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Market Research Future Insights
According to MRFR analysis, the global Metaverse Market is expected to register a CAGR of 45.2% from 2022 to 2030 and hold a value of over ~USD 107.49 billion by 2030.
Metaverse stages are a network of three-dimensional (3D) virtual environments centered on social interaction and communication. Metaverse stages are regularly portrayed in futuristic and science fiction as a potential iteration of the Internet as a sole, worldwide virtual environment made possible by the practice of virtual reality and increased reality headgear. Such advancements in metaverse technology are anticipated to contribute toward the development of the metaverse industry in the imminent years. An increase in demand for work-from-home and remote working tools during the period of the COVID-19 epidemic led to the growth of the global metaverse market. Growth in the popularity of cryptocurrencies and non-fungible tokens (NFTs) good impacts the metaverse market growth. However, complex security and privacy challenges on the metaverse platform can hinder the metaverse market. On the contrary, an optimistic drive toward decentralized network technology is anticipated to offer remunerative opportunities for an increase in the metaverse market during the estimated period.
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Regional Analysis
North America is anticipated to hold the largest share in the metaverse market due to its growing investment in platforms by leading players such as Meta, NVIDIA Corporation, Roblox Corporation, and others
Europe is anticipated to grow with the highest CAGR during the estimated period. This is primarily attributed to the increasing number of audiences across social media platforms and the gaming segment.
Asia Pacific is growing at a modest pace during the forecast period. This is primarily attributed to the increasing development of the platforms and services in Asia Pacific countries, including China, Japan, and India.
Key Players
Some of the key market players are Microsoft Corporation, Tencent Holdings Ltd., Bytedance, Epic Games, Netease Inc., Nextech AR Solutions Inc., Unity Software Inc, Antier Solutions, Roblox Corporation, and Lilith Games
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Market Segmentation
The global Metaverse Market has been segmented into component, device, and application
Based on the Component, the global Metaverse Market has been segmented into hardware, software/platform, and services-based components. The software/platform market is anticipated to grow with the highest CAGR, due to the development of advanced software and platform by leading players.
Based on the device, The global Metaverse Market has been segmented into desktop, mobile, console, and others. The desktop segment captured the largest metaverse market share, due to increasing adoption by online gaming. Growing video game revenue and a surge in the number of video gaming audiences around the globe are driving the market growth.
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Based on application, The global Metaverse Market has been segmented into online shopping, gaming, social networks, content creation, conferences, and others. The gaming application is anticipated to hold the largest share of the market due to a surge in the adoption of gaming and live video streaming everywhere around the globe.
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