Authored By: Sarah
29 Aug 2023

Metaverse Market Size to Grow by USD 1,152.35 Billion at a CAGR of 40.06% Between 2022 and 2027

The metaverse market share is expected to grow at a CAGR of 40.06% between 2022 and 2027. The growing smartphone penetration and use of 5G and the rising consumer adoption of online gaming provide a promising ground for the metaverse market. 

With the high adoption of smart devices such as smartphones, the demand for 5G is growing. With the availability of 5G networks and smartphones, the use of different apps and online platforms for online shopping is expected to increase, which will drive the growth of the global market.

Technavio’s analysis of the “Metaverse Market” projects that the market share is expected to increase by USD 1,152.35 billion at an accelerating CAGR during 2023-2027. 

Browse Technavio's 161-page report and in-depth TOC on "Metaverse Market by device (VR or AR devices and computing devices), component (hardware, software, and services), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

View detailed Table of Contents Here: https://www.technavio.com/report/metaverse-market-industry-analysis

Metaverse Market Size to Grow by USD 1,152.35 Billion at a CAGR of 40.06% Between 2022 and 2027

VR or AR Devices Segment to be the Fastest-Growing Metaverse Market Segment 

The metaverse market is segmented by the device (VR or AR devices and computing devices), component (hardware, software, and services), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

The market share growth by the VR or AR devices segment will be significant during the forecast period. Factors such as new product launches and growing adoption of VR/AR in different application areas, including metaverse, are expected to drive the segment growth. 

North America is estimated to contribute 39% to the growth of the global market during the forecast period. Factors such as the presence of key vendors like Meta Platforms, Inc., NVIDIA Corp., and Microsoft Corp., growing investments in AR technology from key vendors, rising adoption of technologically advanced applications among consumers, and strong research activities to increase the application of metaverse are driving the growth of the market in the region.

Privacy and Security Concerns Over the Metaverse Pose a Significant Challenge 

Privacy and security concerns over the metaverse are major challenges impeding the market growth. Data privacy and security have been a long-running concern for users of the metaverse even though companies and organizations keep revolutionizing their IT security systems. Metaverse can access the personal data of users and may pose a threat to their privacy.

Major Metaverse Market Vendors 

The market structure is fragmented, and the vendors are implementing various strategies such as technological innovations to compete in the market.  

Some of the major metaverse market vendors are Accenture Plc, Active Theory LLC, Animoca Brands Corp. Ltd., ByteDance Ltd., CL Educate Ltd, Decentraland, Devden Creative Solutions Pvt. Ltd., Epic Games Inc., GoMeta Inc., Infosys Ltd., Magic Leap Inc., Meta Platforms Inc., Microsoft Corp., Mobiloitte Technologies, NexTech AR Solutions Corp., NVIDIA Corp., Queppelin, Tencent Holdings Ltd., Unity Software Inc., Wilkins Avenue AR, and Roblox Corp.

accenture.com - The company offers a metaverse called Metaverse Continuum with 2D or 3D commerce, digital twins, blockchain AR, and extended reality.

animocabrands.com- The company offers a metaverse called Pixelynx Inc. for gaming companies.

bytedance.com- The company offers metaverse applications such as Douyin, Toutiao, TikTok, Xigua video, and Helo.

Download the PDF Sample Report for highlights on the market size, growth momentum, regional growth opportunities, vendor analysis, and other factors influencing the market growth.   

Key Data Covered in the Metaverse Market Report  

  • Precise market size estimation during the forecast period 2023-2027. 

  • CAGR of the metaverse market forecast during 2023-2027.  

  • Market-level data on units, average selling prices, and values of the metaverse market share.  

  • Prediction of the upcoming trends, drivers, and factors that challenge the metaverse market.  

  • Metaverse market growth across North America, Europe, APAC, South America, and Middle East and Africa.

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