Metaverse Market Size

Metaverse Market size was over USD 82.61 billion in 2023 and is likely to reach USD 11.72 trillion by 2036, witnessing around 46.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of metaverse is assessed at USD 113.27 billion. Metaverse can be described as a universal virtual world, which is facilitated by the use of virtual and augmented reality headsets, and is considered the future of social connectivity. The growth of the market can be attributed to the advancement in technology, along with the growing adoption of virtual reality amongst the people. Moreover, the global coronavirus pandemic encouraged the virtual social connectivity, and metaverse is the next big step in the field of social media. With the help of AR and VR supporting devices, such as, VR headsets, one can perform various activities, such as meetings, and shopping, in a virtual 3D environment. Along with this, the growing adoption of technologies, such as virtual reality and augmented reality is estimated to propel the market growth. For instance, the number of mobile augmented reality (AR) active users reached around half a billion in 2020, which further touched 0.8 billion in 2021. Various industry giants are extensively investing in the development of metaverse, which is expected to be a reality in the upcoming decade. Moreover, growing investment in the R&D activities is anticipated to boost the market growth.