Global Metaverse Market Size Estimated to Attain USD 1615.32 Billion in 2030 with CAGR of 43.3% | Reports and Data
After tech giants such as Meta, Microsoft, and Google Cardboard announced their own versions of Metaverse, Gear VR, PlayStation VR, and Stream VR, and began investing billions of dollars in new spaces and virtual worlds, the idea for the Metaverse took off. Was born. It can be defined as the creation of infinite virtual reality using innovative technologies such as virtual reality and augmented reality, and is gaining worldwide attention.
Market Size – USD 63.00 Billion in 2021, Market Growth – at a CAGR of 43.3%, Market Trends – Significant investments from a growing number of investors.
The global Metaverse Market size was USD 63.00 Billion in 2021 and is expected to register a revenue CAGR of 43.3% over the forecast period, according to the latest report by Reports and Data. The play-to-earn model, where players earn items or spend tokens in games that have real-world value, is a popular idea among game developers today. Earned tokens can be exchanged for real money or used to purchase in-game items.
The expanding virtual cryptocurrency game market is also contributing to the expansion of the Metaverse market. This growth is also supported by significant investments from a growing number of investors. The play-to-earn model, where players earn items or spend tokens in games that have real-world value, is a popular idea among game developers today. Earned tokens can be exchanged for real money or used to purchase in-game items. For example, in November 2021, American Bitcoin Rewards startup Fold. Currently, only a small percentage of users are able to play and test the game “Fold AR” for a short period of time each day. As people around the world began to invest in blockchain-based digital play-tweener platforms, the popularity of the metaverse increased, pushing cryptocurrencies into the financial mainstream.
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Companies profiled in the market report include Meta, Microsoft., NetEase, Inc., Electronic Arts Inc., Take-Two Interactive Software, Inc., Epic Games, Inc., Unity Technologies, Valve Corporation, Accenture, and Adobe.
Some Key Highlights from the Report
- On a regional basis, the North American metaverse market accounted for the largest revenue share in 2021. The US government is investing heavily in virtual technology. Users are rapidly adopting his VR technology for a wider range of activities. For example, VR games that offer high-definition graphics, motion, and high-quality audio are growing in popularity. This factor is expected to drive the revenue growth of the metaverse market in the region. In addition, the presence of various key players in the region, such as Nvidia Corporation, Nextech AR Solutions Corp, Meta and Epic Games from Canada and the United States, are expected to boost the market growth in the region.
- On September 9, 2021, the first-generation Ray-Ban Stories smart glasses were developed in partnership with Meta. Thanks to the product’s built-in dual 5MP cameras, users can record live events from a first-person perspective. With the push of a button or voice commands from Meta Assistant, the wearer can record the world as they see it, take pictures, and record videos of up to 30 seconds, all while wearing the glasses. increase. Users can make and receive phone calls, share photos and videos, and listen to music. Meta has announced that he will spend $150 million to train the next generation of content producers to create more immersive learning materials.
- On December 10, 2021, Defi Land, a music streaming service built on the Ethereum and Solana blockchains, and Audius have partnered to launch a radio station on the Metaverse. Thanks to this change, users can stream any music from the millions of soundtracks in the Audius library. The announcement comes as DeFi prepares to go public.
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For the purpose of this report, Reports and Data has segmented the global metaverse industry into Component Outlook, Platform Outlook, Application Outlook, End-Use Outlook, Regional Outlook:
Component Outlook (Revenue, USD Billion; 2019-2030)
- Professional Services
Platform Outlook (Revenue, USD Billion; 2019-2030)
Application Outlook (Revenue, USD Billion; 2019-2030)
- Social Media
- Aircraft Maintenance
End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Media & Entertainment
- Aerospace & Defense
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Latin America
- Middle East & Africa
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Key Attentions of Metaverse Market Report:
- The report offers a comprehensive and broad perspective on the global Metaverse market.
- The market statistics represented in different Metaverse segments offer a complete industry picture.
- The development scope of Metaverse in each market segment is covered in this report. The macro and micro-economic factors affecting the Metaverse market
- Advancement is elaborated on in this report. The upstream and downstream components of Metaverse and a comprehensive value chain are explained.
- Market growth drivers and challenges affecting the development of Metaverse are analyzed in detail.
- The report will help in the analysis of major competitive market scenarios, and market dynamics of Metaverse.
- Major stakeholders, key companies Metaverse, investment feasibility, and new market entrants study are offered.
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