The metaverse market in finance share is expected to grow at a CAGR of 21.33% between 2022 and 2027. The integration with VR and AR platforms and the increasing focus on VR and AR provide a promising ground for the metaverse market in finance.
Banks are considering strategies to expand their presence in the metaverse and offer better services to consumers who will be spending more time there, in addition to offering payment platforms. For example, using VR glasses, customers will be able to handle all their banking and financial activities from anywhere and in a far more immersive way than that possible on a phone app.
Technavio’s analysis on the “Metaverse Market in Finance” projects that the market share is expected to increase by USD 107.06 billion at an accelerating CAGR during 2023-2027.
Browse Technavio's 153-page report and in-depth TOC on "Metaverse Market in Finance by component (hardware and software), end-user (brokerage firms, investment banks, commercial banks, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America).
View detailed Table of Contents Here: https://www.technavio.com/report/metaverse-in-finance-market-industry-analysis
The metaverse market in finance is segmented by component (hardware and software), end-user (brokerage firms, investment banks, commercial banks, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America).
The market share growth by the hardware segment will be significant during the forecast period. The growth of this segment is primarily attributed to the increasing adoption of the metaverse market in finance by residential consumers, which is driven by changing lifestyles and a growing preference for comfort. APAC is projected to contribute 32% by 2023. Another region offering significant growth opportunities to vendors in North America.
Privacy and security concerns over the metaverse may impede the metaverse market in finance growth. The metaverse collects and processes vast amounts of information about users and their environment. Privacy concerns, therefore, are a major challenge for the market.
The market structure is concentrated, and the vendors are implementing various strategies such as technological innovations to compete in the market.
Some of the major metaverse markets in finance vendors are Bank of America Corp., BNP Paribas SA, HSBC Holdings Plc, IBK Industrial Bank of Korea, JPMorgan Chase & Co., KB Financial Group Inc., Mogo Inc., National Bank of Kuwait S.A.K.P, NH Investment & Securities Co. Ltd., and Shinhan Financial Group Co. Ltd.
bankofamerica.com - The company offers metaverse in finance through VR Training programs.
group.bnpparibas- The company offers metaverse in finance through W.I.R.E.D. (Wearable Immersive Real Estate Dataroom).
hsbc.com- The company offers metaverse in finance with the use of augmented reality, virtual reality, and extended reality.
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.
Precise market size estimation during the forecast period 2023-2027.
CAGR of the metaverse market in finance forecast during 2023-2027.
Market-level data on units, average selling prices, and values of the metaverse market in finance share.
Prediction of the upcoming trends, drivers, and factors that challenge the metaverse market in finance.
Metaverse market in finance growth across North America, Europe, APAC, South America, and the Middle East and Africa.
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