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Metaverse market set to skyrocket to $1,303.4 billion by 2030

The global metaverse market is on a trajectory of unprecedented growth, with expectations to surge from USD 83.9 Billion in 2023 to an astounding USD 1,303.4 Billion by 2030. This remarkable expansion is projected to occur at a Compound Annual Growth Rate (CAGR) of 48.0% during the forecast period from 2023 to 2030, according to Research and Markets.

The video game industry has played a pivotal role in shaping the metaverse, as numerous online games and platforms now offer immersive virtual worlds complete with user-generated content and virtual economies. Beyond entertainment, the metaverse is finding applications in education and collaboration, with virtual classrooms, conferences, and workspaces becoming increasingly prevalent.

The VR Devices segment is poised to dominate the market, holding the largest market size during the forecast period. VR devices offer realistic images and sounds, catering to both enterprise and consumer applications in gaming, entertainment, and training across various industries. Prominent examples of VR devices include Meta Quest 2, HTC Vive Cosmos, Oculus Rift S, HTC Vive Pro, and Varjo VR-3.

The Consumer vertical is expected to command the largest market size during the forecast period. This vertical encompasses a wide range of consumer-centric applications, including gaming, social media, sports, live entertainment, concerts, museums, theme parks, art galleries, and exhibitions. The metaverse and extended reality technologies bring remarkable visual effects to gaming and sports broadcasts, enhancing the overall user experience. Research and Markets

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