Global Metaverse Industry Expected to Reach USD 1,237 Billion by 2030 | Top Players such as -Nextech, NVIDIA and Tencent

Increasing focus on converging digital and physical worlds using internet is a major factors driving the growth of the metaverse market.

PORTLAND, PORTLAND, OR, UNITED STATE, August 2, 2023/EINPresswire.com/ -- Allied Market Research published a new report, titled, " The Global Metaverse Industry Expected to Reach USD 1,237 Billion by 2030 | Top Players such as -Nextech, NVIDIA and Tencent." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

The global metaverse market size was valued at USD 41.9 billion in 2020, and is projected to reach USD 1,237.0 billion by 2030, growing at a CAGR of 40.4% from 2021 to 2030.

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Rise in popularity of cryptocurrencies and non-fungible tokens (NFTs) drives the global metaverse market. On the other hand, complex security and privacy challenges on the metaverse platform restrain the growth to some extent. However, a positive drive toward decentralized network technology is projected to pave the way for lucrative opportunities in the industry.

The metaverse industry is segmented on the basis of component, technology, application, industry vertical, and region. On the basis of component, the market is divided into hardware, software, and service. Depending on technology, it is classified into blockchain, virtual reality & augmented reality, mixed reality, and others. On the basis of application, it is segmented into gaming, online shopping, content creation & social media, events & conference, digital marketing, testing & inspection, and others. By industry vertical, it is divided into BFSI, retail, media and entertainment, education, aerospace & defense, automotive, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Based on component, the hardware segment contributed to more than half of the total market revenue in 2020, and is projected to lead the trail by 2030. The service segment, however, would exhibit the fastest CAGR of 42.7% during the forecast period.

Based on application, the gaming segment generated the highest share in 2020, accounting for more than one-fifth of the global market. The content creation and social media segment would portray the fastest CAGR of 43.7% from 2021 to 2030.

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Based on region, the market across North America held the major share in 2020, garnering nearly two-fifths of the global market. The Asia-Pacific region, on the other hand, would manifest the fastest CAGR of 42.5% throughout the forecast period.

The key market players analyzed in the global metaverse industry report include ByteDance Ltd, Facebook, Inc., Huawei Technologies Co. Ltd., Nextech AR Solutions Inc., Unity Technologies, NVIDIA Corporation, Roblox Corporation, Alibaba Group Holding Limited, Shenzhen Zqgame Co., Ltd, and Tencent.

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Covid-19 Scenario-

⁕ Increase in work from home culture and social distancing norms initiated in the COVID-19 lockdowns aided in promoting demand for metaverse platforms throughout the period, which positively impacted the market.

⁕ This trend is most likely to continue post pandemic as well.

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