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Metaverse Market worth over $500 billion by 2028
- Published Date: April 27, 2022
Metaverse Market size is set to exceed USD 500 billion by 2028, according to a new research report by Global Market Insights Inc.
The market growth is owing to the increasing adoption of virtualization technology. The increasing need to minimize infrastructural costs and provide an automated & virtualized workplace has fueled the adoption of virtualization technology. Both large enterprises and SMEs are adopting virtualization solutions to cater to IT, network, and workplace applications. The adoption of a virtual platform enables enterprises to reduce the time to market and financial expenditure.
Growing trend of augmented & virtual reality across various industry verticals
AR/VP headsets in the metaverse market are expected to grow at 45% CAGR through 2028. The market growth is attributed to the availability of affordable VR devices. Moreover, the early adoption of 5G technology in developing countries, such as India, Japan, and China, is creating ample growth opportunities for the market.
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Browse key industry insights spread across 275 pages with 406 market data tables and 34 figures & charts from the report, “Metaverse Market Size, By Component (Hardware [Extended Reality Hardware, Displays, AR/VR Headsets], Software [Programming Engine and Asset Creation Tools]), By Platform (Desktop, Mobile, Headset), By Offerings (Virtual Platforms, Avatars, Asset Marketplace, Financial Service), By Application (Gaming, Online-Shopping, Social Media, Event& Conference, Digital Marketing)”, in detail along with the table of contents:
Rising adoption of blockchain technology across the fintech industry
The asset marketplace will witness over 45% growth during the forecast period. The growth is credited to the increasing trend of NFTs, bitcoins, and cryptocurrencies. It supports the trading & tokenization of avatars, digital lands, and other components of the digital world. These solutions offer several benefits such as interoperability, personalized UI, offer maintenance, upgrade services, and others. Moreover, the increasing use of blockchain-based asset marketplaces is fueling the market revenue.
Increasing penetration of smartphones
Mobile platform held a metaverse market share of over 35% in 2021, due to the increasing penetration of smartphones. Consumers are increasingly using smartphones for online shopping, gaming, and various other activities.
Moreover, mobile games have implemented social features, such as activity feeds, in-game chats, push notifications, guilds, and others, to offer an enhanced user experience. Some popular mobile games equipped with social features are Fortnite, Clash of Clans, Minecraft, and others.
Growing use of social media platforms
The social media application segment is estimated to observe growth rate of 40% till 2028, propelled by increasing internet penetration and the growing need to improve customer social interactions. Various social media companies, such as Meta Platform Inc., Snap Inc., and others, are increasingly using metaverse technology to provide & improve customer services.
Growing penetration of 5G networks across Asia Pacific region
Asia Pacific metaverse market revenue is expected to reach USD 145 billion by 2028. The market growth is on account of growing technological advancements and the increasing adoption of AR, VR & 5G technologies in the region. For instance, according to the report published by Ericsson Mobility, 5G mobile subscriptions in India are estimated to reach around 500 million by 2027.
Asia Pacific is a highly lucrative market for the adoption of IoT technologies due to numerous government initiatives for large-scale digitalization of urban infrastructure in countries including China, South Korea, and India. Moreover, the increasing number of startup firms is creating ample growth opportunities for the market.