The metaverse global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Metaverse Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The metaverse market size has grown exponentially in recent years. It will grow from $86.99 billion in 2023 to $126.33 billion in 2024 at a compound annual growth rate (CAGR) of 45.2%. The growth in the historic period can be attributed to increasing adoption in healthcare, rising demand in media, entertainment, and gaming sectors, continuous innovations, influence on manufacturing industry, and growth in online gaming and AR/VR advancements.
The metaverse market size is expected to see exponential growth in the next few years. It will grow to $548.18 billion in 2028 at a compound annual growth rate (CAGR) of 44.3%. The growth in the forecast period can be attributed to consumer market growth, development and integration of VR/AR market focus on business growth, and global market valuation. Major trends in the forecast period include influence on healthcare and entertainment sectors, technological innovations, consumer market growth, development and integration of VR/AR, and market expansion across regions.
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Scope Of Metaverse Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Metaverse Market Overview
Market Drivers –
The growing demand for the metaverse to purchase digital assets is expected to propel the growth of the metaverse market going forward. Digital assets are virtual or electronic resources that hold economic value and can be owned or traded within digital environments. In the metaverse, users leverage virtual environments to acquire, own, and sell a range of digital assets, engaging in activities such as procuring virtual real estate, obtaining non-fungible tokens (NFTs) representing digital art or collectibles, and participating in cryptocurrency transactions, thus solidifying the metaverse as a dynamic hub for the commerce and exchange of diverse digital items. For instance, in February 2023, according to ETC Group, a UK-based financial services company, sales of non-fungible tokens (NFTs) on major blockchains reached nearly $1 billion in January 2023, reflecting an average increase of 33.83% across the top 12 chains from January 2022. Therefore, the growing demand for the metaverse to purchase digital assets is driving the growth of the metaverse market.
Market Trends –
Major companies operating in the metaverse market are developing advanced technological solutions, such as HCLTech Metafinity, to better serve customers with advanced features. The HCLTech Metafinity is a metaverse-based platform that allows marketers to leverage their existing marketing technology stack for delivering brand messaging, personalized experiences, and campaigns across emerging digital channels. For instance, in April 2023, HCL Technologies Limited (HCLTech), an India-based information technology company, launched HCLTech Metafinity, designed to support businesses entering the metaverse. This offering combines HCLTech’s proficiency in augmented, virtual, and mixed reality with metaverse technologies, providing a comprehensive solution for enterprises seeking to capitalize on the rapidly expanding metaverse landscape. The development of HCLTech Metafinity stems from the demand to offer enterprises expertise and accelerated development capabilities, particularly during a period of heightened industry interest in the metaverse with continuous exploration of new use cases.
The metaverse market covered in this report is segmented –
1) By Product: Infrastructure, Hardware, Software, Services
2) By Platform: Desktop, Mobile, Headset
3) By Technology: Blockchain, Virtual Reality (VR) And Augmented Reality (AR), Mixed Reality (MR), Other Technologies
4) By Application: Gaming, Online Shopping, Content Creation and Social Media, Events and Conference, Digital Marketing (Advertising), Testing and Inspection, Other Applications
5) By End User: Aerospace And Defense, Education, Healthcare, Tourism And Hospitality, Banking, Financial Services And Insurance (BFSI), Retail, Media And Entertainment, Automotive, Other End Users
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Regional Insights –
North America was the largest region in the metaverse market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the metaverse market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the metaverse market are Apple Inc., Alphabet Inc., Samsung Electronics Co. Ltd., Microsoft Corporation, Alibaba Group Holding Ltd., Meta Platforms Inc., Tencent Holdings Ltd, ByteDance Ltd., Amazon Web Services Inc., Sony Corporation, Qualcomm Technologies Inc., Qualcomm Technologies Inc., NVIDIA Corporation, NetEase Inc., Electronic Arts Inc., Naver Corp, Epic Games Inc., Snap Inc., Roblox Corporation, Unity Software Inc, Cloudflare Inc., Niantic Inc, The Sandbox, Decentraland, Nextech AR Solutions Corp., Antier Solutions Pvt. Ltd., Lilith Games
Table of Contents
1. Executive Summary
2. Metaverse Market Report Structure
3. Metaverse Market Trends And Strategies
4. Metaverse Market – Macro Economic Scenario
5. Metaverse Market Size And Growth
…..
27. Metaverse Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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