The global Metaverse market size is projected to reach USD 28 Billion by 2028, from 510 USD Million in 2022, at a CAGR of 95% during 2022-2028, according to Valuates Reports.
Major factors driving the growth of the Metaverse Market are:
Increasing application in Games, Social conferences, Content Creation, Education, and Industrial sectors are expected to drive the growth of the metaverse market.
Gaming is reported to be one of the most popular metaverse applications. Playing in the metaverse allows gamers to engage in social gaming, allowing them to meet new people and expand their social circle. Have portable game assets, such as avatars and weapons, that are associated with players and have value in virtual settings. Everything is possible in the virtual world, thus developing content for games is a big part of what metaverse gaming is all about. They can create content and integrate it into the game. Have an enhanced reality experience with a workflow that closely resembles that of the actual world. These factors are expected to drive the growth of the Metaverse Market.
The metaverse will be a social media extension that incorporates immersion, providing users with new experiences. The metaverse will mix common social media features like collaboration, eCommerce, and live events with immersive virtual reality (VR) and augmented reality experiences (AR). This factor will contribute to the metaverse market’s continued expansion.
Furthermore, Metaverse will transform video conferencing by allowing thousands of individuals to see and hear the presenter at the same time, regardless of the number of computer screens or cameras available. Metaverse creates interactive video conferencing with its consumers by combining telepresence and virtual reality. Its ability to be used in live video conferences makes communication more participatory and engaging.
The potential benefits offered by metaverse for content creators are expected to drive the metaverse market. Because of advancements in VR and AR, the metaverse is expected to aid artists in creating more interactive and immersive content. The stakes will be higher than ever before, with producers being required to create more immersive and interactive content than ever before. The metaverse will allow creators to connect and interact with a wider range of viewers in our increasingly global and distributed society. Creators will be able to accurately translate their work, including cultural subtleties, using natural language processing and AI-powered translation tools.
The Metaverse will encourage learners to think outside the box since they have an infinite number of possibilities. They can generate their own content by participating in scavenger hunts, building challenges, and other activities. Learners will be able to improve their critical thinking skills and learn how to collaborate with others through this form of engagement. Furthermore, the Metaverse platform records academic records using blockchain technology. Transcripts, degrees, and other documentation are all private, secure, and verifiable in this way. It can also help students and professors evaluate courses by reducing paperwork and providing much-needed data.
Metaverse market share
Based on application, the gaming segment is expected to be one of the most lucrative. The current evolution of the gaming industry has resulted in metaverse games. In order to participate in next-generation gaming, players are traveling into the real world of Metaverse. While the Metaverse can be centralized or decentralized, gaming businesses are focusing their efforts on decentralized initiatives since decentralization is the way of the future.
Based on type, the VR headsets and Smart glasses segment is expected to be one of the most lucrative. The market is expanding as video game revenue rises and the number of people who play video games grows around the world. As the number of individuals who play video games increases, there is an increasing need for virtual reality headsets and smart glasses.
Based on region, North America is expected to be the most lucrative region. This is attributed to the increased emphasis on developing metaverse platforms for the education industry, and increased focus on converging digital and physical worlds through the internet, in the region.