Metaverse Market size is set to grow by USD 3.92 billion from 2024-2028, Increasing demand for AR and VR technology boost the market, Technavio

NEW YORK, June 27, 2024 /PRNewswire/ — The global Metaverse market size is estimated to grow by USD 3.92 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  63.64%  during the forecast period. Increasing demand for ar and vr technology is driving market growth, with a trend towards growing number of product launches. However, privacy and security concerns over metaverse  poses a challenge. Key market players include Accenture Plc, Active Theory LLC, Animoca Brands Corp. Ltd., ByteDance Ltd., CL Educate Ltd., Decentraland Foundation, Devden Creative Solutions Pvt. Ltd., Epic Games Inc., GoMeta Inc., Infosys Ltd., Magic Leap Inc., Meta Platforms Inc., Microsoft Corp., Mobiloitte Technologies, NexTech AR Solutions Corp., NVIDIA Corp., Queppelin, Roblox Corp., Tencent Holdings Ltd., Unity Technologies Inc., and Wilkins Avenue AR.

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Market Driver

Companies are expanding their offerings in the metaverse market by launching new products. Notable announcements include Microsoft Corp.’s HoloLens 3 and Magic Leap Inc.’s Magic Leap 2 VR headsets. Oculus, a Meta Platforms Inc. Division, also introduced Oculus Quest 3. These new releases aim to capitalize on the growing metaverse market and contribute to its growth during the forecast period.

The Metaverse market is currently experiencing significant growth with various sectors and technologies coming together. Blockchain technology plays a crucial role in creating secure and decentralized environments. Aerial view maps and consortiums are essential for developing and managing these virtual spaces. Realty and real estate transactions are on the rise, with many investors showing interest in this new frontier. The use of cryptocurrencies and smart contracts simplifies the process, making it more efficient and accessible. The integration of gaming and entertainment elements adds to the appeal, attracting a large user base. The future of the Metaverse market looks promising, with advancements in technology and increasing adoption rates. 

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Market Challenges

• The metaverse market faces significant challenges regarding data privacy and security. With the collection and processing of extensive user information, privacy concerns are a major issue. Metaverse platforms can access personal data from users and their social networking accounts, posing a potential threat. Hacker intrusions into user devices further exacerbate privacy concerns. Additionally, smart gears like smart glass and VR headsets, which automatically screen and process environments, raise privacy concerns for users and those around them. These issues may hinder market growth during the forecast period.
• In the Metaverse market, realty and gaming sectors are experiencing significant growth. Companies are creating virtual environments for consumers to buy, sell, and interact. However, challenges exist. Consumers need assurance of security and privacy. Regulations are needed to ensure ethical business practices. Consumers also require seamless experiences, as technical issues can hinder adoption. Additionally, the cost of creating and maintaining these virtual worlds can be high. Consumers demand affordable prices. To succeed, businesses must address these challenges and provide innovative solutions. By focusing on these areas, the Metaverse market can continue to expand and thrive.

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Segment Overview 

This metaverse market report extensively covers market segmentation by  

1. Device 
   • 1.1 VR or AR devices
   • 1.2 Computing devices
2. Component 
   • 2.1 Hardware
   • 2.2 Software
   • 2.3 Services
3. Geography 
   • 3.1 North America
   • 3.2 Europe
   • 3.3 APAC
   • 3.4 South America
   • 3.5 Middle East and Africa

1.1 VR or AR devices-  The VR/AR devices segment dominated the metaverse market in 2023, driven by new product launches and expanding applications. Notable companies, such as Meta Platforms and Google, are investing in innovative technologies and collaborations to enhance user experiences. The introduction of advanced headsets, smart glasses, and decentralized platforms offers opportunities for monetization and asset creation. These developments are expected to fuel the moderate growth of the VR/AR devices segment in the metaverse market.

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Research Analysis

The Metaverse market is a rapidly expanding digital landscape, merging various sectors such as Entertainment, Aerospace, Medical, and more. This immersive environment utilizes Blockchain technology for secure transactions, enabling the sale of Cryptocurrency and the purchase of goods through E-commerce platforms. The Entertainment sector thrives in the Metaverse with Simulation, Gaming, and XR Immersive Streams, while the Medical sector benefits from 3D modeling software for training and research purposes. Ground crew and Airlines leverage Metaverse for efficient training and communication. Mobile networks and Augmented Reality/Virtual Reality headsets like VR headsets and MR headsets enhance the user experience. Social media platforms connect Consumers and Enterprises, fostering innovation and collaboration. The Metaverse Market is revolutionizing industries, offering endless possibilities for growth and transformation.

Market Research Overview

The Metaverse Market encompasses a virtual world where users can interact, create, and transact using immersive technologies such as virtual reality, augmented reality, and mixed reality. This market offers various sectors including education, entertainment, commerce, and social interaction. Users can attend virtual events, create digital assets, and even earn income through various activities. The sector is constantly evolving, with advancements in technology leading to new opportunities and experiences. The Metaverse Market also provides a platform for businesses to reach customers in innovative ways, offering unique experiences and services. It is a dynamic and exciting space that continues to grow and adapt to the needs of its users.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Device
• VR Or AR Devices
• Computing Devices
• Component
• Hardware
• Software
• Services
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio