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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.
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.
How are gaming applications influencing the Brazil metaverse landscape?
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.
How are virtual platforms driving the metaverse industry growth in China?
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.
What is the worth of Canada metaverse extended reality hardware industry?
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.
How big is the metaverse market?
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.
Why is the metaverse sector growing in North America?
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.