Metaverse Market Size Worth $678.8 Billion by 2030

Metaverse Market Size Worth $678.8 Billion by 2030: Grand View Research

The global metaverse market size is predicted to attain $678.8B by 2030, according to a new report by Grand View Research. The market is expected to witness a CAGR of 39.4% over the forecast period, owing to increasing demand from end-use industries, which prominently include media and entertainment, education, and aerospace and defense is anticipated to propel the industry growth over the forecast period.

Global Metaverse Market Report Grand View Research

According to the report, the hardware sub-segment in the product segment dominated the global metaverse market in 2021 and accounted for the largest market share—owing to the increased adoption of augmented reality (AR), virtual reality (VR), and mixed reality (MR) devices. Displays captured the highest revenue share in the hardware sub-segment in 2021 whereas, programming engines dominated the software sub-segment with the largest market share.

 

North America Metaverse Market Grand View Research

The VR and AR technology sector held the largest revenue share in 2021 as multiple industries such as gaming, healthcare, education, and entertainment have increasingly incorporated VR and AR technology for numerous purposes. Human resource domains are also incorporating the use of VR and AR devices for employee training.

In terms of offerings, the virtual platform segment accounted for the largest market share in 2021 and is anticipated to exhibit significant growth, owing to the increased adoption of these platforms for multiple uses such as adverting, branding, and academics. Many key players have also realized that virtual platforms help reduce capital expenditures and operating expenses, according to Grand View Research.

To view the full metaverse report by Grand View Research, click here.

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