Metaverse Market size worth US$587.097 billion by 2029

metaverse market

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 type of digital ecosystem, that is built utilizing multiple kinds of 3D and virtual technologies, like real-time collaboration software, and blockchain-based financial tools among others. It is a type of persistent and immersive 3D virtual space, which is shared by multiple users, sharing different types of digital platforms. In the metaverse, the users have the ability to perform various real-life acts, like shop, play, work, and socialize with other users. The metaverse offers multiple advantages to the users and developers like it helps in enhancing the virtual tour experience of the users. The metaverse acts as a great tool for professionals, as by using the metaverse technology, a healthcare professional can visit patients with geographical limitations.

Although the metaverse setting offers multiple advantages, the technology also includes several cons, like it includes higher equipment costs for technologies like AR headsets or VR headsets, consoles, software, and others. It can also lead to the risk of data breaches, as the metaverse setting is a completely online and cloud-based technology. Various companies and organizations are investing heavily in the development of new solutions to secure metaverse technologies. Many companies have also introduced new features, or applications for the metaverse, which is also expected to push the demand for the metaverse market forward. For instance, in October 2024, Lamborghini, a global supercar manufacturer, with a partnership with Animoca Brands launched Fast ForWorld, which aims to bring supercars into the metaverse gaming setting.

The component segment of the metaverse market is categorized into hardware and software. Under the component segment of the global metaverse market, the software category is forecasted to attain a greater market share. The software is among the key components of the metaverse market, which connects the real-life user to their metaverse character, and helps to interact with them. There are four basic types of metaverse software, which include gaming-based software, social-based, commerce-based, and education-based. The substantial growth of the metaverse market offers the developers of software across the globe an impressive opportunity to attract new users.

The metaverse market, under the technology segment, is categorized into virtual reality & augmented reality, edge computing, artificial intelligence, and mixed reality, human interface, and others. The virtual reality & augmented reality category, under the technology segment of the metaverse market, is forecasted to achieve greater growth. Augmented reality and virtual reality, or AR/VR is a combination of hardware and software technologies combined together, which helps in transforming the user into the online realm. Augmented reality or AR uses a real-world ecosystem, and adds virtual elements into it, whereas virtual reality or VR is a completely virtual setting.

By platform, the metaverse market is categorized into desktop, mobile, consoles, and others. Under the platform segment of the metaverse market, the mobile category is forecasted to attain maximum market share. The increase in the global demand for smartphones and the introduction of new technologies and capabilities of the mobile phone is expected to push its market share in the metaverse market. In the past few years, the mobile phone sector globally witnessed the integration of several new technologies, like AI, AR, 5G, and IoT, which help in increasing the market demand for products across the globe. The GSMA (GSM Association), in its report, stated that the ownership of smartphones increased significantly across the globe. The agency stated that by October 2023, about 54% of the global population, or about 4.3 billion individuals across the globe own smartphones.

The metaverse market, by industry vertical, is categorized into BFSI, retail, media & entertainment, education, aerospace & defense, manufacturing, and others. The media & entertainment sector of the industry vertical category of the metaverse market is forecasted to attain a greater market share. The metaverse technology offers new growth opportunities for multiple industries, most importantly to the media and entertainment sector. In the metaverse setting, the companies operating in the media and entertainment sectors can build a deeper connection with the users. Various media companies have introduced several virtual settings, based on some stores, which offer the consumers a more immersive experience of the stories, and characters.

Based on geography, the North American region is forecasted to witness maximum market share, majorly with the increasing adoption of new technologies in the region. The North American region is among the biggest developers and adopters of new technology-based solutions, like AI and ML, which offers the companies in the region the first-mover advantage in new markets like metaverse technology. The region is also home to some of the biggest companies working on or developing metaverse technologies, like Google, Microsoft, Apple, and Meta (Facebook). The high availability of such companies also offers a competitive advantage for the development of new technologies, and increasing investments in research and development.

The research includes several key players from the metaverse market, such as Meta Platforms, Inc., Tencent Holdings Ltd., Nvidia Corporation, Roblox Corporation, Unity Technologies, Inc., Nextech Ar Solutions Corp., The Sandbox, Active Theory, Decentraland, Microsoft Corporation, and Antier Solutions Pvt. Ltd.

View a sample of the report or purchase the complete study at: https://www.knowledge-sourcing.com/report/metaverse-market

This analytics report segments the metaverse market as follows:

  • 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
  • Cognitive Computing Market Report
  • Virtual Tour Software Market Report
  • Gaming Console Market Share