Metaverse Market Size Worth $680.80 Billion By 2030 | CAGR: 39.3%

The global metaverse market size is expected to reach USD 680.80 billion by 2030, according to a new study by Polaris Market Research. The report “Metaverse Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Software, Service); By Technology; By Application; By Industry Vehicle; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The metaverse is an online reality that is an amalgamation of online gaming, social media, augmented reality (AR), virtual reality (VR), and cryptocurrencies, wherein users can interact with each other virtually. Augmented reality showcases visual features, noise, and other sensory input in real-life situations to augment the user experience.

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Moreover, during COVID-19, when governments across the world announced lockdown and people were working from home, the key vendors introduced such platforms as a replacement for outdoor social interaction in the comfort of a user’s home, hosting highly public events such as music concerts and meetups to offer virtual tour opportunities to famous global landmarks. Such use cases of these platforms drove its growth during the period.

Based on a study, in April 2022, the average time spent on social media increased from just 1 hour in 2012 to over 2 hours and 24 minutes in 2020. Moreover, time spent on social media platforms was heavily inflated during the pandemic, as people stuck in their homes relied on social media platforms for interactions with their peers, friends, and family. Such factors further supported the growth of metaverse platforms during the period.

Furthermore, these platforms provided businesses with easily interact with their audiences and customers, which led to their engagement and hence overall customer satisfaction. This led to a rise in the growth of the industry during the period.

Metaverse Market Report Highlights

• Software segment is expected to hold a significant share in 2021, due to the appealing interface and intuitiveness of the software
• Content creation and social media is expected to be the most lucrative segment, owing to the growing content creators across the globe and surge in need for metaverse platform by various content creators
• North America region will lead the global market by 2030 on account of presence of leading players in the region, greater technological adoption, and rise in investment in development of new technologies
• The global market is highly competitive owing to the existence of large market players with global presence including include Alibaba Group Holding Limited, ByteDance Ltd, Facebook, Inc., Huawei Technologies Co. Ltd., Meta, Microsoft Corporation, Nextech AR Solutions Inc., NVIDIA Corporation, Roblox Corporation, and Sandbox VR among others

Polaris Market Research has segmented the metaverse market report based on component, technology, application, industry vertical and region:

Metaverse, Component Outlook (Revenue - USD Billion, 2018 - 2030)

• Hardware
• Software
• Service

Metaverse, Technology Outlook (Revenue - USD Billion, 2018 - 2030)

• Blockchain
• Virtual Reality and Augmented Reality
• Mixed Reality
• Others

Metaverse, Application Outlook (Revenue - USD Billion, 2018 - 2030)

• Digital Marketing
• Content Creation and Social Media
• Gaming
• Events and Conference
• Online Shopping
• Testing and Inspection
• Others

Metaverse, Industry Vertical Outlook (Revenue - USD Billion, 2018 - 2030)

• Retail
• Media & Entertainment
• BFSI
• Others

Metaverse, Regional Outlook (Revenue - USD Billion, 2018 - 2030)

• North America
  • U.S
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa