Global Metaverse Market to Reach US$ 507.5 Billion by 2028, Stimulated by Growing Preference for User-Friendly Environments

September 26, 2023 | Technology & Media

According to the latest report by IMARC Group, titled “Metaverse Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global metaverse market size reached US$ 71.5 Billion in 2022. Metaverse is a digital environment where individuals, as avatars, can interact with each other and computer programs in real time. It is created with the help of augmented reality (AR), virtual reality (VR), and blockchain technologies. It aims to provide a fully immersive experience that transcends the limitations of the physical world. It's a comprehensive ecosystem comprising multiple interconnected digital spaces. From a business perspective, Metaverse offers a multitude of opportunities for commerce, social interaction, and data exchange, making it a frontier for investment and development. The concept has captured the imagination of technologists, business leaders, and consumers alike, becoming a subject of increasing importance in discussions about the future of the internet and digital economy.

Global Metaverse Market Trends:

The global market is primarily driven by continual advancements in AR, VR, and blockchain technologies, which enable the creation of sophisticated, user-friendly environments. Additionally, the accelerating adoption of virtual platforms for work, social interaction, and entertainment, are contributing to the market growth. Another market stimulant is the increasing investment from tech giants who are providing resources to develop proprietary Metaverse platforms. This elevates the market's visibility and catalyzing its growth. Along with this, the escalating applications in sectors such as education and healthcare are providing a broader context for the use of the Metaverse, thereby stimulating the market. Apart from this, the growing usage of virtual storefronts and augmented reality fitting rooms in the retail industry for transforming the shopping experience is also acting as a significant growth-inducing factor for the market. Furthermore, the growing focus on sustainability and ethical computing is leading to the rise of eco-friendly metaverse alternatives, aiming to minimize energy consumption and reduce carbon footprint. Looking forward, the market value is projected to reach US$ 507.5 Billion by 2028, expanding at a CAGR of 38.1% during 2023-2028.

Market Summary:

  • Based on the component, the market has been segmented into hardware, software, and service. At present, hardware represents the largest segment.
  • On the basis of the technology, the market is divided into blockchain, virtual reality and augmented reality, mixed reality, and others. Currently, virtual reality and augmented reality accounts for the largest market share.
  • Based on the application, the market has been segmented into gaming, online shopping, content creation and social media, events and conference, digital marketing, testing and inspection, and others. Presently, gaming accounts for the largest market share.
  • On the basis of the industry vertical, the market is divided into BFSI, retail, media and entertainment, education, aerospace and defense, automotive, and others. Currently, BFSI accounts for the largest market share.
  • Region-wise, the market has been segmented into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. At present, North America holds the largest market share.
  • The competitive landscape of the market has also been examined, with some of the key players being Alibaba Group Holding Limited, Decentraland, Electronic Arts Inc., Facebook Inc., Nextech AR Solutions Inc., Nvidia Corporation, Roblox Corporation, The Sandbox, and Unity Technologies.

Report Coverage:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Scope of the Report  Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: 
  • Component
  • Technology
  • Application
  • Industry Vertical
  • Region
Components Covered Hardware, Software, Service
Technologies Covered Blockchain, Virtual Reality and Augmented Reality, Mixed Reality, Others
Applications Covered Gaming, Online Shopping, Content Creation and Social Media, Events and Conference, Digital Marketing, Testing and Inspection, Others
Industry Verticals Covered BFSI, Retail, Media and Entertainment, Education, Aerospace and Defense, Automotive, Others
Region Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Alibaba Group Holding Limited, Decentraland, Electronic Arts Inc., Facebook Inc., Nextech AR Solutions Inc., Nvidia Corporation, Roblox Corporation, The Sandbox and Unity Technologies.
Customization Scope 10% Free Customization
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Global Metaverse Market to Reach US$ 507.5 Billion by 2028, Stimulated by Growing Preference for User-Friendly Environments
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