Metaverse Market Size is to Hit US$ 426.9 Billion by 2027, With 47.2% CAGR Globally – Report by MarketsandMarkets™
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According to a research report “Metaverse Market by Component (Hardware, Software (Extended Reality Software, Gaming Engine, 3D Mapping, Modeling & Reconstruction, Metaverse Platform, Financial Platform), and Professional Services), Vertical and Region – Global Forecast to 2027″ published by MarketsandMarkets, the metaverse market size is projected to grow from USD 61.8 billion in 2022 to USD 426.9 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 47.2% during the forecast period.
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Major factors that are expected to drive the growth of the metaverse market include affordability of the metaverse devices for customers – the launch of VR devices in countries such as China and India at low prices, which are affordable to the masses, helps the widespread use of metaverse in consumer applications. Electronics companies are also offering XR devices as a complimentary gift on the purchase of electronic appliances such as television sets, gaming monitors, and gaming consoles. Furthermore, surge in demand of devices, such as VR headsets, MR headsets, HUD, HMD, smart glasses, smart helmets, from media & entertainment industry is expected to drive the market. The key reasons for adopting these technologies are that they can offer the first-person perspective, act as natural user interfaces, and provide 6-degree freedom, to create realistic-looking virtual scenarios to enhance the overall gaming experience of end users; hence enabling to create ample opportunities for metaverse vendors.
The hardware segment to hold a larger market size during the forecast period
The software segment for the metaverse market is projected to contribute majorly among the components division, while the hardware segment is projected to witness a higher growth rate during the forecast period. This high software market share is attributed to the need for creating 3D ecosystems using engines,…
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