca Brands Corp. Ltd., ByteDance Ltd., CL Educate Ltd, Decentraland, 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., NVIDIA Corp., Queppelin, Tencent Holdings Ltd., Unity Software Inc., Wilkins Avenue AR, and Roblox Corp. and others.
What's New? -
· Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
· Global competitiveness and key competitor positions
· Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!
Vendor Offerings -
· 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.
· For details on the vendor and their offerings – Request a sample report
Metaverse market – Segmentation Assessment
Segment Overview
The market is segmented by device (VR or AR devices and Computing devices), Component (Hardware, Software, and Services), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)
· The VR or AR devices segment will be significant for market growth during the forecast period. This segment includes various smart glasses, headsets, and lenses used for interacting on the Metaverse platform. Furthermore, new product launches and the growing adoption of VR/AR in different application areas, including metaverse, are various factors that are expected to drive the growth of the segment. Hence, such factors boost the growth of the VR or AR devices segment of the metaverse market during the forecast period.
Geography Overview
By geography, the global metaverse market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global metaverse market.
· North America will contribute 39% to the growth of the global market during the forecast period. Strong research activities conducted by vendors and universities to identify important application areas of AR and VR technology likely boost the growth of AR/VR. This will be driving the growth of the market in this region. Furthermore, the growing interest in virtual healthcare in the metaverse is also another factor driving growth in the region. Hence, such factors boost the growth of the regional market during the forecast period.
For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 - Download a Sample Report
Metaverse market – Market Dynamics
Leading Drivers -
The growing smartphone penetration and use of 5G drive the metaverse market growth. The growing popularity of 5G, which provides high-speed connectivity, is preferred by consumers. The growing demand for 5G drives by the adoption of smart devices like smartphones, and as a result, there is a growing requirement to expand the coverage of 5G networks, leading to an increased demand for 5G equipment.
Moreover, smartphones are becoming increasingly common devices. As the penetration of smartphones continues to expand, there is an increase in online shopping activities and the use of social media platforms. Thus, the growing penetration of smartphones and the adoption of 5G are projected to be key drivers for the global market's growth during the forecast period.
Key Trends -
The rising consumer adoption of online gaming is an emerging metaverse trend influencing the market. Games have held significance in human culture, and their playing methods have evolved from ancient board games to virtual reality (VR).
Also, the metaverse offers an immersive visual experience and supports emerging technologies like blockchain, IoT, and 3D visualization. Hence, such trends contribute to the growth of the global market during the forecast period.
Major challenges -
The privacy and security concerns over the metaverse challenge market growth. Data privacy and security have been a major concern for metaverse users even though many organizations keep revolutionizing their IT security systems.
Furthermore, the vast amount of information about users and their environment is collected and processed by the metaverse. The personal data of users can be accessed by metaverse which can pose a threat to privacy. Hence, privacy and security concerns are a major challenge in the global market.