III. Industry Analysis

The global metaverse market accounted for US$ 337.23 million in 2020 and is expected to be $1003.06 million by 2030 and is anticipated to register a CAGR of 11.50%.¹ Because of the NFT boom and Mark Zuckerberg’s recent endorsement, the metaverse market has also gotten a lot of attention in recent months. NFTs worth $2.1 billion have been traded globally, according to Nonfungible.com. Other well-known brands are also looking to create waves in the metaverse. Cryptocurrencies are utilized to bridge the gap between the real and virtual worlds. The usage of the metaverse to purchase digital assets using Bitcoin is becoming more popular around the world. Websites, messaging applications, and social media platforms such as Facebook are being used to communicate with one another online. North America is anticipated to account for the greatest revenue share in 2021 due to the increasing number of clients and users adopting new and more complex technologies. Another factor expected to boost regional market growth is the growing number of start-ups working on metaverse platforms for commercialization. Furthermore, the region’s strong presence of gaming and metaverse enterprises such as The Sandbox, Nvidia Corporation, and Epic Games, Inc., which focus on embedding metaverse into games, is driving the market growth. 

NFT, or non-fungible token, is a technology that can be used in many different ways. Virtual reality (VR), augmented reality (AR), and NFT-savvy firms have a plethora of lucrative prospects in the metaverse. Many of these virtual worlds are supported by blockchain technology similar to those that power cryptocurrencies and NFTs, allowing users to exchange virtual assets.
The global metaverse market report segments the market on the basis of component, device, technology, application, and region. 

• Based on components, the global metaverse market is segmented into hardware, software/platform, and services.
• Based on devices, the global metaverse market is segmented into desktop, mobile, console, and others.
• Based on technology, the global metaverse market is segmented into Blockchain, Virtual Reality (VR) & Augmented Reality (AR), and Mixed Reality (MR).
• Based on application, the global metaverse market is segmented into online shopping, gaming, social media, content creation conference, and others.
• By region, the global metaverse market is segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa.

It’s expected that the metaverse can cater to newer businesses as well as tremendous financial growth opportunities in the future. Furthermore, the advent of IoT in the metaverse has helped to overcome one of its daunting challenges, like mapping data from real life to digital reality.²  

1.https://www.globenewswire.com/en/news-release/2022/04/25/2428281/0/en/Metaverse-Market-is-estimated-to-be-US-947-118-billion-by-2030-with-a-CAGR-of-38-8-during-the-forecast-period-By-PMI.html
2.https://www.strategicmarketresearch.com/market-report/metaverse-market