According to the latest market research study published by P&S Intelligence, the global metaverse market is expanding rapidly and is forecasted to reach $1,157.8 billion by 2030, with an impressive CAGR of 44.0% throughout the projection period. Key factors fueling this growth include the rising integration of physical and virtual environments, the increasing adoption of advanced VR devices, and the growing demand for extended reality (XR) technologies.
A major contributor to this growth is 3D digital twin technology, which has transformed business operations and customer experiences in the built environment. By creating exact 3D virtual replicas of rooms and structures, companies can establish physical and virtual locations that replicate each other precisely, enriching customer engagement and operational efficiency.
Digital twin technology also enables virtual fittings, allowing customers to try on clothes and visit stores virtually before their physical opening. In these cases, a camera captures the customer’s image, while embedded augmented reality (AR) technology overlays the product image on the customer, showing them how it would look.
With virtual try-on solutions gaining popularity, many fashion brands are integrating physical and virtual reality to offer customers secure and convenient shopping experiences, both online and in-store.
Regional Outlook:
- The hardware sector leads the metaverse market revenue, driven by the heightened acceptance of AR, MR, and XR technologies.
- VR device spending is on the rise among businesses and individual consumers, promoting market growth across company sizes.
- In 2023, desktops dominated with nearly 50% of market share, fueled by the global popularity of virtual desktops and PC gaming.
- VR held approximately 45% of the market, with applications spanning healthcare, entertainment, education, and gaming.
- AR technology is anticipated to grow at the highest CAGR of 44.6%, driven by the demand for wearable AR devices like smart glasses, which require a unique UX and design approach.
- Real-time game personalization with AR is also enhancing its use in game development.
- North America leads the global metaverse market with a 45% revenue share due to the high adoption of smart devices and investment in AR/VR technologies.
- The Asia-Pacific region is expected to experience the highest CAGR of 44.7%, supported by rising consumer demand for immersive experiences and substantial tech investments.
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