Metaverse Market Report 2023: Growth Analysis, Size, Share And Forecast Report By 2028
Industry Overview of Metaverse Market
Metaverse refers
to a virtual shared space where individuals can interact with a
computer-generated environment in real-time. It creates a fully immersive and
interconnected digital world and provides enhanced virtual reality (VR)
experiences to people. It allows users to navigate, communicate, explore, and
engage with virtual space through various devices, such as VR headsets,
augmented reality (AR) glasses, or even conventional screens. As it provides gaming,
education, and entertainment experiences within a simulated environment, the
demand for metaverse is increasing across the globe.
How Big
Is the Metaverse Market?
The global metaverse market size reached US$ 71.5
Billion in 2022. Looking forward, IMARC Group expects the market to reach US$
507.5 Billion by 2028, exhibiting a growth rate (CAGR) of 38.1% during 2023-2028.
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Metaverse Market
Trends and Drivers:
At present, the
rising adoption of the metaverse, as it assists in engaging more customers and generates
increased revenues for a business, represents one of the primary factors
strengthening the market growth. Besides this, the growing demand for metaverse
due to the easy availability of high-speed internet connectivity around the
world is offering a positive market outlook. Apart from this, the increasing
adoption of metaverse in e-commerce businesses to create virtual storefronts
and provide enhanced shopping experiences to customers is bolstering the growth
of the market. Moreover, the rising demand for more immersive and interactive
virtual experiences among the masses across the globe is offering lucrative
growth opportunities to industry investors. Furthermore, the increasing employment
of metaverse in the education industry for an improved learning environment is
propelling the growth of the market.
What Is
Included In Market Segmentation?
The report has been segmented the market into
following categories:
Component Insights:
- Hardware
- Software
- Service
Technology Insights:
- Blockchain
- Virtual
Reality and Augmented Reality
- Mixed
Reality
- Others
Application Insights:
- Gaming
- Online
Shopping
- Content
Creation and Social Media
- Events
and Conference
- Digital
Marketing
- Testing
and Inspection
- Others
Industry Vertical Insights:
- BFSI
- Retail
- Media
and Entertainment
- Education
- Aerospace
and Defense
- Automotive
- Others
Regional Insights:
- North
America
- United
States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South
Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United
Kingdom
- Italy
- Spain
- Russia
- Others
- Latin
America
- Brazil
- Mexico
- Others
- Middle
East and Africa
Who are the key players operating in the industry?
The report covers the major market players
including:
- Alibaba
Group Holding Limited
- Decentraland
- Electronic
Arts Inc.
- Facebook
Inc.
- Nextech
AR Solutions Inc.
- Nvidia
Corporation
- Roblox
Corporation
- The
Sandbox
- Unity
Technologies
If you require any specific information that is not
covered currently within the scope of the report, we will provide the same as a
part of the customization.
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