Metaverse Industry Overview
The global metaverse market size was estimated at USD 82.02 billion in 2023 and is projected to grow at a CAGR of 43.9% from 2024 to 2030.
The integration of spatial technologies enables users to engage with digital content as if it exists in their physical surroundings, blurring the boundary between virtual and real-world experiences. Companies are increasingly adopting this technology to create immersive products and services that enhance user interactions and bridge the gap between the digital and physical realms, driving innovation in various industries. For instance, in January 2024, Unity Technologies, an American software company collaborated with Apple Inc. to support spatial experiences, including augmented reality (AR) and spatial computing. This collaboration aims to support the development of spatial experiences, particularly within the realm of AR and spatial computing. This collaboration seeks to empower developers to create interactive digital content that seamlessly integrates with the physical world, thereby enhancing user experiences and advancing the evolution of the metaverse.
Gather more insights about the market drivers, restrains and growth of the Metaverse Market
Advancements in augmented reality (AR), virtual reality (VR), mixed reality (MR), and 3D visualization drive market growth, enhancing immersive experiences for businesses. These technologies facilitate improved visualization, simulation, and prototyping across industries. Moreover, the focus on digital twins and smart factories further leverages their capabilities. Rising investments and partnerships underscore the market's expansion, indicating increased interest and support. Moreover, the emphasis on delivering enhanced customer experiences drives adoption and innovation. Furthermore, the integration of AR, VR, MR, and 3D visualization technologies enables industries to simplify processes and reduce costs. Businesses utilize these tools for training, remote collaboration, and product design, improving efficiency and productivity. Additionally, the growing demand for immersive experiences in the entertainment, gaming, and education sectors further propels market growth.
Cryptocurrencies and Non-Fungible Tokens (NFTs) are exerting transformative influence over the market. Within virtual realms, cryptocurrencies redefine transactions through the establishment of a decentralized, borderless digital economy. They empower users to engage in seamless commerce, surpassing traditional payment systems and facilitating efficient transactions across the metaverse. Meanwhile, NFTs transform ownership by certifying the uniqueness and provenance of digital assets, spanning from artwork to virtual real estate. This introduces a new dimension of value and scarcity, propelling the creation of diverse digital creations and collectibles. These developments converge in a metaverse where ownership, commerce, and creativity intersect, fostering innovative and rewarding interactions and laying the foundation for a dynamic digital ecosystem.
Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
- The global digital twin market size was estimated at USD 16.75 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 35.7% from 2024 to 2030.
- The global non-fungible token market size was estimated at USD 26.9 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 34.5% from 2024 to 2030.
Metaverse Market Segmentation
Grand View Research has segmented the global metaverse market based on product, platform, technology, application, end-user, and region:
Metaverse Product Outlook (Revenue, USD Million, 2017 - 2030)
- Infrastructure
- Chips & Processors
- Network Capabilities
- Cloud & Edge Infrastructure
- Cybersecurity
- Hardware
- Holographic Displays
- eXtended Reality (XR) Hardware
- Haptic Sensors & Devices
- Smart Glasses
- Omni Treadmills
- AR/VR Devices
- Others
- Software
- Asset Creation Tools
- Programming Engines
- Virtual Platforms
- Avatar Development
- Services
- User Experiences
- Asset Marketplaces
- Financial Services
Metaverse Platform Outlook (Revenue, USD Million, 2017 - 2030)
- Desktop
- Mobile
- Headsets
Metaverse Technology Outlook (Revenue, USD Million, 2017 - 2030)
- Blockchain
- Virtual Reality (VR) & Augmented Reality (AR)
- Mixed Reality (MR)
- Others
Metaverse Application Outlook (Revenue, USD Million, 2017 - 2030)
- Gaming
- Online Shopping
- Content Creation & Social Media
- Events & Conference
- Digital Marketing (Advertising)
- Testing & Inspection
- Others
Metaverse End-use Outlook (Revenue, USD Million, 2017 - 2030)
- Aerospace & Defense
- Education
- Healthcare
- Tourism & Hospitality
- BFSI
- Retail
- Media & Entertainment
- Automotive
- Others
Metaverse Regional Outlook (Revenue, USD Million; 2017 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Asia Pacific
- China
- Japan
- India
- South Korea
- Latin America
- Brazil
- Middle East and Africa
Key Companies profiled:
- Bentley Systems, Inc.
- Dassault Systems SE
- HTC Corporation
- Magic Leap, Inc.
- Microsoft Corporation
- NVIDIA Corporation
- PTC Inc
- Siemens AG
- Swanson Analysis Systems Inc.
- Unity Software Inc.
Key Metaverse Company Insights
Prominent firms have used product launches and developments, followed by expansions, mergers and acquisitions, contracts, agreements, partnerships, and collaborations as their primary business strategy to increase their market share. The companies have used various techniques to enhance market penetration and boost their position in the competitive industry. For instance, in February 2024, The Walt Disney Company, an American multinational mass media company, collaborated with Epic Games Inc., with Disney investing $1.5 billion to secure a significant ownership interest in Epic Games. Disney plans to create an expansive games and entertainment universe connected to Fortnite.
Recent Developments
- In March 2024, Cornerstone, a software company, acquired TALESPIN REALITY LABS, INC., a software company that develops and builds virtual, augmented, and mixed reality applications in the U.S. This acquisition enables the integration of immersive learning experiences, utilizing spatial computing and GenAI, into its content subscriptions and learning solutions, providing personalized, contextually relevant training across various industries.
- In March 2024, Meta, a U.S. technology company, partnered with NVIDIA Corporation to procure 350,000 H100 GPUs. The company intends to strengthen its infrastructure for the advancement of artificial general intelligence (AGI) and enhance support for various metaverse-related services and devices through AGI.
- February 2024, Capgemini, a French IT company, and Unity have strengthened their partnership, with Capgemini overseeing Unity’s Digital Twin Professional Services arm, creating one of the largest groups of Unity developers worldwide. This collaboration speeds up the development of real-time 3D visualization software for the industrial use of digital twins, allowing users to interact with physical systems and advance intelligent industry solutions.
- In January 2024, Ansys Inc., an American multinational company introduced Ansys SimAI, an AI-powered SaaS application to transform engineering workflows by combining simulation accuracy with generative AI speed. This launch aims to accelerate performance prediction, enabling rapid analysis and reducing time-to-market for product development.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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