Metaverse Market to grow by USD 1,152.35 billion from 2022 to 2027 | Growth Driven by the rise of blockchain as a service - Technavio
NEW YORK, Oct. 18, 2023 /PRNewswire/ -- The "metaverse market by device (VR or AR devices and computing devices), component (hardware, software, and services), and geography (North America, Europe, APAC, South America, and Middle East and Africa) - Forecast and Analysis 2023-2027" report has been added to technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the metaverse market between 2023 and 2027 is USD 1,152.35 billion. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here
The rise of blockchain as a service is a key factor driving market growth. BaaS, which means "Blockchain as a Service," is a cloud computing solution to facilitate the development and management of decentralized ledger systems. That innovative solution provides developers access to efficient management and development of Blockchain applications through the Microsoft Azure cloud platform. Furthermore, Microsoft is making BaaS available to firms as well as application software developers who wish to work on the development of Blockchains. Learn about key drivers, trends, and challenges available with Technavio. Read Free Sample PDF Report Now
Market Challenge
Limitations of AR and VR technology are significant challenges restraining market growth. There are various limitations that impact the mainstream adoption of AR and VR. The hardware problems include heavy and costly AR headsets that are frequently tied to computers, which restricts the user's comfort. Display of images accurately is difficult to achieve with mobile AR on smartphones and tablets. Furthermore, the absence of rules risks being exploited for malicious purposes such as data mining and content manipulation.
The metaverse market has been segmented by device (VR or AR devices and computing devices), component (hardware, software, and services), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
- The market share growth by the VR or AR devices segment will be significant during the forecast period. This includes various headsets, smart glasses, and lenses used to interact on the Metaverse platform. The segment growth is projected to be driven by factors such as new product launches and the increasing use of VR+AR in a range of application areas, e.g., metaverse. Moreover, for the purpose of expanding their market position, VR and AR device manufacturers are focusing on new product launches and acquisitions.
- North America is estimated to contribute 39% to the growth of the global market during the forecast period.
View the Free Sample Report for insights into the contribution of all the segments and regional opportunities in the report.
Key Companies in the metaverse market:
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.
Related Reports:
The metaverse in e-commerce market is estimated to grow at a CAGR of 39.65% between 2022 and 2027. The size of the market is forecast to increase by USD 85,885.22 million.
The metaverse in healthcare market size is estimated to grow at a CAGR of 34.92% between 2022 and 2027. The metaverse in healthcare market size is forecast to increase by USD 5,624.07 million.
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Device
Market Segmentation by Component
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
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.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article