The latest publication by GlobalData Plc titled Metaverse Market Size, Share, Trends, Analysis, and Forecasts by Vertical, Component Stack, Region, and Segment 2022-2030 has been added to the report store recently. The analysts have predicted the metaverse market size to grow from USD 22.79 billion in 2021 to USD 996.42 billion in 2030. The metaverse market is also anticipated to witness an accelerating growth momentum at a CAGR of 39.8% during the projected period.
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The metaverse market growth is predominantly driven by enterprises across industry verticals and sectors adopting hybrid working models. Furthermore, the growth will be driven by the future of work and digital transformation initiatives across sectors ranging from retail to healthcare and financial services. Metaverse is likely to emerge as the next big theme in digital media with AR and VR becoming crucial technologies for development. These technologies are expected to make the metaverse immersive and allow interaction with virtual objects, people, and environments.
Metaverse Market Vertical Insights
The report has assessed the metaverse market across several verticals including –
- BFSI: Banks such as JP Morgan and HSBC have already entered the metaverse via Decentraland The Sandbox, respectively. JP Morgan opened a customer lounge named Onyx to boost social engagement while HSBC purchased a plot in The Sandbox, aiming to use it to engage with sports, esports, and gaming fans. BFSI is anticipated to witness high growth over the forecast period, accounting for a sizeable share of the revenue opportunity in 2021.
- Retail
- Education
- Media & Entertainment
- Aerospace & Defense
- Manufacturing
- Others
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Metaverse Market Regional Opportunities
The report has classified the metaverse market based on regional opportunities –
- North America: The metaverse market in North America is expected to capture a sizeable revenue share of the overall market in 2021. An increase in the number of startups is developing technology to support the metaverse revenue. Although consumer awareness is still low, the region with its massive technology penetration is anticipated to witness rapid growth over the forecast period.
- Asia Pacific
- Europe
- Middle East & Africa
- South & Central America
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Metaverse Market Trends
The metaverse market is anticipated to witness considerable growth by leveraging upcoming trends. Many modern technologies are being deployed by enterprises and organizations to ensure smooth functioning systems. Some of the most common trends aiding the metaverse market growth are:
- AR & VR: Companies like Meta, Microsoft, and Lenovo are making heavy investments in developing metaverse-related VR and AR.
- Artificial Intelligence: The importance of AI will increase as technologies such as AR and VR mature, more user’s sign-up for the metaverse, and new use cases emerge in the coming years.
- Cloud computing: Cloud services providers such as Amazon, Google, Microsoft, IBM, and Alibaba will benefit from the growing metaverse theme
- Web3: Web3 is an ideology that relates to the underlying infrastructure of the metaverse. It will rely heavily on blockchain technologies and be designed and managed by communities.
- Non-fungible tokens (NFTs): Large companies from varied sectors are bringing NFTs and the metaverse to the attention of investors, media, and consumers.
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Related Reports:
Metaverse Meets Business – Creating Value in the Alternative Digital World
Metaverse in the Apparel Industry – Analyzing Trends, Opportunities, and Strategies for Success
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