Press release
Metaverse Market - Fiction or Reality? Technology Changes, Action Plan, and Its Impact on Industries
Make a Direct Purchase of the latest Metaverse Market Report published in the month of April - 2022. Click the below link to initiate the purchase: https://strategicmarketresearch.com/buy-now/metaverse-market
Metaverse Market Insights
• The highest market share of 31.08% was contributed by the media and entertainment on the basis of end-use.
• The hardware segment was the biggest market in 2021 and contributed USD 16.58 billion on the basis of products.
• With the biggest market share of 27.17%, the gaming segment ruled the entire market in 2021 on the basis of application.
• Virtual reality and augmented reality ruled the entire market in 2021 with 36% of the revenue share.
• In 2021 North America was the largest market contributor, with a market share of 46%.
Metaverse Market Drivers
Decentralization enables users to have an unrestricted experience by giving them access to user-generated content and integrated environments with the capacity to interface between multiple virtual environments. Additionally, a lot of metaverse businesses are implementing a decentralized blockchain network for their platforms, which is anticipated to accelerate the industry's growth. In addition, the demand for social media and gaming platforms based on cutting-edge technologies is anticipated to increase quickly in the upcoming few years due to the push toward a decentralized internet network (Web 3.0).
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Metaverse Market Segmentation
The market segmentation of Metaverse is done on the basis of components, platform, technology, offering, application, end-user, and region.
By Components
• Software
• Hardware
• Services
By Platform
• Mobile
• Desktop
• Headsets
By Technology
• Metaverse in Internet of Things (IoT)
• Metaverse in Virtual Reality (VR) and Augmented Reality (AR)
• Metaverse in Blockchain
• Metaverse in Mixed Reality (MR)
• Others
By Offering
• Metaverse in Asset Marketplaces
• Metaverse in Virtual Platforms
• Metaverse in Financial Services
• Metaverse in Avatars
By Application
• Metaverse in Virtualisation Tools
• Metaverse in NFT
• Metaverse in Advertising
• Metaverse in Virtual Goods
• Metaverse in Online Education
• Metaverse in edge computing
• Metaverse in Conferences
• Metaverse in Content Creation
• Metaverse in Digital Twin Operations
• Metaverse in Online Shopping
• Metaverse in social media
• Metaverse in Gaming
• Metaverse in Blockchain Applications
• Metaverse in Payments
By End-Use
• Metaverse in Education
• Metaverse in Military
• Metaverse in Customer Experience
• Metaverse in Media and Entertainment
• Metaverse in Healthcare
• Metaverse in Real Estate
• Metaverse in Fashion
• Metaverse in Manufacturing
• Metaverse in Technology
By Region
North America
• Canada
• Mexico
• United States
• Rest of North America
Europe
• France
• United Kingdom
• Germany
• Rest of Europe
Asia Pacific
• China
• Japan
• India
• South Korea
• Rest of Asia Pacific
South America
• Brazil
• Rest of South America
Middle East & Africa
• Saudi Arabia
• United Arab Emirates
• South Africa
• Rest of the Middle East and Africa
The hardware segment was the biggest market in 2021 and contributed USD 16.58 billion on the basis of products. The hardware will grow due to a growing focus among companies on making products that offer a better experience for users and enable more advanced user immersion.
In 2021 North America was the largest market contributor, with a market share of 46%. The rising number of start-ups focusing on creating metaverse platforms for commercialization is stimulating market growth. Additionally, many businesses in North America are heavily utilizing cutting-edge virtual reality, 3D simulation, and augmented reality to improve their business processes.
Key Players in Metaverse Market
• Globant
• Meta, Inc.
• Tencent Holdings Ltd.
• Magic Leap, Inc
• Queppelin
• Nvidia Corporation
• Microsoft Corporation
• Alibaba Cloud
• Netease, Inc.
• Alphabet, Inc.
• Roblox Corporation
The market value of Metaverse in 2022 was USD 47.48 billion and will be worth USD 678.80 billion by 2030, growing at a 39.44% CAGR. The primary growth driver for the metaverse market is increasing consumer demand for high-tech virtual reality devices.
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