NEW YORK, June 27, 2024 /PRNewswire/ -- The global
Metaverse market size is estimated to grow by USD 3.92 billion from 2024-2028, according
to Technavio. The market is estimated to grow at a CAGR of
63.64% during the forecast period. Increasing demand
for ar and vr technology is driving market growth, with a
trend towards growing number of product launches.
However, privacy and security concerns over metaverse
poses a challenge. Key market players include Accenture Plc,
Active Theory LLC, Animoca Brands Corp. Ltd., ByteDance Ltd., CL
Educate Ltd., Decentraland Foundation, Devden Creative Solutions
Pvt. Ltd., Epic Games Inc., GoMeta Inc., Infosys Ltd., Magic Leap
Inc., Meta Platforms Inc., Microsoft Corp., Mobiloitte
Technologies, NexTech AR Solutions Corp., NVIDIA Corp., Queppelin,
Roblox Corp., Tencent Holdings Ltd.,
Unity Technologies Inc., and Wilkins Avenue AR.
Get a detailed analysis on regions, market
segments, customer landscape, and companies- View the
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Metaverse Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
63.64%
|
Market growth
2024-2028
|
USD 3920.2
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
44.47
|
Regional
analysis
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Performing market
contribution
|
North America at
37%
|
Key
countries
|
US, China, Germany, UK,
and Canada
|
Key companies
profiled
|
Accenture Plc, Active
Theory LLC, Animoca Brands Corp. Ltd., ByteDance Ltd., CL Educate
Ltd., Decentraland Foundation, Devden Creative Solutions Pvt. Ltd.,
Epic Games Inc., GoMeta Inc., Infosys Ltd., Magic Leap Inc., Meta
Platforms Inc., Microsoft Corp., Mobiloitte Technologies, NexTech
AR Solutions Corp., NVIDIA Corp., Queppelin, Roblox Corp., Tencent
Holdings Ltd., Unity Technologies Inc., and Wilkins Avenue
AR
|
Market Driver
Companies are expanding their offerings in the metaverse market
by launching new products. Notable announcements include Microsoft
Corp.'s HoloLens 3 and Magic Leap Inc.'s Magic Leap 2 VR headsets.
Oculus, a Meta Platforms Inc. Division, also introduced Oculus
Quest 3. These new releases aim to capitalize on the growing
metaverse market and contribute to its growth during the forecast
period.
The Metaverse market is currently experiencing significant
growth with various sectors and technologies coming together.
Blockchain technology plays a crucial role in creating secure and
decentralized environments. Aerial view maps and
consortiums are essential for developing and managing these virtual
spaces. Realty and real estate transactions are on the rise, with
many investors showing interest in this new frontier. The use of
cryptocurrencies and smart contracts simplifies the
process, making it more efficient and accessible. The integration
of gaming and entertainment elements adds to the appeal, attracting
a large user base. The future of the Metaverse market looks
promising, with advancements in technology and increasing adoption
rates.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- The metaverse market faces significant challenges regarding
data privacy and security. With the collection and processing of
extensive user information, privacy concerns are a major issue.
Metaverse platforms can access personal data from users and their
social networking accounts, posing a potential threat. Hacker
intrusions into user devices further exacerbate privacy concerns.
Additionally, smart gears like smart glass and VR headsets, which
automatically screen and process environments, raise privacy
concerns for users and those around them. These issues may hinder
market growth during the forecast period.
- In the Metaverse market, realty and gaming sectors are
experiencing significant growth. Companies are creating virtual
environments for consumers to buy, sell, and interact. However,
challenges exist. Consumers need assurance of security and privacy.
Regulations are needed to ensure ethical business practices.
Consumers also require seamless experiences, as technical issues
can hinder adoption. Additionally, the cost of creating and
maintaining these virtual worlds can be high. Consumers demand
affordable prices. To succeed, businesses must address these
challenges and provide innovative solutions. By focusing on these
areas, the Metaverse market can continue to expand and thrive.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This metaverse market report extensively covers market
segmentation by
- Device
- 1.1 VR or AR devices
- 1.2 Computing devices
- Component
- 2.1 Hardware
- 2.2 Software
- 2.3 Services
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 VR or AR devices- The VR/AR devices segment
dominated the metaverse market in 2023, driven by new product
launches and expanding applications. Notable companies, such as
Meta Platforms and Google, are investing in innovative technologies
and collaborations to enhance user experiences. The introduction of
advanced headsets, smart glasses, and decentralized
platforms offers opportunities for monetization and asset creation.
These developments are expected to fuel the moderate growth of the
VR/AR devices segment in the metaverse market.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
The Metaverse market is a rapidly expanding digital landscape,
merging various sectors such as Entertainment, Aerospace, Medical,
and more. This immersive environment utilizes Blockchain technology
for secure transactions, enabling the sale of
Cryptocurrency and the purchase of goods through
E-commerce platforms. The Entertainment sector thrives in the
Metaverse with Simulation, Gaming, and XR Immersive Streams, while
the Medical sector benefits from 3D modeling software for training
and research purposes. Ground crew and Airlines leverage Metaverse
for efficient training and communication. Mobile networks and
Augmented Reality/Virtual Reality headsets like VR headsets and MR
headsets enhance the user experience. Social media platforms
connect Consumers and Enterprises, fostering innovation and
collaboration. The Metaverse Market is revolutionizing industries,
offering endless possibilities for growth and transformation.
Market Research Overview
The Metaverse Market encompasses a virtual world where users can
interact, create, and transact using immersive technologies such as
virtual reality, augmented reality, and mixed reality. This market
offers various sectors including education, entertainment,
commerce, and social interaction. Users can attend virtual events,
create digital assets, and even earn income through various
activities. The sector is constantly evolving, with advancements in
technology leading to new opportunities and experiences. The
Metaverse Market also provides a platform for businesses to reach
customers in innovative ways, offering unique experiences and
services. It is a dynamic and exciting space that continues to grow
and adapt to the needs of its users.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Device
-
- VR Or AR Devices
- Computing Devices
- Component
-
- Hardware
- Software
- Services
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio