Quick Summary:
- A new report has been released by Reportlinker.com titled “Global Metaverse Industry”.
- Global Metaverse Industry to Reach $344.7 Billion by 2027.
Related: How IoT and Blockchain Will Affect Digital Humans in Metaverse
As a result of the changed business landscape after COVID-19, Metaverse’s global market size is projected to grow at a CAGR of 40.2% over the analysis period 2020-2027. From $32.4 billion in 2020 to US$344.7 billion by 2027. There is a strong expectation in this report that, by the end of the analysis period, software sales will register a CAGR of 39.3% and will reach US$212.6 Billion. The growth in the hardware segment is readjusted to include the ongoing recovery from the pandemic. A revised CAGR of 43.8% is projected for the next seven years, taking into account the current recovery.
Market Segmentation
Market size for U.S. product is estimated at $13 billion, and China is expected to grow by 45.7% CAGR over the coming years. According to estimates, the U.S. Metaverse market will reach US$13 Billion by the end of the decade.
By the year 2027, it is predicted that China will reach a market size of US$40.9 Billion, which will represent an increase of 45.7% over the period from 2020 to 2027, representing the world’s second largest economy.
Aside from the US market, two other notable geographic markets include Japan and Canada, both of which are expected to grow at a rate of 34.8% and 36.6% over the period 2020-2027. A CAGR of 39.8% is predicted for Germany’s economy during the forecast period within Europe.
Professional Services Segment to Record 34.9% CAGR
It is estimated that the USA, Canada, Japan, China and Europe, which make up 34.9% of the global Professional Services market, will drive the segment’s 34.9% CAGR over the next few years. By the end of the analysis period, these regional markets will be able to generate a combined market size of US$23.3 billion by the end of the analysis period, accounting for a combined market size of US$2.9 billion in 2020. In this cluster of regional markets, China is expected to remain one of the fastest growing ones.
Biggest Competitors
3i Inc. Apple Inc. Atari, Inc. Autodesk Inc. Dapper Labs Decentraland Epic Games, Inc. Fastly Google LLC IBM Corporation Infor Madeium Magic Leap, Inc. Meta Platforms, Inc. Microsoft Corporation Nextech AR Solutions Inc. NVIDIA Corporation Oracle Corporation PTC Inc. Roblox Corporation SAP SE Synthesis AI Systems Engineering & Assessment Ltd. Unity Technologies, Inc.
Conclusion
If you are looking for interesting industry, to put your money into, Metaverse is looking to be going towards a bright future.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
