Metaverse Market Revenue to Register Robust Growth in Future by 2030 | Registering a CAGR Of 45.2%
May 26, 2023
According to MRFR analysis, the Global Metaverse Market is expected to register a CAGR of 45.2% from 2022 to 2030 and hold a value of over USD 107.49 billion by 2030.
The Global Metaverse Market refers to the growing ecosystem of virtual worlds, augmented reality, and immersive experiences that are interconnected through the internet. It is a digital universe where individuals can interact with each other, buy and sell virtual goods and services, and participate in various forms of entertainment and social activities.
The Metaverse Market is a rapidly evolving and dynamic space, driven by advancements in virtual and augmented reality technologies, blockchain, and other emerging technologies. It encompasses a wide range of industries, including gaming, e-commerce, education, healthcare, and social media, among others.
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The COVID-19 pandemic had a significant impact on the Global Metaverse Market, the pandemic has accelerated the adoption of virtual and augmented reality technologies, as people have turned to these platforms for entertainment, education, and socialization while in-person activities have been restricted. This has led to increased user engagement and revenue growth for many Metaverse companies, especially those in the gaming and entertainment sectors.
Some of the key market players are:
– Meta Platforms Inc
– Microsoft Corporation
– Tencent Holdings Ltd
– Epic Games
– Netease Inc
– Roblox Corporation
– Lilith Games
– Nextech AR Solutions Inc
– Unity Software Inc
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The largest region of the Metaverse Market is Asia-Pacific (APAC), which includes countries such as China, Japan, South Korea, and Singapore.
The APAC region is the largest market for gaming and virtual reality technologies, and it has a rapidly growing middle class with an increasing demand for immersive and interactive digital experiences. The region is also home to many innovative Metaverse companies, such as Tencent, NetEase, and Unity Technologies, among others.
APAC region has a large and tech-savvy population, which has embraced new technologies such as virtual reality and augmented reality. As a result, the region is expected to continue to be a dominant force in the Metaverse Market.
The Global Metaverse Market has been segmented into technology, application and end-user.
Based on the technology, the market has been segmented into block chain, VR & AR and mixed reality.
Based on the application, the market has been segmented into gaming, online shopping and content creation.
Based on the end-user, the market has been segmented into consumer and enterprises.
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Latest industry developments in the Metaverse market in 2023:
- Facebook rebrands to Meta: In October 2021, Facebook announced that it was rebranding to Meta, with the goal of becoming a leader in the metaverse. This move signaled the company’s commitment to the metaverse and its belief that it is the next big thing in technology.
- Microsoft acquires AltspaceVR: In December 2021, Microsoft announced that it was acquiring AltspaceVR, a social VR platform. This acquisition gave Microsoft a foothold in the metaverse and helped it to expand its reach into the gaming and entertainment industries.
- Roblox raises $500 million: In January 2022, Roblox, a popular online gaming platform, raised $500 million in a funding round led by Altimeter Capital. This funding will help Roblox to continue to develop its metaverse platform and to attract new users.
- Nike enters the metaverse: In February 2022, Nike filed a trademark application for “Nikeland,” a virtual world that would allow users to play games, shop for clothes and shoes, and interact with other Nike fans. This move signals Nike’s commitment to the metaverse and its belief that it is a valuable marketing and branding opportunity.
- The Sandbox raises $93 million: In March 2022, The Sandbox, a decentralized virtual world, raised $93 million in a funding round led by SoftBank Vision Fund 2. This funding will help The Sandbox to continue to develop its metaverse platform and to attract new users.
- Warner Music Group partners with The Sandbox: In April 2022, Warner Music Group announced a partnership with The Sandbox to create a music-themed metaverse world. This partnership will allow Warner Music Group artists to perform concerts, sell merchandise, and interact with fans in the metaverse.
- Samsung launches 83-inch MicroLED TV: In April 2022, Samsung launched the 83-inch MicroLED TV, which is designed to be used in the metaverse. This TV offers a high-resolution display and a wide field of view, making it ideal for gaming, watching movies, and interacting with other people in the metaverse.
These are just a few of the latest industry developments in the metaverse market in 2023. The metaverse is still in its early stages of development, but it is clear that it has the potential to revolutionize the way we interact with the world around us.
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