Pune, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Metaverse Market Size Analysis:
“According to the report of SNS insider Metaverse Market size is expected to reach USD 2882.9 billion by 2032 with the significant annual growth rate of 48.2% over the forecast period 2024-2032.”
Market Analysis
The metaverse market is booming due to increased government support of technological development particularly in the particularly in virtual reality (VR) and augmented reality (AR). Based on the U.S. Bureau of Economic Analysis (BEA) data federal investment in technological research and development R&D experienced 15% increase in the past fiscal year. Governments around the world are also incentivizing the development of VR and AR technologies through grants and subsidies. For instance, the Horizon Europe program by EU has around 7.7 billion dollars allocated for digital and innovation projects, with a substantial portion earmarked for immersive technologies. These initiatives are bolstering the metaverse's infrastructure, creating a fertile ground for growth. These technological changes are set be felt in the daily running of businesses by aiding advertising and work presentation and by forming partnerships between the private sector and the public, governments are laying the foundation for the metaverse to evolve from a niche concept to a mainstream digital economy.
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Major Players Analysis Listed in this Report are:
- Meta Platforms, Inc.
- Tencent Holdings Ltd
- ByteDance Ltd.
- NetEase, Inc.
- Nvidia Corporation
- Epic Games, Inc.
- Roblox Corporation
- Unity Technologies, Inc.
- Lilith Games Nextech AR Solutions Corp
- The Sandbox Active Theory
- Decentraland
- Microsoft Corporation
Metaverse Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 83.6 Bn |
| Market Size by 2032 | USD 2882.9 Bn |
| CAGR | CAGR of 48.2% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • People use websites, chat applications, and social networking platforms like Facebook to connect with one another online. • Investors may benefit by selling crypto because it is available on exchanges all around the world |
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Segment analysis
In terms of Technology, Virtual Reality and Augmented Reality technologies are leading the metaverse market. They are the central drivers of the sector due to their existing high adoption and government incentives. According to the U.S. Department of Commerce’s most recent publication, VR and AR devices manufacturing expanded by 25% year-over-year in 2023, thanks to the government’s targeted investments in the digital sector. Moreover, the U.K. government’s Digital Catapult reveals that the VR/AR sector could expand its contribution to over $66.34 billion in economic revenues by 2030 as part of the government’s incentives in immersive technology. VR and AR technology are indispensable drivers of the metaverse due to their integration in providing users with metaverse experiences that combine the physical and digital universe. Consequently, VR and AR technology dominate the technologies of the metaverse and are positively influencing other sectors through their extensive role in entertainment, education, and health.
In terms of Application, Gaming is the largest segment of the metaverse market. According to the Entertainment Software Association gaming accounted for 50% of the metaverse market in 2023. The immersive nature of metaverse experiences is enhancing gaming experiences, contributing to a large investment in gaming technology. Government publications reveal funding for the development of gaming technology increased by 20% last year, and it continues to grow. Online Shopping and Digital Marketing follow, driven by the increasing adoption of virtual spaces for commerce and advertising. The importance of applications is increasing due to virtual development being employed in increasing commerce and advertising.
Key Segments:
By Product
- Infrastructure
- Chips & Processors
- Network Capabilities
- Cloud & Edge Infrastructure
- Cybersecurity
- Hardware
- Holographic Displays
- eXtended Reality (XR) Hardware
- Haptic Sensors & Devices
- Smart Glasses
- Omni Treadmills
- AR/VR Devices
- Others
- Software
- Asset Creation Tools
- Programming Engine
- Virtual Platforms
- Avatar Development
- Services
- User Experiences
- Asset Marketplaces
- Financial Services
By Platform
- Desktop
- Mobile
- Headsets
By Technology
- Virtual Reality (VR) & Augmented Reality (AR)
- Blockchain
- Mixed Reality (MR)
- Others
By Application
- Gaming
- Online Shopping
- Content Creation & Social Media
- Testing & Inspection
- Events & Conference
- Digital Marketing (Advertising)
- Others
By End-user
- Aerospace & Defense
- Healthcare
- Education
- Media & Entertainment
- Tourism & Hospitality
- BFSI
- Retail
- Automotive
- Others
Regional Analysis: North America Dominates the Market
North America dominates the metaverse market, due to its technological infrastructure and government’s support. According to the Federal Communications Commission in the United States, the adoption of broadband internet via fixed networks increased overall by 30% in rural areas, which is vital for the subsequent adoption of the metaverse technologies. In addition, Canada’s Innovation, Science, and Economic Development department, launched its “Strategic Innovation Fund” have invested more than CAD 2 billion in projects aimed at enhancing the country's digital infrastructure. All of this, accompanied by the high penetration rate of VR/AR devices in the region supports a high market share, making North America the leading market in the global metaverse market. This factor is also supported by a high number of the market players and a high consumer base, making them the primary innovators in this market.
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Recent News
July 2024, Meta (formerly Facebook) announced the launch of its next-generation VR headset, the "Meta Quest Pro," designed to enhance user experiences in the metaverse by offering improved graphics, longer battery life, and advanced hand-tracking capabilities. This launch is part of Meta's broader strategy to dominate the metaverse space.
March 2024, Microsoft introduced a new suite of mixed reality (MR) applications, "HoloApps," specifically designed for enterprise use in the metaverse. These applications are expected to revolutionize how businesses operate by integrating virtual collaboration with real-world environments.
Key Takeaways
- Government support and investment in VR/AR are propelling the metaverse market's growth.
- VR and AR technologies dominate the metaverse market due to their immersive capabilities.
- North America leads the market with strong digital infrastructure and strategic investments.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Metaverse Market Segmentation, By Product
8. Metaverse Market Segmentation, By Platform
9. Metaverse Market Segmentation, By Technology
10. Metaverse Market Segmentation, By Application
11. Metaverse Market Segmentation, By End-user
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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