Metaverse Market Size, Share, Opportunities, And Trends By Component (Hardware, Software), By Technology (Virtual Reality And Augmented Reality, Edge Computing, Artificial Intelligence, Mixed Reality, Human Interface, Others), By Platform (Desktop, Mobile, Consoles, Others), By Industry Vertical (BFSI, Retail, Media & Entertainment, Education, Aerospace And Defense, Manufacturing, Others), And By Geography - Forecasts From 2024 To 2029

The metaverse market size is valued at US$93.114 billion in 2024 and is estimated to grow at a CAGR rate of 44.52% during the forecast period, reaching up to US$587.097 billion by 2029.

Metaverse is a digital universe that merges real and fictitious lives using augmented reality (AR) / virtual reality (VR) technology. It is a large, connected complex of virtual places, times, and events, allowing users to interact with others, socialize, and spend. The metaverse transcends traditional virtual reality by offering a seamless, immersive experience that blurs the lines between the digital and physical worlds.

Additionally, as innovation pushes the metaverse market growth, the performance space will be even more lively in society. It is believed to be an irreversible trend conducive to its global expansion across economic sectors such as the gaming industry, entertainment ecosystem, education system, social media field, and future e-commerce development. Further, corporations are investing more in evolving and using metaverse technology to increase customer connections. It is said that it will transform how people experience computerized information & reshape groupings in society with future digital interactions(domain).

Moreover, the metaverse market will witness accelerative growth in the coming years due to rising demand in diverse sectors, majorly in entertainment and gaming and education and training industries. Additionally, the metaverse solution is utilized in diverse technologies, generally in advancing VR & AR innovations. The North American region is a potential market for the metaverse and is expected to rise at a considerable rate in the coming years.

METAVERSE MARKET DRIVERS:

• The rise in demand created due to advancing VR and AR technologies converging with IoT is predicted to influence the metaverse market growth.

Advancements in virtual reality (VR) and augmented reality (AR) have greatly benefitted metaverse commerce progress. However, these advancements have come a long way in recent years, leading to more engaging and realistic experiences for buyers. Where VR allows clients to investigate virtual conditions, AR overlays virtual features on this present reality. These changes have paved the way for seamless, digitally intuitive virtual places in our metaverse.

Moreover, advanced technology like efficient VR headsets and AR glasses has made customer experiences more accessible and comfortable. As these innovations progress, they bolster the development of a more advanced and expansive metaverse that could change how people interact with digital content and one another.

In addition, there could be a unique combination of the IoT and metaverse advances as well to strengthen the connection between physical and virtual worlds. Mobile IoT devices capable of real-time sensors and connectivity to the metaverse could enable instantaneous data transfer for feedback loops. Connecting this makes room on the open door for more vivid and intuitive encounters, where virtual universes can respond to reality changes in actuality—and tight clamp versa.

In addition, humans can also manipulate and reveal clever home gadgets in the metaverse—for example—and virtual items could spark real-world actions. It combines IoT and the metaverse, leading to a more interconnected and intelligent virtual space.

• Increasing adoption in the gaming and entertainment sectors is anticipated to drive metaverse sales.

The integration of the metaverse means that it will no longer be considered only within conceptual or technical discussions but has become interconnected with corporate gaming ventures to the extent that it is creating new experiences for consumers within other forms of capital, as gaming is already a well-established industry. Gaming has been the most significant driver for propagating the idea of the metaverse since it creates enormous virtual worlds with an experience where players can meta-connect, socialize, and indulge in many activities.

According to the Entertainment Software Association's statistics report of 2023, approximately 212.6 million Americans 227 are engaged in playing video games daily, which accounts for two-thirds of the total US adult population. For children under 18 years old, the accounted value rose to 76% in 2023. Moreover, the average age of video game players was 32 years, and they are estimated to have been playing for around 21 years.

Movies and music in the entertainment division have also embarked on a metaverse to provide users with a more contemporary and engaging experience. The entertainment industry is rethinking how to involve the audience with live shows and virtual performances that dab as far back as possible. Meanwhile, experience-based SaaS platforms add story strands by clipping together bits of life data utilizing typical experiencing narrating and metaverse technology.

Moreover, the metaverse permanently embeds itself deep into the gaming and entertainment landscape, changing these two industries and hastening widespread societal acceptance of this technology. The advancement of a new era in digital reality is also accelerating the market acceptance globally.

• The burgeoning use of the metaverse in education and training is predicted to enhance the worldwide market scenario for the metaverse.

Metaverse tech is now globally adopted in education and training, providing a unique and immersive learning experience. Educational institutions have resorted to virtual classrooms and interactive simulations (experiments) where students get engaged in a much more lively or hands-on way. It is a learning stage where understudies and educators from everywhere in the world can interact with one another.

Additionally, companies across various sectors, such as health care, aviation, and defense, are also using virtual worlds in training programs to replicate real-world situations and develop practical skills. This innovation allows learners to practice without facing real-world consequences and gain a better understanding of complex subjects. In the field of education and training, a new breed of applications is creating an intergalactic portal to normal learning paradigms through metaverse application development, which is solving a way for more relevant, efficient, and mysterious experiences.

Metaverse Market Geographical Outlook

• North America is anticipated to hold a significant share of the metaverse market.

North American countries like the United States are at the forefront of Metaverse development and adoption. The strength of North America's technology infrastructure, considerable investments in virtual and augmented reality technologies, and a robust gaming and entertainment business all contribute to the region's leadership position.

Furthermore, the region is home to many early adopters and tech-savvy people ready to discover and embrace new digital experiences. North America is projected to be a crucial factor in influencing the future of this transformational digital domain as the metaverse market evolves and expands.

Metaverse Market Key Developments:

• July 2024- WPP reported its collaboration with NVIDIA, applying NVIDIA NIM microservices for Universal Scene Description (OpenUSD) generative AI models created on the NVIDIA Omniverse stage to make generative 3D landscapes and universes at SIGGRAPH.
• June 2023- Niantic, a worldwide pioneer in AR, introduced its new Rewarded AR advertisements format at the Cannes Lions International Festival. This imaginative solution is built on its world-leading augmented reality stage, which is anticipated to reach 1.7 billion worldwide mobile AR clients by 2024. As AR becomes standard, brands and buyers progressively look for immersive encounters and AR promotion, highlighting the rising demand for immersive AR encounters.
• February 2023- Sony Interactive Entertainment introduced its PlayStation®VR2 virtual reality headset, providing high-fidelity visuals, modern sensory highlights, and improved tracking, bringing virtual reality gaming to a modern level of sensations for players.
• September 2022- Epic Games and Autodesk collaborated to improve real-time 3D design capabilities across different businesses, specifically focusing on architecture, engineering, and construction (AEC). The partnership focuses on providing available, collaborative workflows and immersive situations, empowering quicker, cost-effective venture delivery and expanding creativity.

Metaverse Market Scope:

Market Segmentation:

The Metaverse Market is segmented and analyzed as below:

• By Components
  • Hardware
  • Software
• By Technology
  • Virtual Reality and Augmented Reality
  • Edge Computing
  • Artificial Intelligence
  • Mixed Reality
  • Human Interface
  • Others
• By Platform
  • Desktop
  • Mobile
  • Consoles
  • Others
• By Industry Vertical
  • BFSI
  • Retail
  • Media & Entertainment
  • Education
  • Aerospace And Defense
  • Manufacturing
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Taiwan
    • Others