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Metaverse Market Size

Report ID: GMI5254
Published Date: Apr 2022
Report Format: PDF

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Metaverse Market Size

Metaverse Market size surpassed USD 50 billion in 2021 and is poised to grow at a CAGR of over 35% between 2022 and 2028. The market growth is attributed to the increasing trend of online gaming among youth coupled with proliferation of internet connection across the world.

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The global COVID-19 restrictions resulted in social distancing and increased the demand for AR & VR technology across various industry verticals such as media entertainment, retail, and education. This has created more opportunities for market players to develop advanced metaverse solutions. During the pandemic, various organizations have extensively invested in digital twin technology as a long-term recovery plan, which has led to the market expansion.

Metaverse Market Report Attributes
Report Attribute	Details
Base Year:	2021
Metaverse Market Size in 2021:	USD 50 Billion
Forecast Period:	2022 to 2028
Forecast Period 2022 to 2028 CAGR:	35%
2028 Value Projection:	USD 500 Billion
Historical Data for:	2018 to 2020
No. of Pages:	275
Tables, Charts & Figures:	440
Segments covered:	Component, Platform, Offerings, Application and Region
Growth Drivers:	Rising trend of online gaming Increasing investment in metaverse technology Increasing adoption of advanced AR/VR devices Growing adoption of blockchain and AI technology
Pitfalls & Challenges:	Lack of awareness towards metaverse technology Increasing threat of cyberattacks

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Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The global industry size for metaverse crossed USD 50 billion in 2021 and is poised to record a CAGR of over 35% between 2022 and 2028 owing to the rising trend of online gaming.

The extended reality hardware component segment held over 30% of the regional market share in 2021 and will increase with rising adoption in the entertainment & gaming industry.

China industry size from the virtual platform offering segment is slated to witness a CAGR of over 40% through 2028 driven by the influx of digital transformation across several end-user sectors.

The gaming segment application captured around 30% of the regional market revenue in 2021 ascribed to the increasing deployment of AI technology in gaming & entertainment.

North America will amass more than USD 120 billion in annual revenue for the industry by 2028 owing to the surging investments in digital twin technology and the presence of favorable government initiatives.