Research and Markets has shared a new report named The Global Metaverse Market. The metaverse market is expected to record an exponential CAGR of 40% during the forecast period (2022-2030) and reach a revenue of $700 billion by 2030.
The report stated that due to the increase in popularity of virtual reality, augmented reality, and mixed reality, the metaverse is gaining momentum as it helps connect the physical world with the virtual environment.
According to the report, the demand for advanced hardware, including VR/AR headsets, sensors, and haptic devices, will drive growth for the metaverse market. The metaverse’s target audience is interested in topics that include healthcare, gaming, social media and live events, and others.
Technology such as mixed reality, blockchain, and augmented reality in the metaverse also supports market growth. Research and Markets shared that companies have started adopting the metaverse, as Microsoft and Samsung own 158 and 122 patents, respectively.
COVID-19 plays an essential role in the metaverse concept as people have started working from home, students have begun education online, and users have started adopting online video gaming.
The metaverse market is highly competitive, with approximately 500 players. This number includes globally diversified players, regional players, and many country-niche players active in metaverse advancement for multiple industries.
Global players control about 10% of the market, while regional players hold the second largest share. Some of the major players in the market include Meta, Microsoft, Nvidia, Tencent, Roblox Corporation, Nextech AR Solutions, Unity, Bytedance, Epic Games, and Decentraland.
The Global Metaverse Market is forecasted to continue at an exponential growth rate that it has been witnessing since 2019, primarily driven by a rise in demand for a three-dimensional (3D) environment as a remote working tool during the time of the COVID-19 pandemic. You can access the 150-page report here.