The global metaverse market is expected to witness moderate growth during the forecast period between 2021 and 2031.
Metaverse refers to a stimulated digital environment which is enabled with different advanced technologies such as virtual reality, blockchains, and augmented reality.
Metaverse platforms have proven beneficial in elevating the internet experience by developing a virtual world in which consumers can engage in social activities, participate in gaming activities and, buy and sell virtual real estate.
COVID-19 pandemic positively impacted the growth in the global metaverse market. With governments imposing stringent social distancing regulations and lockdowns in a bid to contain the spread of the virus, different population sections opted to engage in online gaming activities. This helped in the growth of the global metaverse market.
During the post-pandemic phase, it is anticipated that the public will continue to engage in online gaming activities which would help the metaverse market grow at a steady pace.
Rising consumer demand for advanced virtual reality devices is the key growth driver for the global metaverse market.
Also, increasing consumer expenditure on various media and entertainment-related events globally could fuel the growth in the metaverse market, in the coming years.
In addition to this, growing adoption of different technologies such as artificial intelligence is anticipated to propel the overall metaverse market, in the years ahead.
Other factors such as rising disposable income among different population sections could also bolster the global metaverse market, in future.
Software market is expected to make the largest contribution to the overall metaverse market because of development of novel softwares by prominent market players.
Desktop device segment is anticipated to contribute the most to the overall metaverse market because of increasing adoption of internet gaming, worldwide.
The competition in the global metaverse market has intensified in the last few years with the growth of several market players and the emergence of novel players. Leading players in the metaverse market are expected to hold a large share in the overall market, in future.
Research and development undertakings to produce improved quality of products could be a key growth strategy for well-established metaverse market players, in the years ahead.
Growth strategies such as new product launches could help prominent metaverse market players gain a competitive edge over other players.
Collaboration with smaller players could help well-established metaverse market players expand their market presence and increase their revenue shares.
The smaller metaverse market players will seek funding from private investors which could prove beneficial for their long-term growth.
Some of the leading players in the global metaverse market include ByteDance Ltd., Nvidia Corporation, The Sandbox, Epic Games Inc., and Tencent Holdings Ltd.
The global metaverse marker is classified into four regions, namely, North America, Asia Pacific, Europe, and rest of the world.
North America is expected to be the dominant region in the global metaverse market because of increasing number of start-up firms focusing on establishing metaverse platforms for commercialization purposes in countries such as US and Canada.
Asia Pacific is anticipated to offer lucrative growth opportunities for the overall metaverse market because of increasing presence of start-up firms in countries such as India, contributing to market growth in the region.
Europe is expected to witness strong growth in the global metaverse market because of increasing number of audiences in several social media platforms as well as expansion of the gaming industry in countries such as UK and Germany.
The rest of the world is expected to witness moderate growth in the overall metaverse market, in the coming years.