According to the latest report by IMARC Group, titled “Metaverse Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global metaverse market growth. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global metaverse market size reached US$ 71.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 507.5 Billion on by 2028, exhibiting a growth rate (CAGR) of 38.1% during 2023-2028.
A metaverse represents a digital network of immersive online world that is generally experienced via virtual reality (VR) or augmented reality (AR). It usually comprises realistic visual elements, sound, and other sensory inputs created by AR to enhance the user experience. Metaverse also enables users to connect with each other by creating their own avatars. It allows individuals to interact professionally with each other, take classes, work, train others, and invest in currencies. Metaverse offers more multidimensional online spaces, which allow users to go beyond just viewing digital content and immerse themselves. It improves advertising with unique storytelling experiences in 3D technology and helps businesses in conducting and entering any event digitally. In line with this, metaverse supports digital wallets and allows enterprises to regulate seamless transactions across its virtual ecosystem.
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Metaverse market Industry Trends & Drivers
The widespread adoption of cryptocurrencies for gambling purposes and making digital transactions and anonymous purchases is primarily driving the metaverse market. Additionally, the escalating demand for online games and the easy availability of advanced gaming consoles are further bolstering the market growth. Besides this, the rising integration of metaverse in the banking, financial services, and insurance (BFSI) sector to minimize the interaction between agents and customers is acting as another significant growth-inducing factor.
Moreover, the increasing usage of metaverse by companies and businesses to create digital showrooms and offer innovative and true-to-life experiences to individuals is also positively influencing the global market. Apart from this, the growing cloud computing activities to eliminate in-house information technology (IT) expenses, delegate routine tasks, scale operations, store various confidential data safely, etc., are projected to fuel the metaverse market in the coming years.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Alibaba Group Holding Limited, Decentraland, Electronic Arts Inc., Facebook Inc., Nextech AR Solutions Inc., Nvidia Corporation, Roblox Corporation, The Sandbox and Unity Technologies
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Component:
- Hardware
- Software
- Service
Breakup by Technology:
- Blockchain
- Virtual Reality and Augmented Reality
- Mixed Reality
- Others
Breakup by Application:
- Gaming
- Online Shopping
- Content Creation and Social Media
- Events and Conference
- Digital Marketing
- Testing and Inspection
- Others
Breakup by Industry Vertical:
- BFSI
- Retail
- Media and Entertainment
- Education
- Aerospace and Defense
- Automotive
- Others
Regional Insights:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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