The global metaverse market size is expected to reach USD 680.80 billion by 2030, according to a new study by Polaris Market Research. The report “Metaverse Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Software, Service); By Technology; By Application; By Industry Vehicle; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The metaverse is an online reality that is an amalgamation of online gaming, social media, augmented reality (AR), virtual reality (VR), and cryptocurrencies, wherein users can interact with each other virtually. Augmented reality showcases visual features, noise, and other sensory input in real-life situations to augment the user experience.
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Moreover, during COVID-19, when governments across the world announced lockdown and people were working from home, the key vendors introduced such platforms as a replacement for outdoor social interaction in the comfort of a user’s home, hosting highly public events such as music concerts and meetups to offer virtual tour opportunities to famous global landmarks. Such use cases of these platforms drove its growth during the period.
Based on a study, in April 2022, the average time spent on social media increased from just 1 hour in 2012 to over 2 hours and 24 minutes in 2020. Moreover, time spent on social media platforms was heavily inflated during the pandemic, as people stuck in their homes relied on social media platforms for interactions with their peers, friends, and family. Such factors further supported the growth of metaverse platforms during the period.
Furthermore, these platforms provided businesses with easily interact with their audiences and customers, which led to their engagement and hence overall customer satisfaction. This led to a rise in the growth of the industry during the period.
Metaverse Market Report Highlights
Polaris Market Research has segmented the metaverse market report based on component, technology, application, industry vertical and region:
Metaverse, Component Outlook (Revenue - USD Billion, 2018 - 2030)
Metaverse, Technology Outlook (Revenue - USD Billion, 2018 - 2030)
Metaverse, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Metaverse, Industry Vertical Outlook (Revenue - USD Billion, 2018 - 2030)
Metaverse, Regional Outlook (Revenue - USD Billion, 2018 - 2030)