Outlook for the Metaverse Market: Market Size, Share, Growth, Trends, and Industry Analysis 2022-2030

 

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The metaverse is the digital world of virtual experiences and simulated worlds in which users can adopt digital identities, communicate with others and participate in virtual experiences. The Metaverse market has shown promising growth in the past few years. With the emergence of advanced technologies such as artificial intelligence, augmented reality, blockchain, and internet-of-Things (IoT), virtual reality is rapidly moving from niche to mainstream adoption. As a result, several enterprise businesses are investing in products or services that use these emerging technologies to build new kinds of digital experiences that go beyond simple applications for specific industries. This article analyses the emerging global Metaverse market by its type, device, and application between 2020 – 2030.

Understanding Metaverse Market

VR and AR are the two major components of the metaverse, with VR being the core technology for creating and delivering the metaverse experience. VR has matured and is now being used across multiple applications for creating digital experiences, including entertainment, education, healthcare, online shopping, and business. AR, on the other hand, is still in its nascent stage but has a large potential to become an integral part of the metaverse. The second major component of the metaverse is the internet infrastructure that is required to connect the devices and the servers that host the digital experiences. The third component is the digital asset that is required to create digital experiences and maintain the identity of the user. The digital asset can be any digital asset that is stored in a digital format, such as text, images, audio, and video.

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By type of device

VR devices - VR headsets are the most commonly used devices that are used to create a virtual environment and experience and can be further classified into tethered headsets, standalone headsets, and hybrid headsets. AR devices - AR headsets are devices that can be used to create an augmented environment and experience and can be further classified into tethered and standalone devices. Computer devices - These devices are used to host or run the applications that are used to create virtual and augmented environments and can be further classified into desktop computers, laptops, and handheld devices. VR devices - These devices are used to create virtual environments and experiences which can be further classified into tethered headsets, standalone headsets, and hybrid headsets. AR devices - These devices are used to create augmented environments and experiences which can be further classified into tethered and standalone devices.

By application

Entertainment - This application is used to create virtual and augmented experiences for various types of entertainment activities like sports, concerts, gaming, etc. Retail - This application is used to create a virtual shopping experience for customers. Healthcare - This application is used to create virtual experiences for the healthcare sector like training and simulation, remote patient monitoring, and patient engagement. Education - This application is used to create virtual experiences for the education sector like remote teaching, remote collaboration, and remote learning. Other applications - This application is used to create virtual and augmented experiences for various sectors like government, financial services, etc.

Global Metaverse Market Size, 2020-2030

The global metaverse market size is estimated to be USD 66.3 billion in the year 2020, growing at a CAGR of 14.1% between 2020 and 2030 to reach an estimated value of USD 169.3 billion by the end of 2030.

Blockchain in the Metaverse Market

Blockchain is a digital ledger that records a list of transactions or other data and can be used for various applications and sectors like financial services, healthcare, supply chain management, etc. Blockchain can be used to create an identity management system for the users of the virtual experience, which is an important component of the metaverse. Some various blockchain-based platforms and solutions are being used to build the blockchain-based metaverse, including BigchainDB, BitHub, Blockstack, Bloq, Catallaxy, CryptoSpaces, Etherium, Hypergrid, Multiverse, Multiverse, Omni, OpenTimestamps, SpaceBit, Storj, Syncreon, Tokenbox, Stadium, ZIL, Zilliqa, etc.

Augmented Reality in the Metaverse Market

AR is used in the metaverse to create virtual and augmented experiences. AR is used to overlay virtual images on top of real-world images and can be further classified into headset-based and smartphone-based AR. The headset-based AR devices can be further classified into tethered and standalone devices, and the smartphone-based AR devices can be further classified into AR apps and AR glasses. Headset-based AR - Tethered AR devices can be used to create virtual and augmented environments, and can be further classified into desktop AR devices, mobile AR devices, and wearable AR devices. Standalone AR devices are used to create virtual experiences and can be further classified into AR smart glasses, AR headsets, and AR visors. Smartphone-based AR - AR apps can be used to create virtual and augmented experiences and can be further classified into AR apps for smartphones, AR apps for smart glasses, and AR apps for wearables.

Conclusion

The virtual experience created for users in the metaverse is expected to increase significantly in the coming years. The adoption of AR is expected to increase in the coming years and can be used to create virtual and augmented experiences. The emergence of blockchain technology will further facilitate the growth of the virtual experience market. Virtual reality headsets are increasingly being used to create the virtual experience, which is expected to grow at a higher rate than the AR market.