The Metaverse Market value is set to grow by USD 677.98 b
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According to Technavio, the Metaverse Market value is set to grow by USD 677.98 billion, as per the latest report by Technavio.
The market is segmented by device (VR and AR devices and computing devices) and geography (North America, Europe, APAC, South America, and Middle East and Africa). Moreover, the increasing demand for AR and VR technology is notably driving the market growth, although factors such as privacy and security concerns over metaverse may impede the market growth.
Metaverse Market Geography Outlook (Revenue, USD bn, 2021-2026)
- North America - size and forecast 2021-2026
- Europe - size and forecast 2021-2026
- APAC - size and forecast 2021-2026
- South America - size and forecast 2021-2026
- Middle East and Africa - size and forecast 2021-2026
38% of the market's growth will originate from North America during the forecast period. The US and Canada are the key markets for the metaverse market in North America. Market growth in this region will be slower than the growth of the market in Europe and APAC. The rising adoption of technologically advanced applications among consumers will facilitate the metaverse market growth in North America over the forecast period.
Metaverse Market Device Outlook (Revenue, USD bn, 2021-2026)
- VR and AR devices - size and forecast 2021-2026
- Computing devices - size and forecast 2021-2026
The metaverse market share growth by the VR and AR devices segment will be significant during the forecast period. VR and AR devices segment accounted for the highest market share in 2021. This includes various headsets, smart glasses, and lenses used for interacting on the metaverse platform. The segment is expected to grow at a moderate pace during the forecast period. Moreover, factors such as new product launches and growing adoption of VR/AR in different application areas, including metaverse, are expected to drive the segment growth.
Increasing Demand for AR and VR technology to Drive the Market Growth
Wearable technology platforms will likely enhance the utility of AR in the global metaverse market. For instance, Google is actively working on AR Smart Glasses for the global metaverse market. The AR programs on metaverse enable users to have a new experience for online virtual shopping.
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Furthermore, virtual fitting rooms will help users in choosing the right size and decreasing purchase returns. A similar benefit is associated with choosing a color for a new car or new furniture for the apartment. Therefore, the growing application area of AR and VR technology in different fields, such as education, medical, retail, and training, will boost the growth of the global metaverse market during the forecast period.
Privacy and Security Concerns Over Metaverse to Challenge the Market Growth
Metaverse can access the personal data of users and may pose a threat to their privacy. It can collect a lot of information from the user's social networking accounts. User privacy can also be threatened if hackers gain access to the user's device. Moreover, there are privacy-related concerns associated with smart gears used in the metaverse, such as smart glass, VR headsets, etc.
These glasses automatically screen and process the user's environment, violating the privacy of the user and those around them. Thus, the development of such products may hamper the growth of the metaverse market during the forecast period.
Some of the Major Metaverse Companies:
- Accenture Plc
- Active Theory LLC
- Animoca Brands Corp. Ltd
- ByteDance Ltd.
- Decentraland Foundation
- Devden Creative Solutions Pvt. Ltd
- Epic Games Inc.
- GoMeta Inc.
- Infosys Ltd.
- Magic Leap Inc.
- Meta Platforms Inc.
- Microsoft Corp.
- Mobiloitte Technologies
- NexTech AR Solutions Corp.
- NVIDIA Corp.
- Queppelin
- Roblox Corp
- Tencent Holdings Ltd.
- Unity Software Inc.
- Wilkins Avenue AR
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Metaverse Real Estate Market by End-user and Geography - Forecast and Analysis 2022-2026: The metaverse real estate market share is expected to increase by USD 5.37 billion from 2021 to 2026, at a CAGR of 61.74%.
RFID Market for Industrial Applications Market by Application and Geography - Forecast and Analysis 2022-2026: The RFID market share for industrial applications is expected to increase by USD 1.40 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.3%.
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