Metaverse Market to grow by USD 677.98 Bn; Driven by increasing demand for AR and VR technology – Technavio – QNT Press Release

NEW YORK, Nov. 9, 2022 /PRNewswire/ — The “Metaverse Market by Device and Geography – Forecast and Analysis 2022-2026” report has been added to Technavio’s offering. The report expects the market size to grow by USD 677.98 billion between 2021 and 2026. However, the growth momentum is expected to decelerate at a CAGR of 33.26% during the forecast period. The report provides a comprehensive analysis of the factors impacting the market size, major revenue-generating segments, key growth regions, vendor landscape, and much more. Download FREE PDF Sample Report Now

Market Dynamics:

  • Driver: The market is driven by the increasing demand for AR and VR technologies. The adoption of AR and VR technologies has increased significantly over the last decade. An increasing number of customers are actively requesting VR solutions, whereas others are curious about VR and are seeking information about it. Technological innovations will further expand the application areas for AR and VR technologies during the forecast period, as these applications enable users to use the technology in a more user-friendly manner. The AR programs on metaverse enable users to have a new experience for online virtual shopping. Virtual fitting rooms will help users in choosing the right size and reduce purchase returns. Thus, the increasing demand for AR and VR technologies is expected to drive the growth of the market during the forecast period.
  • Trend: The growing number of product launches is one of the major trends in the market. Vendors are launching new products to expand their product portfolios and increase their sales. For instance, in December 2021Meta Platforms, Inc. introduced Horizon Worlds, its virtual reality world of avatars. In February 2022Microsoft Corp. announced that it has been working on HoloLens 3, a mixed-reality headset, as a part of its metaverse strategy. Similarly, hardware manufacturers are also trying to penetrate the global metaverse market through new product launches. This trend will have a positive impact on the growth of the market during the forecast period.
  • Challenge: Privacy and security concerns over the metaverse will challenge the growth of the market. Organizations continuously keep updating their IT security systems. However, data privacy and security has been a long-running concern for users of the metaverse. The metaverse collects and processes vast amounts of information about users and their environment. Privacy concerns, therefore, are a major challenge in the global metaverse market.

Get highlights into the impact of drivers, trends, and challenges on the growth of the global metaverse market. Download Free Sample Report Now

Global Metaverse Market: Major Segments

By device, the market is analyzed across VR and AR devices and computing devices segments. VR and AR devices segment accounted for the highest market share in 2021. The segment 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. 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.

Global Metaverse Market: Geographic Landscape

38% of the market growth will come from North America During the forecast period. Factors such as the presence of key vendors like Meta Platforms, Inc., NVIDIA Corp., and Microsoft Corp., growing investments in AR technology from key vendors, rising adoption of technologically advanced applications among consumers, and strong research Activities to increase the application of metaverse are driving the growth of the market in the region.

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Companies Covered

  • 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.
  • Explore detailed vendor profiles available with Technavio. Buy Now!

What our reports offer:

  • Market share assessments for the regional and country-level segments
  • Strategic recommendations for the new entrants
  • Covers market data for 2021, 2022, till 2026
  • Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
  • Strategic recommendations in key business segments based on the market estimations
  • Competitive landscaping mapping the key common trends
  • Company profiling with detailed strategies, financials, and recent developments
  • Supply chain trends mapping the latest technological advancements

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Metaverse Market 2022-2026: Key Highlights

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will assist in metaverse market growth during the next five years
  • Estimation of the metaverse market size and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior
  • The growth of the metaverse market
  • Analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of metaverse market, vendors

Related Reports:

  • The metaverse in fashion market share is expected to increase to USD 6.61 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 36.47%. The growing number of fashion brands entering the metaverse platform is notably driving the metaverse in fashion market growth, although factors such as privacy and security concerns over metaverse may impede the market growth.
  • The predicted growth of the metaverse in e-commerce market share from 2021 to 2026 is USD 60.47 billion at a progressing CAGR of 36.47%. The growing popularity of AR technology is notably driving the metaverse in e-commerce market growth, although factors such as privacy and security concerns over the metaverse may impede the market growth.

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