Chicago, Nov. 17, 2022 (GLOBE NEWSWIRE) — The global Metaverse Market is projected to grow from USD 61.8 billion in 2022 to USD 426.9 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 47.2% during the forecast period, according to a new report by MarketsandMarkets™. The growth of the Metaverse market can be attributed to the increasing demand in the entertainment and gaming industry. Moreover, the surging deployment in the education sector and industrial training fuels the growth of the Metaverse market.
Browse in-depth TOC on “Metaverse Market”
237 – Tables
44 – Figures
272 – Pages
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Scope of the Report:
|Market size available for years||2018–2027|
|Base year considered||2021|
|Market Size in 2022||$61.8 billion|
|Projected Market Value in 2027||$426.9 billion|
|CAGR||47.2% From 2022 to 2027|
|Segments covered||Component, Vertical, and Region|
|Geographies covered||North America, Asia Pacific, Europe, Middle East and Africa, and Latin America|
|Companies covered||Meta (US), Microsoft (US), NetEase (China), Electronic Arts (US), Take-Two (US), Tencent (China), Nexon (Japan), Epic games (US), Unity (US), Valve (US), Accenture (Ireland), Adobe (US), HPE (US), Deloitte (UK), Ansys (US), Autodesk (US), Intel (US), Tech Mahindra (India), ByteDance (China), Nvidia (US), Activision Blizzard (US), Samsung (South Korea), Google (US), Sony (Japan), HTC (Taiwan), Seiko Epson (Japan), Apple (US), Qualcomm (US), Panasonic (Japan), Eon Reality (US), Roblox (US), Lenovo (Hong Kong), Razer (US), Nextech AR Solutions (Canada), ZQGame (China), Talecraft (Marshall islands), VR Chat (US), Decentraland (Argentina), Somnium Space (UK), and Sandbox VR (US)|
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By Hardware, the VR devices subsegment is expected to account for the largest market size during the forecast period
The VR devices subsegment is expected to account for the largest market share among hardware. Virtual Reality (VR) devices enable users to interact with an artificial 3D environment. VR devices are further classified into VR Head Mounted Devices (HMD) and Gesture-tracking devices and haptics. The high demand for VR devices can be attributed to the huge market for HMD in gaming and entertainment.
By Vertical, the Industrial manufacturing vertical is expected to grow at the highest CAGR during the forecast period
The Industrial manufacturing vertical is expected to account for the highest CAGR growth during the forecast period. The industrial manufacturing vertical is further classified into digital factory, digital twins, and industrial training. Metaverse is used in industrial manufacturing mainly for installation and assembly, maintenance and remote assistance, training, quality control, safety management, and design and visualization operations.
By region, North America is expected to account for the largest market size during the forecast period
North America is expected to account for the largest share in the Metaverse market. North America, for this study, includes the US and Canada. It is one of the most technologically advanced regions in the world. The region is well-connected with advanced infrastructure, which helps Metaverse vendors offer quality services to their clients. It offers the most innovative and fastest services available in the world through its network infrastructure. The Metaverse market in North America is competitive due to the presence of a large number of AR devices and solutions providers such as PTC, Magic Leap, Microsoft, and Google. North America also witnesses high demand for VR in gaming and entertainment, sports, and enterprise applications. Furthermore, several companies such as Apple, Google, Microsoft, and Meta are making significant developments in the extended reality (xR) space in the region.
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The major vendors in the Metaverse Market include Meta (US), Microsoft (US), NetEase (China), Electronic Arts (US), Take-Two (US), Tencent (China), Nexon (Japan), Epic games (US), Unity (US), and Valve (US).
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