Metaverse Market to Accrue $1,607.12 B Globally by 2030 -

(Newswire.net — September 15, 2022) —

Rising emphasis on converging digital and physical worlds, as well as increased demand for virtual, augmented, and mixed reality applications and products, are some of the key factors driving metaverse market revenue growth.

According to the most recent Emergen Research analysis, the global metaverse market will be worth USD 1,607.12 billion in 2030, with a revenue CAGR of 43.3% over the forecast period. Key factors such as rising demand for virtual, augmented, and mixed reality applications and products, as well as a growing emphasis on converging digital/virtual and physical worlds, are expected to drive global metaverse market revenue growth. Furthermore, with the rise of Blockchain technology, web 3.0 (Web3), low-code, and no-code application platforms, as well as advances in motion tracking systems and cybernetics, artists and developers are gaining control of their online content, which is expected to support market revenue growth in the near future.

Insights into the Total Addressable Market

Metaverse is a popular technology platform that is attracting various social networks, technology leaders, and online game developers to enter and establish a presence in the market. The metaverse is a rapidly expanding trend with a high user penetration rate for a variety of applications including gaming, content creation, social interaction, learning and training, and online virtual shopping.

The metaverse platform elevates the internet experience by establishing a virtual world in which users can engage in immersive gaming, conduct business, socialise, buy and sell virtual real estate, and enjoy immersive entertainment, among other things.

Some Key Highlights From the Report

Hardware segment accounted for a relatively larger revenue share in 2021 due to increased demand for various equipment, including smart lenses, haptic gloves, VR, AR, and XR devices, tracking systems, and scanning sensors to provide a better experience in the metaverse. Besides, revenue growth of this segment is expected to be boosted by rising focus of companies operating in this industry on providing higher visual quality with sophisticated display technologies.

Avatar segment revenue is expected to expand at a rapid CAGR over the forecast period. This can be attributed to the advent of hyper-realistic avatars for metaverse. Individuals can represent themselves more exclusively online and interact with others in a better way owing to hyper-realistic avatars. Companies such as Burberry are developing virtual versions of their storefronts, while fashion firms are offering NFT apparel products that people may wear on their avatars in a virtual world. As people get more immersed in the metaverse, emphasis on creating hyper-realistic avatars would further rise.

Metaverse market in North America is expected to register a rapid revenue growth rate over the forecast period. Revenue growth of the market in North America is expected to be driven by factors such as increase in number of startups such as Supersocial, Inc. developing immersive games for metaverse.

Some major companies in the global market report include Facebook, Inc., Tencent Holdings Ltd., ByteDance Ltd., NetEase, Inc., Nvidia Corporation, Epic Games, Inc., Roblox Corporation, Unity Technologies, Inc., Lilith Games, and Nextech AR Solutions Corp.

In March 2022, Meta Platforms Inc., which is the parent company of Facebook, announced a partnership deal with VNTANA, which is an e-Commerce technology provider. Through the new partnership, Meta Platforms Inc. would make it simpler for brands to run three-dimensional advertisements on its Instagram and Facebook social media platforms. Brands will be able to upload 3D models of the merchandise on Facebook and Instagram and swiftly convert them into advertising owing to the collaboration with VNTANA.

For the purpose of this report, Emergen Research has segmented the global metaverse market based on component, platform, offering, technology, application, end-use, and region: