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The global metaverse market size is expected to reach USD 1,607.12 Billion in 2030 and register a revenue CAGR of 43.3% over the forecast period, according to latest analysis by Emergen Research. Global metaverse market revenue growth is expected to be driven by key factors such as increasing demand for applications and products based on virtual and augmented and mixed reality and rising focus on converging digital/virtual and physical worlds. Besides, with the rise of Blockchain technology, web 3.0 (Web3), low-code, and no-code application platforms, coupled with advancements in motion tracking systems and cybernetics, artists and developers are gaining control of their online content, which is expected to support revenue growth of the market in the near future.
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Current Trends and Innovations:
Increasing availability of better hardware and software at affordable pricing is expected to open up market growth opportunities in the near future. Virtual Reality (VR) headsets, software, and controllers for Oculus Rift and HTC Hive were previously among the costliest eXtended Reality (XR) devices priced at approximately USD 4,000 when these were initially marketed. Google, Sony, HTC, and Oculus are among the hardware manufacturers making considerably more affordable Virtual Reality headgear. People can now purchase an Oculus Quest 2 set for USD 299. However, lower pricing does not imply a lower dynamic experience for customers. VR is becoming more dynamic and engaging as software and hardware continue to develop. Graphics and animations advancements, sensory enhancements, tactile feedback, and improved movement are all enriching the VR experience thus contributing to its rising adoption.
Strategic Initiatives:
Companies included in the global market report include Facebook, Inc., Tencent Holdings Ltd., ByteDance Ltd., NetEase, Inc., Nvidia Corporation, Epic Games, Inc., Roblox Corporation, Unity Technologies, Inc., Lilith Games, and Nextech AR Solutions Corp.
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Emergen Research has segmented global metaverse on the basis of component, platform, offerings, technology, application, end-use, and region:
· Component Outlook (Revenue, USD Billion; 2018–2028)
Hardware
Displays
eXtended Reality (XR) Hardware
Haptic Sensors & Devices
Smart Glasses
Omni Treadmills
AR/VR Headsets
Software
Asset Creation Tools
Programming Engines
· Platform Outlook (Revenue, USD Billion; 2018–2028)
o Desktop
o Mobile
· Offerings Outlook (Revenue, USD Billion; 2018–2028)
o Virtual Platforms
o Asset Marketplaces
o Avatars
o Financial Services
· Technology Outlook (Revenue, USD Billion; 2018–2028)
o Blockchain
o Virtual Reality (VR) & Augmented Reality (AR)
o Mixed Reality (MR)
· Application Outlook (Revenue, USD Billion; 2018–2028)
o Gaming
o Online Shopping
o Content Creation
o Social Media
o Conference
o Virtual Runway Shows
o Aircraft Maintenance
o Others
· End-use Outlook (Revenue, USD Billion; 2018–2028)
o Fashion
o Media & Entertainment
o Education
o Aerospace & Defence
o Others
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· Regional Outlook (Revenue, USD Billion; 2018–2028)
o North America
a. U.S.
b. Canada
c. Mexico
o Europe
a. Germany
b. France
c. U.K.
d. Italy
e. Spain
f. Benelux
g. Rest of Europe
o Asia Pacific
a. China
b. India
c. Japan
d. South Korea
e. Rest of APAC
o Latin America
a. Brazil
b. Rest of LATAM
o Middle East & Africa
a. Saudi Arabia
b. UAE
c. South Africa
d. Turkey
e. Rest of MEA
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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