According to Technavio, the global metaverse market size is estimated to grow by USD 1,152.35 billion from 2022 to 2027. The market is estimated to grow at a CAGR of 40.06% during the forecast period. Moreover, the growth momentum will accelerate. North America will account for 39% of the market’s growth during the forecast period. In 2017, the metaverse market was valued at USD 92.48 billion.
The VR or AR devices segment will account for a significant part of the growth during the forecast period. These devices include headsets, smart glasses, and lenses used for interacting on the metaverse platform. The growth of this segment is attributed to factors such as new product launches and the growing adoption of VR and AR in different application areas.
- The growing smartphone penetration and use of 5G are driving the market growth.
- 5G is becoming popular with the high adoption of smart devices such as smartphones.
- Thus, the use of different apps and online platforms for online shopping is expected to increase.
- Businesses such as e-commerce and finance businesses are expected to adopt advanced technologies such as metaverse to enhance the virtual experience.
- Therefore, the growing smartphone penetration and use of 5G are fueling the growth of the global market during the forecast period.
