The global metaverse market is expected to exhibit a CAGR of 40.07% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
A metaverse is a digital reality that incorporates social media, online gaming, augmented reality (AR), virtual reality (VR), and cryptocurrencies for enabling users to interact virtually. It is persistent, self-sustaining, infinite, interoperable, and provides real-time live experiences. At present, due to the growing number of individuals relying on online shopping and the increasing online shopping apps, there is a rise in the demand for metaverse across the globe.
Metaverse Market Trends:
There is an increase in demand for online games on account of rapid digitization, rising reliance on smartphones, and high-speed internet connectivity. This, coupled with significant growth in the gaming industry, represents one of the major factors positively influencing the sales of metaverse around the world. The product sales can also be attributed to the growing number of gaming zones in commercial areas. In addition, the rising traction of virtual goods and digital currencies is catalyzing the demand for metaverse in non-fungible tokens (NFTs). Moreover, the increasing adoption of the metaverse in small and medium-scale enterprises (SMEs) allows individuals to have real-time interactions and experiences on account of rising cloud-based solutions and remote working models, which is contributing to the market growth. Furthermore, the metaverse is employed in the manufacturing industry to monitor and determine production processes and indicate repairs or maintenance of a product. Besides this, the increasing adoption of a metaverse in the banking, financial services and insurance (BFSI) industry for minimizing the interaction between agents and customers and streamlining banking operations is creating a positive outlook for the market. Apart from this, it is used for designing, manufacturing, and testing critical components of an aircraft, and significant growth in the aerospace industry is offering lucrative growth opportunities to key players operating in the industry.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global metaverse market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on component, technology, application and industry vertical.
Breakup by Component:
Breakup by Technology:
- Virtual Reality and Augmented Reality
- Mixed Reality
Breakup by Application:
- Online Shopping
- Content Creation and Social Media
- Events and Conference
- Digital Marketing
- Testing and Inspection
Breakup by Industry Vertical:
- Media and Entertainment
- Aerospace and Defense
Breakup by Region:
- North America
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles 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.
|Base Year of the Analysis
| Historical Period
||Component, Technology, Application, Industry Vertical, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Alibaba Group Holding Limited, Decentraland, Electronic Arts Inc., Facebook Inc., Nextech AR Solutions Inc., Nvidia Corporation, Roblox Corporation, The Sandbox and Unity Technologies.
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Key Questions Answered in This Report:
- How has the global metaverse market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global metaverse market?
- What are the key regional markets?
- What is the breakup of the market based on the component?
- What is the breakup of the market based on the technology?
- What is the breakup of the market based on the application?
- What is the breakup of the market based on the industry vertical?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global metaverse market and who are the key players?
- What is the degree of competition in the industry?