Metaverse Market is set to grow by USD 1.15 Billion | North America is estimated to account for 39% of the growth of the global market – Technavio

NEW YORK, Nov. 2, 2023 /PRNewswire/ — According to Technavio, the global metaverse market size is estimated to grow by USD 1,152.35 billion from 2022 to 2027. The market is estimated to grow at a CAGR of 40.06% during the forecast period. Moreover, the growth momentum will accelerate. Based on geography, the global metaverse market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global metaverse market. North America is estimated to account for 39% of the growth of the global market during the forecast period. The growth of the market in the region is attributed to factors such as the presence of key vendors, growing investments in AR technology, rising adoption of technologically advanced applications, and research activities. The US and Canada are the key countries in the market in the region. Vendors and universities are conducting research to identify potential application areas of AR and VR. Such developments will create new growth opportunities for vendors in the regional market. The report also includes historic market data from 2017 to 2021. In 2017, the metaverse market was valued at USD 92.48 billion. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. For more insights on the market, request a sample report.

Metaverse market – Five forces
The global metaverse market is fragmented, and the five forces analysis covers– 

Bargaining power of buyers The threat of new entrantsThreat of rivalryBargaining power of suppliersThreat of substitutesFor an interpretation of Porter’s five forces model – Buy the report!

Metaverse market – Customer landscape 

The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Metaverse market – Segmentation assessment

Segment overview
Technavio has segmented the market based on device (VR or AR devices and computing devices) and component (hardware, software, and services). 

The VR or AR devices segment will account for a significant during the forecast period. These devices include headsets, smart glasses, and lenses used for interacting on the metaverse platform. The growth of this segment is attributed to factors such as new product launches and the growing adoption of VR and AR in different application areas.

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Metaverse market – Market dynamics
Key factor driving market growth

The growing smartphone penetration and use of 5G are driving the market growth.5G is becoming popular with the high adoption of smart devices such as smartphones.Thus, the use of different apps and online platforms for online shopping is expected to increase.Businesses such as e-commerce and finance businesses are expected to adopt advanced technologies such as metaverse to enhance the virtual experience.Therefore, the growing smartphone penetration and use of 5G are fueling the growth of the global market during the forecast period.

Leading trends influencing the market 

The rising adoption of online gaming is a key trend in the market.The gaming sector was one of the first sectors to fully utilize the metaverse. PlayersMetaverse provides an immersive visual experience with the help of emerging technologies such as blockchain, IoT, and 3D visualization.The increasing use of advanced gaming technologies, changing consumer entertainment choices, and rising income levels are increasing the adoption of online gaming.Moreover, improved internet connectivity has led to an increase in the number of players.Such factors will support the global market growth during the forecast period.

Major challenges hindering market growth

Privacy and security concerns are challenging the market growth.The metaverse collects and processes large amounts of information about users and their environment, which leads to privacy concerns.Moreover, hackers may be able to gain access to users’ devices.In addition, the use of smart gears used in the metaverse, such as smart glasses and VR headsets, can also lead to privacy concerns, as these glasses can automatically screen and process the user environment.Such factors may hinder the growth of the market during the forecast period.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this metaverse market report?

CAGR of the market during the forecast periodDetailed information on factors that will drive the growth of the metaverse market between 2023 and 2027Precise estimation of the size of the metaverse market and its contribution to the parent marketAccurate predictions about upcoming trends and changes in consumer behaviorGrowth of the metaverse market across North America, Europe, APAC, South America, and Middle East and AfricaA thorough analysis of the market’s competitive landscape and detailed information about vendorsComprehensive analysis of factors that will challenge the growth of metaverse market vendors

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Related Reports:

The metaverse in entertainment market is estimated to grow at a CAGR of 9.07% between 2022 and 2027. The size of the market is forecasted to increase by USD 33,323.31 million. This report extensively covers market segmentation by end-user (film production, music labels, OTT platforms, television broadcasters, and others), component (hardware, software, and services), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

The size of the metaverse market in finance is estimated to grow at a CAGR of 21.33% between 2022 and 2027. The size of the market is forecasted to increase by USD 107.06 billion. This report extensively covers component (hardware and software), end-user (brokerage firms, investment banks, commercial banks, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America).

Browse for Technavio’s information technology market reports

Table of contents

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Device
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

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SOURCE Technavio