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

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.

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.

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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).

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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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