The global metaverse market is undergoing unprecedented growth, with projections indicating a surge from USD 83.9 Billion in 2023 to a staggering USD 1,303.4 Billion by 2030, marking a remarkable Compound Annual Growth Rate (CAGR) of 48.0% over the period from 2023 to 2030.
The metaverse's development has been significantly influenced by the video game industry, which now offers immersive virtual worlds with user-generated content and virtual economies. Beyond entertainment, the metaverse is finding applications in education and collaboration, with virtual classrooms, conferences, and workspaces becoming increasingly prevalent.
Within the market, the VR Devices segment is set to be the dominant force, holding the largest market share during the forecast period. VR devices provide lifelike visual and auditory experiences, catering to enterprise and consumer needs in areas such as gaming, entertainment, and training across various industries. Notable examples of VR devices include Meta Quest 2, HTC Vive Cosmos, Oculus Rift S, HTC Vive Pro, and Varjo VR-3.
The Consumer vertical is expected to command the largest market share during the forecast period. This vertical encompasses a broad range of consumer-centric applications, including gaming, social media, sports, live entertainment, concerts, museums, theme parks, art galleries, and exhibitions. The metaverse and extended reality technologies are enhancing the visual aspects of gaming and sports broadcasts, ultimately improving the overall user experience.