Latest News- Metaverse Market: VR or AR devices is expected to lead the Device segment during 2024-2028

The Metaverse Market is being driven by Increasing demand for AR and VR technology

The Metaverse Market is expected to grow at a CAGR of 63.64% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3920.2 billion. Vendors in the metaverse market are strategically expanding their offerings to broaden their product portfolios and boost sales. Notably, Microsoft Corp. unveiled HoloLens 3, a mixed-reality headset, in February 2022, as part of its metaverse strategy. Similarly, Magic Leap, Inc., based in the US, entered the market with the launch of Magic Leap 2 VR headset in the same year. Oculus, a Meta Platforms, Inc. division, also contributes to the market growth through continuous innovation. These new product introductions are anticipated to propel market expansion during the forecast period. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Device
  • VR or AR devices
  • Computing devices
• Component
  • Hardware
  • Software
  • Services
• Application
  • Gaming
  • Social Media
  • Enterprise Solutions
• End-User
  • Consumers
  • Businesses
  • Educational Institutions
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
  • South America
    • Brazil
    • Argentina
  • Middle East and Africa
    • Egypt

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing demand for AR and VR technology
• Growing smartphone penetration and use of 5G
• Rise of blockchain as a service

However, the market also witnesses some limitations, which are as follows:

• Privacy and security concerns over metaverse
• Legal and regulatory issues
• Limitations of AR and VR technology

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Market Scope in Metaverse Market Research Report

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Research Analysis Overview

In the Metaverse Market, businesses can engage in 'immersive commerce' by selling virtual products through 'virtual marketplaces'. Companies can develop and showcase their goods using 'virtual product development' tools. 'Metaverse marketing' allows brands to reach customers through interactive experiences. Healthcare services offer 'remote patient monitoring' and 'virtual surgery' in metaverse environments. Education shifts to 'virtual classrooms' and 'metaverse learning'. Social networking thrives in 'virtual communities' with 'metaverse art' galleries, 'virtual museums', and 'metaverse music' concerts. Fashion showcases 'virtual fashion' and hosts 'virtual fashion shows'. Gaming and esports take place in 'metaverse arenas'. Design and architecture are revolutionized with 'virtual prototyping' and 'metaverse simulations'. Training and onboarding are conducted in 'virtual environments'. Research, collaboration, and data analysis are enhanced with 'metaverse tools'. Security, identity management, accessibility, and sustainability are crucial considerations in the metaverse. The metaverse is also home to 'virtual world design' platforms, 'infrastructure providers', 'asset management' solutions, 'interoperability standards', 'regulations', 'ethics', and 'sustainability initiatives'.

Market Research Overview

The Metaverse Market, encompassing virtual reality (VR), augmented reality (AR), mixed reality (MR), extended reality (XR), spatial computing, and immersive experiences, is a significant segment of the global Technology Hardware, Storage, and Peripherals Market. This market, according to Technavio, is a crucial component of the larger IT sector. The parent Technology Hardware, Storage, and Peripherals Market includes manufacturers of cellular phones, personal computers, servers, electronic components, and peripherals, as well as data storage components, motherboards, audio-video cards, monitors, keyboards, printers, and other related equipment. Technavio estimates the market size based on the revenue generated from the sales of these hardware devices, equipment, and components. The expansion of the Technology Hardware, Storage, and Peripherals Market will be fueled by the escalating demand for data centers due to the COVID-19 pandemic, which has led to a surge in work-from-home technologies.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/