The Brainy Insights launched a study titled Metaverse Market Size by Technology (Virtual Reality (VR), Blockchain, Mixed Reality (MR), & Augmented Reality (AR)), Component (Software, Hardware & Professional Services), Application, Regions, Global Industry Report, Share, Growth, Trends, and Forecast 2022 to 2030
The global metaverse market is expected to grow from 39.25 billion in 2021 to USD 993.86 billion by 2030, at a CAGR of 43.20% during the forecast period 2022-2030. The metaverse’s favorable opportunities broadly increase customer market access in growing economies. Individuals now communicate digitally through messaging apps, social media platforms like Facebook, and websites. Additionally, the workers from developing countries may now be able to find a job in western companies without migrating. Virtual reality environments will help improve educational options, as they are an effective and affordable way to learn.
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The augmented reality (AR) segment dominated the market, accounting for around 10.99 billion global revenue in 2021.
The technology segment of global metaverse market is divided into Virtual Reality (VR), Blockchain, Mixed Reality (MR), & Augmented Reality (AR). The Augmented Reality (AR), segment dominated the market, accounting for around 10.99 billion global revenue in 2021. AR technology is used in the gaming industry to make the game more realistic and deliver a more satisfactory gaming experience. The demand for augmented reality devices is anticipated to show significant growth in the future.
The software segment dominated the market, accounting for around 13.34 billion global revenue in 2021.
The component segment of global metaverse market is divided into software, hardware & professional services. The software segment dominated the market, accounting for around 13.34 billion global revenue in 2021. The rising trend among the young generation is inclined towards using metaverse software and creating innovative ideas and successful start-ups.
The media and entertainment segment dominated the market, accounting for around 6.28 billion global revenue in 2021.
The end-user segment of global metaverse market is divided into retail, BFSI, media & entertainment, education, aerospace & defence, automotive, and others. The media and entertainment segment dominated the market, accounting for around 6.28 billion global revenue in 2021.
Regional Segmentation Analysis:
North America is expected to be the largest market during the forecast period due to adopting the new and complex technology. Likewise, the increasing number of start-up ventures that focus on establishing metaverse platforms for commercial use ultimately helps the regional market’s revenue growth. Similarly, big players in gaming and metaverse enterprises are The Sandbox and Nvidia Corporation in the region, focusing on incorporating metaverse into games to develop new opportunities for the market. For Example, Nvidia Corporation declared alliances with Blender and Adobe to help NVIDIA Omniverse, the world’s first collaboration, and simulation platform.
Competitive Analysis:
The major players of the market include Alibaba Cloud, Globant, Magic Leap, Inc., Meta (Facebook Inc.), Microsoft Corporation, Netease Inc., NVIDIA Corporation, Queppelin, Roblox Corporation, and Tencent Holdings Ltd., among others. among others.
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