NEW YORK, June 9, 2022 /PRNewswire/ — According to the market research study published by P&S Intelligence, the revenue of the metaverse market was over $148.5 billion in the year 2021, and it is likely to progress at a mammoth compound annual growth rate of almost 30% from 2021 to 2030 and touch $1,542.9 billion by the year 2030. It will be due to the increasing requirement for metaverse to acquire digital assets with cryptocurrencies. Furthermore, the advent of metaverse-centric firms, alliances to innovative medical VR and AR solutions, to advance patient outcomes and surgery quality, and increasing investments in R&D are projected to boost the industry.
During the pandemic, the metaverse market saw augmented funding due to an increase in the dependence of people on various digital platforms. COVID-19 opened the gates for new entrants in the market, as people had more idle time than before, which had a positive impact on the immersive gaming field. For example, users of Fortnite increased to 350 million in 2020 from 250 million in 2019.
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In the years to come, software is likely to have the higher growth rate. This is because of the growing requirement for VR/AR web and mobile app development tools, software development kits (SDK), VR/ AR studios, and tools that are cloud-based. Further, with the growing popularity of animated avatars, developers have designed payment gateways and games where people can earn money, thus propelling the sales of metaverse platform software.
Regional Analysis of Metaverse Market
- In the coming years, the metaverse market of the APAC region is likely to have the highest growth rate, in excess of 30%. This will be because of the growing usage of VR/AR and rampant digitization in nations such as China, Japan, India, and South Korea.
- North America was the market leader in the year 2021. It is credited to the increasing penetration of smartphones, surging usage of VR/AR, and increasing acceptance of smart medical devices. In addition, the mounting individual and corporate spending on new technologies pushes the regional market to prosperity.
- Additionally, the market in Europe is likely to see substantial progress mainly because of the booming audience on platforms such as Facebook, Twitter, and Instagram and on gaming websites.
- Similarly, the market in LATAM and the MEA is advancing because of the growing adoption of digital platforms in Mexico, Brazil, South Africa, Saudi Arabia, and various other countries.
Browse detailed report on Global Metaverse Market Size, Share, Top Manufactures and Regional Forecast Analysis 2030
The metaverse market enhances the online shopping experience with the new features of e-commerce websites. For instance, avatars can be used to produce another identity, which fashion companies leverage to offer personalized product recommendations, thus consolidating their brand loyalty. Additionally, customers can glance at designer handbags using the 3D technology. Virtually, customers can try watches, with AI helping in deciding the fit. For instance, Alibaba’s Taobao revealed in June 2022 the ‘Metaverse Mall’ for China’s 618 shopping holiday.
Metaverse Market Segmentation Analysis
- Virtual Platforms
- Asset Marketplace
- Financial Services
- Entertainment and Media
- Aerospace and Defence
By End User
- Media & Entertainment
- Aerospace & Defence
- North America
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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About P&S Intelligence
P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.
SOURCE P&S Intelligence
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