PUBLISHER: Polaris Market Research | PRODUCT CODE: 1150007
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1150007
The global metaverse market size is expected to reach USD 680.80 billion by 2030, according to a new study by Polaris Market Research. The report "Metaverse Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Software, Service); By Technology; By Application; By Industry Vehicle; By Region; Segment Forecast, 2022 - 2030" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The metaverse is an online reality that is an amalgamation of online gaming, social media, augmented reality (AR), virtual reality (VR), and cryptocurrencies, wherein users can interact with each other virtually. Augmented reality showcases visual features, noise, and other sensory input in real-life situations to augment the user experience.
Moreover, during COVID-19, when governments across the world announced lockdown and people were working from home, the key vendors introduced such platforms as a replacement for outdoor social interaction in the comfort of a user's home, hosting highly public events such as music concerts and meetups to offer virtual tour opportunities to famous global landmarks. Such use cases of these platforms drove its growth during the period.
Based on a study, in April 2022, the average time spent on social media increased from just 1 hour in 2012 to over 2 hours and 24 minutes in 2020. Moreover, time spent on social media platforms was heavily inflated during the pandemic, as people stuck in their homes relied on social media platforms for interactions with their peers, friends, and family. Such factors further supported the growth of metaverse platforms during the period.
Furthermore, these platforms provided businesses with easily interact with their audiences and customers, which led to their engagement and hence overall customer satisfaction. This led to a rise in the growth of the industry during the period.
Metaverse Market Report Highlights
Software segment is expected to hold a significant share in 2021, due to the appealing interface and intuitiveness of the software
Content creation and social media is expected to be the most lucrative segment, owing to the growing content creators across the globe and surge in need for metaverse platform by various content creators
North America region will lead the global market by 2030 on account of presence of leading players in the region, greater technological adoption, and rise in investment in development of new technologies
The global market is highly competitive owing to the existence of large market players with global presence including include Alibaba Group Holding Limited, ByteDance Ltd, Facebook, Inc., Huawei Technologies Co. Ltd., Meta, Microsoft Corporation, Nextech AR Solutions Inc., NVIDIA Corporation, Roblox Corporation, and Sandbox VR among others
Polaris Market Research has segmented the metaverse market report based on component, technology, application, industry vertical and region:
Metaverse, Component Outlook (Revenue - USD Billion, 2018 - 2030)
Hardware
Software
Service
Metaverse, Technology Outlook (Revenue - USD Billion, 2018 - 2030)
Blockchain
Virtual Reality and Augmented Reality
Mixed Reality
Others
Metaverse, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Digital Marketing
Content Creation and Social Media
Gaming
Events and Conference
Online Shopping
Testing and Inspection
Others
Metaverse, Industry Vertical Outlook (Revenue - USD Billion, 2018 - 2030)
Retail
Media & Entertainment
BFSI
Others
Metaverse, Regional Outlook (Revenue - USD Billion, 2018 - 2030)
North America
U.S
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Latin America
Argentina
Brazil
Mexico
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
Figure 1. Global Metaverse Market, 2018 - 2030 (USD Billion)
Figure 2. Integrated Ecosystem
Figure 3. Research Methodology: Top-Down & Bottom-Up Industry Vertical
Figure 4. Market by Geography
Figure 5. Porter's Five Forces
Figure 6. Market by Application
Figure 7. Global Metaverse Market, by Application, 2021 & 2030 (USD Billion)
Figure 8. Market by Industry Vertical
Figure 9. Global Metaverse Market, by Industry Vertical, 2021 & 2030 (USD Billion)
Figure 10. Market by Component
Figure 11. Global Metaverse Market, by Component, 2021 & 2030 (USD Billion)
Figure 12. Market by Technology
Figure 13. Global Metaverse Market, by Technology, 2021 & 2030 (USD Billion)
Figure 14. Metaverse Market Assessment, By Geography, 2018 - 2030 (USD Billion)
Figure 15. Strategic Analysis - Metaverse Market