PUBLISHER: Roots Analysis | PRODUCT CODE: 1752101
PUBLISHER: Roots Analysis | PRODUCT CODE: 1752101
As per Roots Analysis, the global metaverse market size is estimated to grow from USD 124.87 billion in the current year to USD 6,279.92 billion by 2035, at a CAGR of 42.78% during the forecast period, till 2035.
The opportunity for metaverse market has been distributed across the following segments:
Infrastructure
Hardware
Software
Services
Platform
Technology
Application
Geography
Metaverse is a space where virtual and physical components come together to create experiences that closely resemble real life. This area is expected to grow considerably due to advancements in artificial general intelligence, augmented reality, blockchain, and virtual reality applications. The metaverse is envisioned as an engaging, interconnected digital universe, allowing users to communicate and collaborate with microprocessors in real time, blurring the distinctions between the real and virtual realms.
Additionally, the metaverse is seen as a crucial component of Web 3.0, which aims to decentralize the internet and empower users with greater control over their digital assets and interactions. Consequently, the metaverse facilitates the emergence of innovative and transformative technologies by various companies. Organizations are already leveraging virtual reality for employee training, utilizing augmented reality to enhance product design and manufacturing, and employing digital twins to manage and optimize physical entities.
In addition, metaverse presents new opportunities for advertising, virtual events, and immersive entertainment, making it a key investment sector for technology leaders such as Meta, Microsoft, and Google.
Based on infrastructure, the global metaverse market is segmented into chips and processors, cloud and edge infrastructure, cybersecurity, and network capabilities. According to our estimates, currently, cloud and edge infrastructure segment captures the majority share of the market. This can be attributed to the swift growth of cloud infrastructure, which acts as a key factor driving the metaverse market, as cloud computing solutions offer scalable and cost-efficient methods for hosting and providing immersive experiences to users on a range of devices and platforms.
Based on hardware, the metaverse market is segmented into augmented reality (AR) / virtual reality (VR) devices, extended reality (XR) hardware, holographic displays and other hardware. According to our estimates, currently, Augmented reality (AR) / virtual reality (VR) device captures the majority of the market and this trend is unlikely to change in future.
Based on software, the metaverse market is segmented into asset creation tools, avatar development, programming engines and virtual platforms. According to our estimates, currently, virtual platforms capture the majority share of the market. However, due to the rising demand for personalized virtual experiences, the increasing popularity of online gaming, and the potential for improved customer engagement and interaction across several sectors, such as e-commerce, healthcare in the metaverse, and education, the avatar development segment is anticipated to grow at a higher CAGR during the forecast period.
Based on services, the metaverse market is segmented into asset marketplaces, financial services and user experiences. According to our estimates, currently, asset marketplaces capture the majority share of the market and this trend is unlikely to change in future.
Based on platform, the metaverse market is segmented into desktop, headset and mobile. According to our estimates, currently, mobile segment captures the majority share of the market. This can be attributed to its accessibility, intuitive user interface, social connectivity, ability to use it on the move, and the lower entry barriers when compared to desktop or specialized VR/AR systems.
Based on technology, the metaverse market is segmented into augmented reality (AR), blockchain, mixed reality (MR) and virtual reality (VR). According to our estimates, currently, augmented reality and virtual reality segment captures the majority share of the market. However, mixed reality segment is anticipated to grow at a relatively higher CAGR during the forecast period.
Based on application, the metaverse market is segmented into content creation and social media, events and conference, gaming, and online shopping. According to our estimates, currently, content creation and social media segment captures the majority share of the market.
Based on geographical regions, the metaverse market is segmented into North America, Europe, Asia, Latin America, Middle East and North Africa, and the rest of the world. According to our estimates, currently, North America captures the majority share of the market. However, the market in Asia is anticipated to grow at a relatively higher CAGR during the forecast period.
The report on the metaverse market features insights on various sections, including:
3.2. Market Assessment Framework
4.2.2. Currency Coverage