Press release
Unveils Projections: Metaverse Market to Surge to $815.8 Billion by 2030
Metaverse Market
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Nonetheless, challenges such as high installation and maintenance costs, along with health concerns arising from prolonged usage, may dampen market expansion.
Market Segmentation Overview
The metaverse market is segmented by offering, medium, application, and end-use industry. The study also conducts a comprehensive analysis of industry competitors and evaluates regional and country-level markets.
Offering Segment: The hardware segment is projected to dominate the global metaverse market in 2023, driven by firms' intensified efforts to enhance user experiences through innovative product development. Notably, Meta Platforms, Inc. (U.S.) recently unveiled its next-generation mixed-reality headset, underscoring the industry's commitment to technological advancement. However, the platforms segment is anticipated to witness the highest CAGR during the forecast period.
Medium Segment: Desktops are expected to hold the largest market share in 2023, primarily due to their compatibility with popular metaverse platforms like decentraland. Meanwhile, the mobile segment is poised to exhibit the highest CAGR owing to its increasing accessibility and convenience.
Application Segment: The virtual/enhanced gaming sector is forecasted to command the largest share of the market in 2023, driven by ongoing innovations aimed at enhancing user immersion and realism. Conversely, the virtual learning segment is expected to experience the highest CAGR as educational institutions embrace immersive technologies.
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End-Use Industry Segment: Gaming is anticipated to dominate the market in 2023, with significant investments aimed at integrating metaverse experiences into gaming environments. However, the marketing & advertising segment is poised for the highest growth, fueled by a growing trend toward immersive digital experiences.
Geographic Review
North America is projected to lead the metaverse market in 2023, bolstered by its technological prowess and substantial investments in cutting-edge display technologies. Recent acquisitions and collaborations, such as Microsoft Corporation's acquisition of Activision Blizzard, Inc., underscore the region's commitment to metaverse development.
Key Players
Leading players in the metaverse market include Meta Platforms, Inc. (U.S.), Microsoft Corporation (U.S.), Google LLC (U.S.), Unity Software Inc. (U.S.), Adobe Inc. (U.S.), Hewlett Packard Enterprise Company (U.S.), Infosys Ltd. (India), TCS (India), Qualcomm Technologies, Inc. (U.S.), Ansys (U.S.), Autodesk (U.S.), Intel Corporation (U.S.), Tech Mahindra (India), Samsung (South Korea), NetEase, Inc. (China), Electronic Arts Inc. (U.S.), Epic Games (U.S.), Take-Two (U.S.), and Valve (U.S.).
Recent Developments:
In January 2022, Microsoft Corporation (U.S.) acquired Activision Blizzard, Inc. (U.S.) to bolster metaverse industry development.
In January 2023, the World Economic Forum collaborated with Microsoft Corporation (U.S.) to establish a Global Collaboration Village, focusing on virtual multi-stakeholder cooperation.
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Increasing Demand for Metaverse in the Entertainment & Gaming Industry is Expected to Drive Metaverse Market Growth
Gaming is one of the major sectors that use metaverse to offer a next-generation gaming experience to users. Metaverse provides users with a three-dimensional environment instead of a two-dimensional experience, where the interaction among users and in-built gaming elements are more personal.
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