Chicago, Aug. 22, 2022 (GLOBE NEWSWIRE) — Metaverse Market size is projected to grow from USD 61.8 billion in 2022 to USD 426.9 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 47.2% during the forecast period, according to a new report by MarketsandMarkets™.
Metaverse is a virtual world that technologically includes virtual reality working synchronizing in real-time scenario—characterized by persistent virtual worlds that continue to exist even when user is not involved—as well as augmented reality that combines aspects of the digital and physical worlds. However, it doesn’t require that those spaces be exclusively accessed via VR or AR.
Major factors that are expected to drive the growth of the Metaverse Market include affordability of the metaverse devices for customers – the launch of VR devices in countries such as China and India at low prices, which are affordable to the masses, helps the widespread use of metaverse in consumer applications. Electronics companies are also offering XR devices as a complimentary gift on the purchase of electronic appliances such as television sets, gaming monitors, and gaming consoles. Furthermore, surge in demand of devices, such as VR headsets, MR headsets, HUD, HMD, smart glasses, smart helmets, from media & entertainment industry is expected to drive the market. The key reasons for adopting these technologies are that they can offer the first-person perspective, act as natural user interfaces, and provide 6-degree freedom, to create realistic-looking virtual scenarios to enhance the overall gaming experience of end users; hence enabling to create ample opportunities for metaverse vendors.
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237 – Tables
44 – Figures
272 – Pages
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Scope of the Report:
|Market size available for years||2018–2027|
|Base year considered||2021|
|Metaverse Market Size in 2022||USD 61.8 billion|
|Projected Market Value in 2027||USD 426.9 billion|
|CAGR||47.2% From 2022 to 2027|
|Forecast units||Value (USD Million)|
|Segments covered||Component, Vertical, and Region|
|Geographies covered||North America, Asia Pacific, Europe, Middle East and Africa, and Latin America|
|Companies covered||Meta (US), Microsoft (US), NetEase (China), Electronic Arts (US), Take-Two (US), Tencent (China), Nexon (Japan), Epic games (US), Unity (US), Valve (US), Accenture (Ireland), Adobe (US), HPE (US), Deloitte (UK), Ansys (US), Autodesk (US), Intel (US), Tech Mahindra (India), ByteDance (China), Nvidia (US), Activision Blizzard (US), Samsung (South Korea), Google (US), Sony (Japan), HTC (Taiwan), Seiko Epson (Japan), Apple (US), Qualcomm (US), Panasonic (Japan), Eon Reality (US), Roblox (US), Lenovo (Hong Kong), Razer (US), Nextech AR Solutions (Canada), ZQGame (China), Talecraft (Marshall islands), VR Chat (US), Decentraland (Argentina), Somnium Space (UK), and Sandbox VR (US)|
The scope of the report covers the Metaverse Market by component, vertical, and region. Among component, the market has been segmented into hardware, software, and professional services. The hardware segment is projected to be the major contributor to the market. This growth is supported by the increased adoption of HUD, HMD, other AR glasses, VR devices, the key applications of HMD are gaming and entertainment. Gesture-tracking devices (haptics) have been an integral part of VR hardware owing to their risen use in consumer applications. Gaming with haptics provides users an enhanced experience of the virtual world.
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By vertical, consumer vertical is projected to have the largest market size during the forecast period. As consumer vertical companies deal with two sub-segments namely gaming & social media, and live entertainment & others. The technologies in metaverse can enhance the gaming experience of players by creating virtual objects and characters, which are mapped to defined locations in the real world. Players can easily access information, interact with digital objects in the real world and hence the demand for metaverse solutions in this industry is the highest.
By region, North America is held the highest market size in 2022, which the Metaverse Market in Asia Pacific is projected to grow at the highest CAGR during the forecast period. Steady income growth, significant consumer spending, and dynamic consumer demands have compelled vendors across Asia Pacific to improve their business processes with high-technology diffusion. Owing to this, companies in the region are expected to increasingly adopt metaverse solutions to offer state-of-the-art virtual experience to the consumers. North America region having major players being at the forefront in this market provides essential professional services, software and suitable hardware devices and hence contributing well to the overall revenue. Some of the major players in the North America market include Meta (US), Microsoft (US), Electronic Arts (US), Take-Two (US), Epic Games (US), Unity (US), Valve (US), Deloitte (UK), Ansys (US), Autodesk (US), Google (US), Apple (US), Roblox (US), Nextech AR Solutions (Canada), VR Chat (US), Somnium Space (UK), and Sandbox VR (US).
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