The lead analyst at AMR highlighted that the metaverse market across Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
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Allied Market Research published a research report on the metaverse market. The findings of the report state that the global market for the metaverse generated $41.9 billion in 2020, and is projected to reach $1,237.0 billion by 2030, witnessing a CAGR of 40.4% from 2021 to 2030. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenarios for market players, investors, shareholders, and new entrants.
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“The service segment is expected to witness the highest growth in the upcoming years, owing to higher development and infrastructural requirement of metaverse applications and services,” said Md Shadaab Khan, Analyst, ICT and Media, at Allied Market Research.
The report provides detailed insights on drivers, restraints, and opportunities to help the market players in devising several growth strategies. The 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 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 report provides a detailed scenario of the impact of the Covid-19 pandemic on the metaverse market globally. It is helpful for market players, new entrants, and investors to determine strategies as per the current scenario and improvise the business model for the next few years. The rise in work-from-home culture and social distancing norms that were initiated during the Covid-19 lockdowns helped in promoting demand for metaverse platforms throughout the period, which impacted the market positively. This trend is most likely to continue post-pandemic as well.
By component, the hardware segment garnered more than half of the total market revenue in 2020 and is expected to lead the trail by 2030. The service segment, however, would exhibit the fastest CAGR of 42.7% during the forecast period.
By application, the gaming segment accounted for 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.
By region, the market across North America contributed to the major share in 2020, garnering nearly two-fifths of the global market. The Asia-Pacific region, on the other hand, would project the fastest CAGR of 42.5% throughout the forecast period.
The key market players analyzed in the global metaverse market report include ByteDance Ltd, Facebook, Inc., Nextech AR Solutions Inc., NVIDIA Corporation, Roblox Corporation, Alibaba Group Holding Limited, Unity Technologies, Shenzhen Zqgame Co. Ltd, Antier Solutions, Huawei Technologies Co. Ltd., and Tencent.
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