The "Metaverse Market By Component, By Technology, By Application, By Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2020-2030" report has been added to ResearchAndMarkets.com's offering.
According to this report the metaverse market was valued at $41.9 billion in 2020, and is estimated to reach $1,237.0 billion by 2030, growing at a CAGR of 40.4% from 2021 to 2030.
Metaverse platforms are a virtual three-dimensional extension of the internet and social media platforms. Metaverse technologies provide its users with a great deal of versatility, in terms of immersive real-time interactions, as well as the ability to design whatever online environment they desire. With the help of metaverse, anybody can build a space and join a global community on an interoperable and decentralized multiplatform, where they can exchange their products or commodities with the rest of the world.
Rise in demand for work from home and remote working tools during the period of the COVID-19 pandemic led to growth of the global metaverse market. Growing popularity of cryptocurrencies and non-fungible tokens (NFTs) are positively impacting growth of the metaverse market.
However, complex security and privacy challenges on the metaverse platform hamper the metaverse market. On the contrary, a positive drive toward decentralized network technology is expected to offer remunerative opportunities for expansion of the metaverse market during the forecast period.
The metaverse market 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.
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