The Global Metaverse Market is estimated to reach over USD 1420.58 billion by 2031, exhibiting a CAGR of 38.97% during the forecast period 2023-2031.
Significant key drivers for the expansion of the metaverse market include the growing usage of AR, VR, and augmented reality by consumers, notably in art and recreational activities, and the increasing integration of digital platforms into industries for everyday operations. In addition, the market for social networks and entertainment platforms based on cutting-edge technology is anticipated to increase quickly in the upcoming few years due to the push toward a decentralized internet network (Web 3.0).
Additionally, there has been a rise in the use of the metaverse in some end-use businesses, including banking and the fields of healthcare, security, and aeronautical. Major BFSI businesses like JP Morgan and HSBC have started utilizing it to improve client connections. To provide its consumers with an engaging way to manage their stock portfolio, trading organizations have started leveraging the metaverse, generating income for the metaverse market. There have also been medical trials to set up doctor-patient interactions in the metaverse for smooth and anonymous communication. By implementing the metaverse in sectors including tourism, defense, and employee training during the forecast period, the government sector is anticipated to expand its market.
