Metaverse Market Predicted to Reach USD 936.6 Billion by 2030, Driven by Demand for AR, VR and MR Devices
The global metaverse market is anticipated to reach a staggering USD 936.6 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 41.6% from 2023 to 2030, according to the latest industry insights. The surge is fueled by end-use industries including media and entertainment, education, and aerospace and defense, among others. The hardware sub-segment in the product segment is expected to account for the most significant revenue share in 2022, led by the increased adoption of Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR) devices.
Key Industry Insights
The metaverse is a three-dimensional interactive and immersive environment where several people can interact through avatars. The gaming sector is projected to dominate the application segment, with the content and social media segment anticipated to experience significant growth in the forecast period, owing to the increased demand for social media applications. Desktop and headsets are expected to remain the highest revenue-generating segments during the forecast period, with 41.94% and 34.96% of the total revenue shares in 2022, respectively. The North America region accounted for the largest market share in 2022, while the Asia Pacific region is expected to see a robust CAGR over the forecast period.
Metaverse Market Growth & Trends
The prefix “meta” is commonly used in Greek to denote “after” or “beyond.” The metaverse is becoming increasingly popular around the world as a real-time virtual world to purchase digital assets using bitcoin, and gaming websites, messaging applications, and social media platforms such as Facebook are being used to communicate with one another online. The usage of the metaverse for the purchase of digital assets using cryptocurrencies is expected to drive the market significantly, along with the development and distribution of AR, VR, and MR devices, which are anticipated to spur market growth in years to come.
The metaverse is widely used as a real-time virtual world to build and leverage vast opportunities for brand connection. It would also set the stage for the next phase of post-COVID-19 digital activity, namely the emergence of digital social experiences. Users can create, own, and trade autonomous digital assets and virtual regions on Metaverse platforms that allow blockchain technology to be utilized using cryptocurrencies like Bitcoin and Ethereum, as well as nonfungible tokens (NFTs). During the forecast period, rising demand for blockchain-based metaverse networks and platforms for trading digital assets is expected to drive considerable market revenue growth.
Recent Developments
In November 2021, Roblox Corporation created a $10 million fund to support the development of online education applications in its virtual world, while mobile service providers like AT&T Intellectual Property are working together to create instructional programs and platforms that take advantage of the metaverse. In July 2022, The Spanish government declared that it would provide 3.8 million euros ($ 4.1 million) to independent contractors and small and medium-sized businesses (SMEs) with residences in European Union or Spain, engaged in research, development, and innovation initiatives involving Web3 and metaverse technologies. Moreover, to facilitate a metaverse competition to support new ideas and honors in the industry, Meta Platforms Inc. (Facebook), announced its plan to invest in the European Union by hiring 10,000 staff members to help with the creation of the metaverse in October 2021. In March 2021, Epic Games Inc. received funding of 1 billion USD for driving future growth prospects in the metaverse market.
Source: Grand View Research, Inc
