Metaverse Market to Reach USD 3,409.29 Billion by 2027; High Adoption of Innovative VR Devices and Blockchain to Boost Market Growth

The metaverse market size touched USD 234.04 billion in 2022 and is predicted to reach USD 416.02 billion in 2023. The market is anticipated to touch USD 3,409.29 billion by 2027, recording a CAGR of 69.2% over 2023-2027.

Fortune Business Insights™ displays this information in its latest report titled “Metaverse Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software/Platform, and Services), By Platform (Desktop, Mobile, Console, and Others), By Application (Gaming, Healthcare, Education and Training, Social Media and Entertainment, Travel and Tourism, Real Estate, Banking and Finance, and Others), and Regional Forecast, 2023-2027”.

Metaverse refers to a simulated digital environment that uses Virtual Reality (VR), blockchain, mixed reality, Augmented Reality (AR), and many other futuristic technologies. These technologies create life-like areas to enhance the experience of users in the virtual environment. The growing presence of e-commerce platforms has given market players several lucrative opportunities to use their products to expand their customer base. These factors will further boost the metaverse market growth.

Online Gaming Gained Traction During COVID-19 Boosted Adoption of Video Gaming Services

Since the COVID-19 pandemic forced people to stay indoors to avoid getting infected by the virus, many people were compelled to look for different ways to entertain themselves. This scenario provided video gaming companies with attractive opportunities to expand their customer base. The global video gaming population also saw a tremendous growth during this period, further boosting the market expansion.

High Adoption of Innovative VR Devices and Blockchain to Boost Market Growth

VR devices witnessed an exponential rise in their demand among customers across the world, ranging from small, medium-scale & large-scale organizations to individual consumers. In addition, the adoption of advanced technologies, such as blockchain, Artificial Intelligence (AI), and Mixed Reality (MR), has also increased tremendously in recent years and in various applications. These factors are expected to increase the metaverse market share.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/metaverse-market-106574

Competitive Landscape

Companies to Develop and Increase their Product & Service Offerings across the World

Some of the key companies operating in the market are increasing their spending on innovative technologies, such as AI, cloud, and ML, to improve the quality of their services and enhance user experience. These market participants are also implementing a wide range of growth strategies, such as collaborations, mergers, acquisitions, and partnerships, to expand their market presence.

Notable Industry Development:

• November 2021 – Tencent Holdings, Ltd. announced that it collaborated with the Asian Institute of Digital Finance. The organization will offer its cooperation in education, research, and entrepreneurship to support the growth of Asia’s fintech sector.

List of the Companies Profiled in the Report:

• Tencent Holdings Ltd. (China)
• NVIDIA Corporation (U.S.)
• Meta (U.S.)
• Roblox Corporation (U.S.)
• Microsoft Corporation (U.S.)
• Globant (Luxembourg)
• Queppelin (India)
• Alibaba Cloud (U.S.)
• Netease Inc. (China)
• Magic Leap, Inc. (U.S.)

Further Report Findings

• North America is expected to account for the biggest market share during the forecast period. One of the major reasons contributing to the market’s growth is the growing investments in metaverse platforms by leading companies such as Meta, Roblox Corporation, NVIDIA Corporation, and many others.
• Europe is anticipated to record the highest growth rate during the forecast timeline. One of the major factors contributing to the regional industry’s expansion is the growing percentage of people using a wide range of social media platforms and gamers. The market’s growth is also being positively impacted by the robust expansion of the online gaming sector in some of the key countries such as Italy, France, Germany, the U.K., the Netherlands, and others.
• The software/platform segment is predicted to register the highest CAGR during the forecast period as the leading players in the market are developing innovative software and platforms. For example, in January 2022, NVIDIA Corporation announced that it released a new software for 3D animators and developers. The firm was focused on distributing a free and upgraded version of its Omniverse software to create life-like virtual worlds for individual artists. The organization also said that it had planned to charge USD 9,000 every year for corporate and individual customers.
• The desktop segment held the biggest market share in 2021 as the device is finding robust adoption among online gamers. Moreover, companies are noticing a strong rise in their revenue margins from video games. Also, there is a notable increase in the number of video gamers across the world each year. These factors are driving the market growth. According to a WePC Report, in 2021, there were over 2.5 billion video gamers across the globe. This scenario has generated a massive demand for desktops to create virtual reality gaming and enhance users’ experiences.

Table of Segmentation