In its latest analysis, Market Research Future (MRFR) predicts the global Metaverse market will reach USD 105,597.5 million by 2030, registering a 45.2% CAGR during the forecast period, 2024–2030. The global Metaverse market is expected to witness substantial growth during the forecast period due to the increasing focus on converging digital and physical worlds using the Internet and the rising traction and popularity of mixed reality (MR), which are expected to be the primary drivers of the market.
North America, South America, the Middle East & Africa, Europe, and Asia-Pacific make up the different regions of the global Metaverse market. The North American industry is forecasted to be dominated by North America; the US, Canada, and Mexico are included in this, with the US being one of the top marketplaces in North America. The main element influencing the market’s expansion is the growing emphasis on leveraging the Internet to bring the physical and digital worlds closer. Technology advancements like Extended Reality, 5G, and AI may make the Metaverse futuristic from the perspective of corporate intelligence.
The Metaverse market in the Asia-Pacific region is anticipated to register a CAGR of 62.2% from 2024 to 2030. More and more businesses in China, Japan, and India are finding appeal in mixed reality. The increasing desire of regional firms to outperform their western counterparts has led to a rise in the deployment of metaverse solutions in the area. China is a significant source of revenue in the Asia-Pacific metaverse sector.
The study says that not everyone can afford the cost of headsets and other wearables, so the success of Metaverse hinges on the affordability of hardware and related software costs. To attract more users and widespread acceptance of this technology globally, IT companies must develop more economical solutions. Rapid technological improvements are therefore a fundamental requirement for the sector.
Furthermore, blockchain technology is expected to exhibit the highest CAGR growth rate of 49.5% during the projected period. Blockchain technology complements the Metaverse well since it provides a transparent and affordable alternative.