Metaverse Market is expected to grow USD 344.8 billion by 2027

PERKINS, Okla. - Oct. 13, 2022 - PRLog -- The global metaverse market size was USD 46.6 billion in 2021 and is projected to grow at a CAGR of 41.1% during the forecast period. The metaverse is a mixed reality or digital reality platform that allows users to interact virtually through social media, online gaming, virtual reality (VR), augmented reality (AR), and cryptocurrencies. To improve user interactions and interface, augmented reality overlays sounds, visuals, and other sensory input in a real-world scenario. On the other hand, virtual reality is entirely virtual and values fictitious realities, while metaverse integrates mixed realities using a complex platform; these factors will propel the market forward.

Furthermore, some other factors, such as the growing demand for online education and mass course academies like Udemy and Coursera, among others, continue to be a promising driver for major business opportunities in the Metaverse market, with a greater emphasis on the convergence of the digital and physical worlds across the Internet and the increasing demand for metaverse for the purchase of digital assets using cryptocurrencies. Over the forecasting period, such factors will amplify the metaverse market's growth.

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The global metaverse market has been segmented into component, platform, offerings, technology, application, end-users, and region. By component market is fragmented into hardware and software. By platform market is categorized into desktop and mobile. By offerings market is segmented into a virtual platform, asset marketplaces, avatars, and financial services. By application the market is bifurcated into gaming, online shopping, content creation, social media, conference, virtual runway shows, aircraft maintenance, and others. By end-users, the market is segmented into fashion, media & entertainment, education, aerospace & defense, and others. By region market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa.

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Major Players

Major Players in the global metaverse market are Facebook, Inc., Nextech AR Solutions Corp., Tencent Holdings Ltd., Nvidia Corporation, Epic Games, Inc., ByteDance Ltd., Unity Technologies, Inc., Lilith Games, NetEase, Inc., Roblox Corporation, and Microsoft, and others. These players have been adopting various winning strategies to gain higher shares or retain leading positions globally.