Metaverse Market is set to grow by USD 1.15 Billion- Technavio

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Oct 26, 2023, 05:15 ET

NEW YORK, Oct. 26, 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. North America will account for 39% of the market's growth during the forecast period. 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.

Technavio has announced its latest market research report titled Global Metaverse Market

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

Bargaining power of buyers
The threat of new entrants
Threat of rivalry
Bargaining power of suppliers
Threat of substitutes
For 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.

Geography overview
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.

Download a sample report

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. Players
Metaverse 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 period
Detailed information on factors that will drive the growth of the metaverse market between 2023 and 2027
Precise estimation of the size of the metaverse market and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the metaverse market across North America, Europe, APAC, South America, and Middle East and Africa
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive 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).

Metaverse Market Scope
Report Coverage	Details
Page number	161
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 40.06%
Market growth 2023-2027	USD 1,152.35 billion
Market structure	Fragmented
YoY growth 2022-2023 (%)	39.12
Regional analysis	North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution	North America at 39%
Key countries	US, Canada, China, Germany, and UK
Competitive landscape	Leading vendors, market positioning of vendors, competitive strategies, and industry risks
Key companies profiled	Accenture Plc, Active Theory LLC, Animoca Brands Corp. Ltd., ByteDance Ltd., CL Educate Ltd, Decentraland, 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, Tencent Holdings Ltd., Unity Software Inc., Wilkins Avenue AR, and Roblox Corp.
Market dynamics	Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Browse for Technavio's information technology market reports

Table of contents

1 Executive Summary

1.1 Market overview

Exhibit 01: Executive Summary – Chart on Market Overview
Exhibit 02: Executive Summary – Data Table on Market Overview
Exhibit 03: Executive Summary – Chart on Global Market Characteristics
Exhibit 04: Executive Summary – Chart on Market by Geography
Exhibit 05: Executive Summary – Chart on Market Segmentation by Device
Exhibit 06: Executive Summary – Chart on Market Segmentation by Component
Exhibit 07: Executive Summary – Chart on Incremental Growth
Exhibit 08: Executive Summary – Data Table on Incremental Growth
Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem

Exhibit 10: Parent market
Exhibit 11: Market Characteristics

3 Market Sizing

3.1 Market definition

Exhibit 12: Offerings of vendors included in the market definition

3.2 Market segment analysis

Exhibit 13: Market segments

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

Exhibit 14: Chart on Global - Market size and forecast 2022-2027 (USD billion)
Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 (USD billion)
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

4.1 Global metaverse market 2017 - 2021

Exhibit 18: Historic Market Size – Data Table on Global metaverse market 2017 - 2021 (USD billion)

4.2 Device Segment Analysis 2017 - 2021

Exhibit 19: Historic Market Size – Device Segment 2017 - 2021 (USD billion)

4.3 Component Segment Analysis 2017 - 2021

Exhibit 20: Historic Market Size – Component Segment 2017 - 2021 (USD billion)

4.4 Geography Segment Analysis 2017 - 2021

Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 (USD billion)

4.5 Country Segment Analysis 2017 - 2021

Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 (USD billion)

5 Five Forces Analysis

5.1 Five forces summary

Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

5.2 Bargaining power of buyers

Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

5.3 Bargaining power of suppliers

Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

5.4 Threat of new entrants

Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

5.5 Threat of substitutes

Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

5.6 Threat of rivalry

Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

5.7 Market condition

Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Device

6.1 Market segments

Exhibit 30: Chart on Device - Market share 2022-2027 (%)
Exhibit 31: Data Table on Device - Market share 2022-2027 (%)

6.2 Comparison by Device

Exhibit 32: Chart on Comparison by Device
Exhibit 33: Data Table on Comparison by Device

6.3 VR or AR devices - Market size and forecast 2022-2027

Exhibit 34: Chart on VR or AR devices - Market size and forecast 2022-2027 (USD billion)
Exhibit 35: Data Table on VR or AR devices - Market size and forecast 2022-2027 (USD billion)
Exhibit 36: Chart on VR or AR devices - Year-over-year growth 2022-2027 (%)
Exhibit 37: Data Table on VR or AR devices - Year-over-year growth 2022-2027 (%)

6.4 Computing devices - Market size and forecast 2022-2027

Exhibit 38: Chart on Computing devices - Market size and forecast 2022-2027 (USD billion)
Exhibit 39: Data Table on Computing devices - Market size and forecast 2022-2027 (USD billion)
Exhibit 40: Chart on Computing devices - Year-over-year growth 2022-2027 (%)
Exhibit 41: Data Table on Computing devices - Year-over-year growth 2022-2027 (%)

6.5 Market opportunity by Device

Exhibit 42: Market opportunity by Device (USD billion)

7 Market Segmentation by Component

7.1 Market segments

Exhibit 43: Chart on Component - Market share 2022-2027 (%)
Exhibit 44: Data Table on Component - Market share 2022-2027 (%)

7.2 Comparison by Component

Exhibit 45: Chart on Comparison by Component
Exhibit 46: Data Table on Comparison by Component

7.3 Hardware - Market size and forecast 2022-2027

Exhibit 47: Chart on Hardware - Market size and forecast 2022-2027 (USD billion)
Exhibit 48: Data Table on Hardware - Market size and forecast 2022-2027 (USD billion)
Exhibit 49: Chart on Hardware - Year-over-year growth 2022-2027 (%)
Exhibit 50: Data Table on Hardware - Year-over-year growth 2022-2027 (%)

7.4 Software - Market size and forecast 2022-2027

Exhibit 51: Chart on Software - Market size and forecast 2022-2027 (USD billion)
Exhibit 52: Data Table on Software - Market size and forecast 2022-2027 (USD billion)
Exhibit 53: Chart on Software - Year-over-year growth 2022-2027 (%)
Exhibit 54: Data Table on Software - Year-over-year growth 2022-2027 (%)

7.5 Services - Market size and forecast 2022-2027

Exhibit 55: Chart on Services - Market size and forecast 2022-2027 (USD billion)
Exhibit 56: Data Table on Services - Market size and forecast 2022-2027 (USD billion)
Exhibit 57: Chart on Services - Year-over-year growth 2022-2027 (%)
Exhibit 58: Data Table on Services - Year-over-year growth 2022-2027 (%)

7.6 Market opportunity by Component

Exhibit 59: Market opportunity by Component (USD billion)

8 Customer Landscape

8.1 Customer landscape overview

Exhibit 60: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

9.1 Geographic segmentation

Exhibit 61: Chart on Market share by geography 2022-2027 (%)
Exhibit 62: Data Table on Market share by geography 2022-2027 (%)

9.2 Geographic comparison

Exhibit 63: Chart on Geographic comparison
Exhibit 64: Data Table on Geographic comparison

9.3 North America - Market size and forecast 2022-2027

Exhibit 65: Chart on North America - Market size and forecast 2022-2027 (USD billion)
Exhibit 66: Data Table on North America - Market size and forecast 2022-2027 (USD billion)
Exhibit 67: Chart on North America - Year-over-year growth 2022-2027 (%)
Exhibit 68: Data Table on North America - Year-over-year growth 2022-2027 (%)

9.4 Europe - Market size and forecast 2022-2027

Exhibit 69: Chart on Europe - Market size and forecast 2022-2027 (USD billion)
Exhibit 70: Data Table on Europe - Market size and forecast 2022-2027 (USD billion)
Exhibit 71: Chart on Europe - Year-over-year growth 2022-2027 (%)
Exhibit 72: Data Table on Europe - Year-over-year growth 2022-2027 (%)

9.5 APAC - Market size and forecast 2022-2027

Exhibit 73: Chart on APAC - Market size and forecast 2022-2027 (USD billion)
Exhibit 74: Data Table on APAC - Market size and forecast 2022-2027 (USD billion)
Exhibit 75: Chart on APAC - Year-over-year growth 2022-2027 (%)
Exhibit 76: Data Table on APAC - Year-over-year growth 2022-2027 (%)

9.6 South America - Market size and forecast 2022-2027

Exhibit 77: Chart on South America - Market size and forecast 2022-2027 (USD billion)
Exhibit 78: Data Table on South America - Market size and forecast 2022-2027 (USD billion)
Exhibit 79: Chart on South America - Year-over-year growth 2022-2027 (%)
Exhibit 80: Data Table on South America - Year-over-year growth 2022-2027 (%)

9.7 Middle East and Africa - Market size and forecast 2022-2027

Exhibit 81: Chart on Middle East and Africa - Market size and forecast 2022-2027 (USD billion)
Exhibit 82: Data Table on Middle East and Africa - Market size and forecast 2022-2027 (USD billion)
Exhibit 83: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
Exhibit 84: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

9.8 US - Market size and forecast 2022-2027

Exhibit 85: Chart on US - Market size and forecast 2022-2027 (USD billion)
Exhibit 86: Data Table on US - Market size and forecast 2022-2027 (USD billion)
Exhibit 87: Chart on US - Year-over-year growth 2022-2027 (%)
Exhibit 88: Data Table on US - Year-over-year growth 2022-2027 (%)

9.9 China - Market size and forecast 2022-2027

Exhibit 89: Chart on China - Market size and forecast 2022-2027 (USD billion)
Exhibit 90: Data Table on China - Market size and forecast 2022-2027 (USD billion)
Exhibit 91: Chart on China - Year-over-year growth 2022-2027 (%)
Exhibit 92: Data Table on China - Year-over-year growth 2022-2027 (%)

9.10 Germany - Market size and forecast 2022-2027

Exhibit 93: Chart on Germany - Market size and forecast 2022-2027 (USD billion)
Exhibit 94: Data Table on Germany - Market size and forecast 2022-2027 (USD billion)
Exhibit 95: Chart on Germany - Year-over-year growth 2022-2027 (%)
Exhibit 96: Data Table on Germany - Year-over-year growth 2022-2027 (%)

9.11 UK - Market size and forecast 2022-2027

Exhibit 97: Chart on UK - Market size and forecast 2022-2027 (USD billion)
Exhibit 98: Data Table on UK - Market size and forecast 2022-2027 (USD billion)
Exhibit 99: Chart on UK - Year-over-year growth 2022-2027 (%)
Exhibit 100: Data Table on UK - Year-over-year growth 2022-2027 (%)

9.12 Canada - Market size and forecast 2022-2027

Exhibit 101: Chart on Canada - Market size and forecast 2022-2027 (USD billion)
Exhibit 102: Data Table on Canada - Market size and forecast 2022-2027 (USD billion)
Exhibit 103: Chart on Canada - Year-over-year growth 2022-2027 (%)
Exhibit 104: Data Table on Canada - Year-over-year growth 2022-2027 (%)

9.13 Market opportunity by geography

Exhibit 105: Market opportunity by geography (USD billion)

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

Exhibit 106: Impact of drivers and challenges in 2022 and 2027

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

Exhibit 107: Overview on Criticality of inputs and Factors of differentiation

11.3 Landscape disruption

Exhibit 108: Overview on factors of disruption

11.4 Industry risks

Exhibit 109: Impact of key risks on business

12 Vendor Analysis

12.1 Vendors covered

Exhibit 110: Vendors covered

12.2 Market positioning of vendors

Exhibit 111: Matrix on vendor position and classification

12.3 Accenture Plc

Exhibit 112: Accenture Plc - Overview
Exhibit 113: Accenture Plc - Business segments
Exhibit 114: Accenture Plc - Key news
Exhibit 115: Accenture Plc - Key offerings
Exhibit 116: Accenture Plc - Segment focus

12.4 Animoca Brands Corp. Ltd.

Exhibit 117: Animoca Brands Corp. Ltd. - Overview
Exhibit 118: Animoca Brands Corp. Ltd. - Product / Service
Exhibit 119: Animoca Brands Corp. Ltd. - Key offerings

12.5 ByteDance Ltd.

Exhibit 120: ByteDance Ltd. - Overview
Exhibit 121: ByteDance Ltd. - Product / Service
Exhibit 122: ByteDance Ltd. - Key offerings

12.6 Decentraland

Exhibit 123: Decentraland - Overview
Exhibit 124: Decentraland - Product / Service
Exhibit 125: Decentraland - Key offerings

12.7 Devden Creative Solutions Pvt. Ltd.

Exhibit 126: Devden Creative Solutions Pvt. Ltd. - Overview
Exhibit 127: Devden Creative Solutions Pvt. Ltd. - Product / Service
Exhibit 128: Devden Creative Solutions Pvt. Ltd. - Key offerings

12.8 GoMeta Inc.

Exhibit 129: GoMeta Inc. - Overview
Exhibit 130: GoMeta Inc. - Product / Service
Exhibit 131: GoMeta Inc. - Key offerings

12.9 Infosys Ltd.

Exhibit 132: Infosys Ltd. - Overview
Exhibit 133: Infosys Ltd. - Business segments
Exhibit 134: Infosys Ltd. - Key news
Exhibit 135: Infosys Ltd. - Key offerings
Exhibit 136: Infosys Ltd. - Segment focus

12.10 Meta Platforms Inc.

Exhibit 137: Meta Platforms Inc. - Overview
Exhibit 138: Meta Platforms Inc. - Business segments
Exhibit 139: Meta Platforms Inc. - Key offerings
Exhibit 140: Meta Platforms Inc. - Segment focus

12.11 Microsoft Corp.

Exhibit 141: Microsoft Corp. - Overview
Exhibit 142: Microsoft Corp. - Business segments
Exhibit 143: Microsoft Corp. - Key news
Exhibit 144: Microsoft Corp. - Key offerings
Exhibit 145: Microsoft Corp. - Segment focus

12.12 Mobiloitte Technologies

Exhibit 146: Mobiloitte Technologies - Overview
Exhibit 147: Mobiloitte Technologies - Product / Service
Exhibit 148: Mobiloitte Technologies - Key offerings

12.13 NexTech AR Solutions Corp.

Exhibit 149: NexTech AR Solutions Corp. - Overview
Exhibit 150: NexTech AR Solutions Corp. - Business segments
Exhibit 151: NexTech AR Solutions Corp. - Key offerings
Exhibit 152: NexTech AR Solutions Corp. - Segment focus

12.14 NVIDIA Corp.

Exhibit 153: NVIDIA Corp. - Overview
Exhibit 154: NVIDIA Corp. - Business segments
Exhibit 155: NVIDIA Corp. - Key news
Exhibit 156: NVIDIA Corp. - Key offerings
Exhibit 157: NVIDIA Corp. - Segment focus

12.15 Queppelin

Exhibit 158: Queppelin - Overview
Exhibit 159: Queppelin - Product / Service
Exhibit 160: Queppelin - Key offerings

12.16 Roblox Corp.

Exhibit 161: Roblox Corp. - Overview
Exhibit 162: Roblox Corp. - Product / Service
Exhibit 163: Roblox Corp. - Key offerings

12.17 Wilkins Avenue AR

Exhibit 164: Wilkins Avenue AR - Overview
Exhibit 165: Wilkins Avenue AR - Product / Service
Exhibit 166: Wilkins Avenue AR - Key offerings

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

Exhibit 167: Inclusions checklist
Exhibit 168: Exclusions checklist

13.3 Currency conversion rates for USUSD

Exhibit 169: Currency conversion rates for USUSD

13.4 Research methodology

Exhibit 170: Research methodology
Exhibit 171: Validation techniques employed for market sizing
Exhibit 172: Information sources

13.5 List of abbreviations

Exhibit 173: List of abbreviations

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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