North America is Dominating the Metaverse Market

The metaverse market was valued at USD 58.5 billion in 2021, and this number is expected to reach USD 1,525.7 billion by 2030, advancing at a CAGR of 43.7% during 2021-2030, according to P&S Intelligence.

This growth can be credited to the growing need for the metaverse in buying digital assets via cryptocurrencies. Furthermore, the rise of metaverse-focused businesses throughout the globe, the growing alliances to develop enhanced AR/VR solutions for better patient output and the overall surgical setting, and the increasing expenditure in R&D events are projected to boost the growth of the industry in the coming years.

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The metaverse is an internet-built alternative reality and is becoming a world itself, comprehensive of art, communities, and property. Non-fungible tokens utilized in the metaverse will develop from novelty to utility. With authentication and traceability made on interoperable frameworks, emerging environments powered by blockchain technology will allow new lines of revenue and monetization.

The software category is projected to experience growth with the highest CAGR in the coming few years. This can be ascribed to the snowballing need for AR and VR mobile applications and web application development tools, AR/VR studios, software development kits, and cloud-based tools.

Due to the introduction of avatar character producers, play-to-earn games, and decentralized and centralized gateways, the need for software for metaverse channels is growing at the highest pace.

The APAC metaverse industry is all set to experience the highest CAGR, of above 50%, in the coming few years, credited to the snowballing utilization of AR and VR and the rising digitization in Japan, China, South Korea, and India.

In 2021, North America dominated the metaverse market. This can be ascribed to the growing penetration of smartphones, snowballing acceptance of smart devices, and the surging demand for AR and VR in several applications.

Also, amplified individual and corporate investment in digital solutions and new technologies fuels the growth of the market. Additionally, the growing application extents of AR technology in consumer electronics lifts the development of the regional AR sector. It has been utilized for training and educational purposes in industry, including media and entertainment, healthcare, retail, and gaming.

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The European industry will witness considerable development in the next few years. This can be credited to the increasing number of people on social media channels and in the gaming sector. Similarly, the growing online gaming business in main European nations, including Germany, France, the U.K., and Italy, motivates the regional market.

Hence, with the rise of metaverse-focused businesses throughout the globe, the growing alliances to develop enhanced AR/VR solutions for better patient output and the overall surgical setting, and the increasing expenditure in R&D will drive the metaverse market.

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