Metaverse in Finance Market to grow by USD 107.06 billion from 2022 to 2027, Growth Driven by Integration of VR and AR platforms- Technavio

NEW YORK, Oct. 18, 2023 /PRNewswire/ -- The "metaverse market in finance by components (hardware and software), end-user (brokerage firms, investment banks, commercial banks, and others), 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 in finance market from 2023 to 2027 is USD 107.06 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 integration of VR and AR platforms is a key factor driving market growth. Banks are working on strategies for increasing their presence in the metaverse and providing customers with improved services when they spend more time there, in addition to offering payment platforms. Furthermore, participants can now track and visualize financial markets in more depth, owing to enhanced AR or mixed reality (MR)-based stock trading and investment. Hence, these factors are expected to drive market growth during the forecast period. 

Market Challenge

Privacy and security concerns over the metaverse are significant challenges restricting market growth. Although enterprises and financial services organizations continue to upgrade their IT security systems, users of the metaverse have had a longstanding concern about data protection and safety. There is a tremendous amount of information about users and the environment being collected and processed by the metaverse. Moreover, organizations have a security concern for these platforms due to the constant evolution of the metaverse. Hence, these factors are expected to restrict market growth during the forecast period.

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The metaverse in finance market has been segmented by components (hardware and software), end-users (brokerage firms, investment banks, commercial banks, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The market share growth by the hardware segment will be significant during the forecast period. A variety of headset types, smart glasses, and lenses are used to be able to interact with the Metaverse Platform. This can be a mobile or web-based experience. In addition, the growth of this segment is due to an increasing penetration among residential consumers into averse financial markets which are driven by lifestyle changes and increased preference for comfort. Hence, these factors are expected to drive segment growth during the forecast period.

• APAC is projected to contribute 32% by 2023.

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Key Companies in the metaverse in finance market:

Bank of America Corp., BNP Paribas SA, HSBC Holdings Plc, IBK Industrial Bank of Korea, JPMorgan Chase and Co., KB Financial Group Inc., Mogo Inc., National Bank of Kuwait S.A.K.P, NH Investment and Securities Co. Ltd., and Shinhan Financial Group Co. Ltd.

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.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Component

Market Segmentation by End-user

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

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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SOURCE Technavio