PUBLISHER: Grand View Research | PRODUCT CODE: 1433740
PUBLISHER: Grand View Research | PRODUCT CODE: 1433740
The U.S. Metaverse market size is expected to reach USD 253.8 billion by 2030, growing at a CAGR of 37.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growing demand for metaverse applications, including augmented and virtual reality technology to develop immersive and engaging experiences, the development of gaming experiences, the creation of multi-user virtual environments, the potential for e-commerce, live streaming, and other modes of online transactions, is responsible for the growth of the market. These applications, acknowledged as crucial for technological innovation, have attracted significant investment and innovative efforts, propelling the market. This evolution intends to confront core challenges and promote citizen well-being on a global level.
Companies are competing to digitalize every part of their business and transform themselves into software-defined high-tech companies. Integrating the technologies of companies regarding the metaverse brings customers the best of combined capabilities. Consequently, this transformation towards data-centered strategies enables efficiency, fueling the growth of the metaverse market in the U.S. For instance, in March 2023, NVIDIA Corporation, a software company, collaborated with Microsoft Corporation to offer Microsoft enterprise users access to AI supercomputing resources and powerful industrial metaverse via the cloud. The collaboration aims to speed up enterprises' capability to digitalize their operations, capture the industrial metaverse, and train advanced generative AI models and other applications.
Metaverse influences the content and experience of various sectors, including Media & Entertainment, BFSI, Aerospace & Defense, Education, and Healthcare in the U.S. Companies have already started utilizing the metaverse to improve their brand performance. The development of 3D, immersive, online worlds is rapidly progressing and beneficial to all aspects of the business world. For instance, in November 2023, Lockheed Martin Corporation, a U.S.-based aerospace and defense technology company, introduced a series of advanced military training solutions that utilize metaverse technologies. These solutions aim to transform immersive training experiences for the armed forces, offering advanced features. As military operations continue to develop, Lockheed Martin Corporation's innovative solutions intend to provide forces with the necessary tools to excel in dynamic scenarios.