PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1460735
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1460735
Market Overview
the worldwide metaverse market is witnessing growth and projected to reach USD 1,157.8 billion by 2030. This represents a substantial compound annual growth rate (CAGR) of 44.0% over the forecasted period. The rising emphasis on adding the physical and virtual worlds, increasing acceptance of enhanced VR devices, and accelerating the need for XR devices are the key reasons propelling the development of the industry.
The use of the 3D digital twin technology has positively changed the way businesses operate, and how customers interpret, assess, and perceive the built environment. Through the use of this technology, any room or structure can be provided with an exact 3D virtual representation. Consequently, enterprises will be able to create identical physical locations and use them as standalone locations.
Digital twin technology provides users the opportunity to virtually fit clothes and check out new stores before they open. In this case, the camera captures the customer's image, and the AR technology, which is embedded, gives a real image of the product being worn on the customer's body to show how it would look.
As for virtual try-on technology, there are now some fashion brands and businesses that are concentrating on the combination of physical and virtual reality, to provide a solution that is both efficient and safe for customers, either online or in-store.
Key Insights
The hardware category is the dominant revenue contributor in the metaverse industry.
Augmented acceptance of AR, MR, and XR techs is propelling this trend.
High-tech VR equipment expenditure is increasing among businesses and individual customers.
Small, medium-sized, and large-scale businesses are actively spending on VR equipment, boosting industry development.
In 2023, the desktop category had the largest share, of approximately 50%, in the industry.
The development of the desktop category is being boosted by the increasing acceptance of virtual desktops and PC gaming globally.
In 2023, the VR category held the largest share, around 45%, metaverse industry.
VR also has applications in numerous industries such as healthcare, entertainment, education, and gaming, leading to its extensive acceptance.
VR tech is progressively used for employee training, offering advantages in the human resources industry.
AR is estimated to witness the highest CAGR of 44.6% over the projection period.
The demand for Wearable AR devices including Smart glasses has given rise to the tangible realm of the virtual reality experience. This requires a unique user experience (UX) and design approach.
What's more, the real-time personalization of games is a strong point of AR, which is beneficial for game development.
In 2023, the North American region dominates the worldwide metaverse industry with a 45% revenue share.
The continent's leadership is because of the popularity of smart devices such as smartphones, the high need for AR/VR techs, and augmented expenditure on digital and developing technologies.
APAC is projected to witness the highest CAGR of 44.7% over the projection period.
This growth in APAC is driven by the adoption of new technologies, significant investments by tech giants, and consumer demand for immersive digital experiences.