Business Metaverse Market Research Report Information By Components (Hardware (AR Devices, VR Devices, MR Devices, Displays), Software (Extended Reality Software, Gaming Engines, 3D Mapping, Modeling, and Reconstruction, Metaverse Platforms, Financial Platforms, Other Software), and Professional Services (Application Development and System Integration, Strategy and Business Consulting Services)), By Vertical (Consumer (Gaming and Social Media, Live Entertainment and Events), Commercial (Retail and eCommerce, Education and Corporate, Travel

Business Metaverse Market Overview

The Business Metaverse market industry is projected to grow from Significant Value by 2032, exhibiting a compound annual growth rate (CAGR) of 55.20% during the forecast period (2023 - 2032). The increasing demand for immersive virtual experiences and the integration of augmented reality (AR) and virtual reality (VR) technologies are the key market drivers fueling the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Business Metaverse Market Trends

• Growing demand for immersive virtual experiences is driving the market growth

Market CAGR for Business Metaverse is being driven by the surging demand for immersive virtual experiences. As technology continues to advance, businesses are increasingly recognizing the value of creating immersive and engaging environments for their customers, employees, and partners. The Business Metaverse offers a platform where individuals can interact with digital spaces in a more realistic and immersive manner, fostering a deeper connection with the content or experiences provided. This demand is particularly evident in sectors such as gaming, education, and retail, where users seek richer and more interactive experiences. In the gaming industry, for example, the Business Metaverse provides an opportunity to create virtual worlds that go beyond traditional gaming environments, offering social interactions, commerce, and entertainment all within a single, interconnected space. This demand extends to other industries, including virtual events, training simulations, and product showcases, where businesses aim to deliver experiences that transcend the limitations of conventional platforms.

The integration of AR and VR technologies plays a pivotal role in driving the Business Metaverse market. These technologies enhance the level of immersion by blending the physical and virtual worlds, creating a seamless and interactive user experience. Businesses are increasingly leveraging AR and VR to offer innovative solutions, from virtual product demonstrations and training simulations to collaborative workspaces in the digital realm.

The paradigm shift towards remote work and collaboration, accelerated by global events such as the COVID-19 pandemic, is another significant driver for the Business Metaverse market. As organizations embrace distributed work models, there is an increased need for virtual collaboration tools that go beyond traditional video conferencing. The Business Metaverse provides a digital space where remote teams can come together, collaborate on projects, and engage in real-time interactions as if they were physically present.

According to a survey companies investing in virtual collaboration technologies have reported gains in productivity, with 89% of employees stating that virtual collaboration tools help them complete tasks more efficiently (PwC). As a result, it is anticipated that throughout the projection period, demand for Business Metaverse will increase due to the rising preference for remote work. Thus, driving the Business Metaverse market revenue.

Business Metaverse Market Segment Insights

Business Metaverse Component Insights

The Business Metaverse Market segmentation, based on Components includes Hardware (AR devices, VR devices, MR devices, Displays), Software (Extended Reality Software, Gaming Engines, 3D Mapping, Modeling, and Reconstruction, Metaverse Platforms, Financial Platforms, Other Software), and Professional Services (Application Development and System Integration, Strategy and Business Consulting Services). The software segment dominated the market, accounting for more than one-third of market revenue. This is linked to its pivotal role in enabling the functionalities and features of the Business Metaverse. Software encompasses the development of immersive environments, collaboration tools, and content creation platforms that form the backbone of the Metaverse experience.

Business Metaverse Vertical Insights

The Business Metaverse Market segmentation, based on Vertical includes Consumer (Gaming and Social Media, Live Entertainment and Events), Commercial (Retail and eCommerce, Education and Corporate, Travel and Tourism, Real Estate), Industrial Manufacturing, Healthcare, and Other verticals. The healthcare segment dominated the market, accounting for more than a quarter of market revenue. The integration of the Metaverse in healthcare offers transformative solutions such as virtual medical training, patient therapy, and surgical simulations.

Figure 1: Business Metaverse Market, by Vertical, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Business Metaverse Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American Business Metaverse market area will dominate this market due to its advanced technological landscape, high level of innovation, and the presence of key industry players. Silicon Valley, located in the United States, is a global hub for technology and innovation, fostering the development of cutting-edge solutions in augmented reality (AR), virtual reality (VR), and immersive technologies.

Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: BUSINESS METAVERSE MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Business Metaverse market accounts for the second-largest market share driven by a strong embrace of digital transformation and a culturally diverse landscape. European countries have been proactive in adopting emerging technologies and fostering innovation, with a focus on creating collaborative and immersive digital environments. Further, the German Business Metaverse market held the largest market share, and the UK Business Metaverse market was the fastest-growing market in the European region

The Asia-Pacific Business Metaverse Market is expected to grow at the fastest CAGR from 2023 to 2032 driven by rapid technological adoption, growing economies, and immense market potential in countries like China, Japan, and South Korea. These countries have witnessed a surge in the adoption of augmented reality (AR), virtual reality (VR), and immersive technologies across various industries. Moreover, China’s Business Metaverse market held the largest market share, and the Indian Business Metaverse market was the fastest-growing market in the Asia-Pacific region.

Business Metaverse Key Market Players & Competitive Insights

Leading market players are allocating significant resources to research and development to stay at the forefront of technological advancements within the Metaverse. Market participants are also undertaking a variety of strategic activities to expand their global presence, with important market developments including new product launches, contractual agreements, vertical integration, mergers and acquisitions, higher investments, branding initiatives, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Business Metaverse industry must offer cost-effective items.

Adopting agile development methodologies is one of the key business tactics used by companies in the global Business Metaverse industry to benefit clients and increase market share. In recent years, the Business Metaverse industry has offered some of the most significant advantages to Consumers. Major players in the Business Metaverse market, including Microsoft, Sony, Meta, Adobe, HPE, Deloitte, Tech Mahindra, Ansys, Autodesk, Intel, HTC, Google, and others, are attempting to increase market demand by investing in product development to increase their product line and cater to diverse consumer needs.

Google, a global technology giant, is renowned for its dominance in online search and digital advertising. Founded in 1998, the company has evolved into a multifaceted entity, offering a diverse range of products and services, including the popular search engine, cloud computing solutions, Android operating system, and productivity tools like Google Workspace. With a commitment to innovation, Google continually explores emerging technologies such as artificial intelligence and augmented reality. As of 2022, it remains a leading force in the tech industry, shaping the digital landscape through its expansive ecosystem and user-centric approach. In February 2023, Google unveiled XR Immersive Stream, a cloud-driven graphics rendering service leveraging Google Cloud's GPUs. This service delivers intricate, high-quality images and videos to any device, allowing developers to create immersive experiences without relying on powerful hardware or specialized user applications. XR Immersive Stream stands out by removing the need for devices to have robust hardware or specific applications, enabling users to fully immerse themselves in 3D or AR environments seamlessly.

Meta, a technology conglomerate, pioneers solutions fostering global connections, community building, and business growth. Originating from the transformative impact of Facebook in 2004, Meta has expanded its influence through platforms like Messenger, Instagram, and WhatsApp, empowering billions globally. With a visionary shift toward immersive experiences like augmented and virtual reality, Meta aims to shape the future of social technology. The company emphasizes creating safe and respectful online spaces, guided by community values that promote constructive conversations. Meta's commitment to user engagement is evident through community guidelines enforcement by dedicated moderators, ensuring a positive and empathetic digital environment. In October 2022, Meta and Microsoft joined forces to envision a more immersive future for both work and leisure. Their collaborative initiative involves bringing Mesh for Microsoft Teams to Meta Quest devices. This technological advancement results from years of dedicated research and innovation, incorporating Azure Digital Twins, Dynamics 365 Remote Assist, and Teams video meetings. Mesh for Teams facilitates virtual meetings in the actual work environment, accessible across a range of devices, including smartphones, laptops, and mixed-reality headsets. With the integration of Mesh for Teams on Meta Quest Pro and Meta Quest 2 devices, individuals can collaborate seamlessly, feeling as though they are physically present in the same location.

Key Companies in the Business Metaverse market include

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  Microsoft

  
  


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  Sony

  
  


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  Meta

  
  


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  Adobe

  
  


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  HPE

  
  


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  Deloitte

  
  


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  Tech Mahindra

  
  


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  Ansys

  
  


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  Autodesk

  
  


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  Intel

  
  


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  HTC

  
  


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  Google

  
  


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  Apple

  
  


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  Qualcomm

  
  


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  Tencent

  
  


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  Nexon

  
  


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  Samsung

  
  


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  Activision Blizzard

  
  


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  NetEase

  
  


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  Electronic Arts

  
  


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  Take-Two

  
  


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  Epic Games

  
  


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  Unity

  
  


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  Valve

  
  


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  Accenture

  
  


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  ByteDance

  
  


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  NVIDIA

  
  


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  Epson

  
  


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  Panasonic

  
  


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  EON Reality

  
  


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  Roblox

  
  


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  Lenovo

  
  


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  Razer

  
  


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  Nextech AR Solutions

  
  


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  ZQGame

  
  


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  Talecraft

  
  


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  VR Chat

  
  


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  Decentraland

  
  


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  Sandbox VR

  
  


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  Quidient

  
  

Business Metaverse Industry Developments

November 2021: Samsung made an acquisition of the American optics firm DigiLens with the aim of advancing a novel lens iteration named holographic waveguides. This technology boasts a broader Field of View (FoV) compared to other waveguides, signifying a significant enhancement in visual capabilities.

January 2024: Futureverse, a prominent company specializing in AI and metaverse technology and content, supported by top-tier investors, reveals its most significant announcement to date. The company introduces Readyverse Studios, a groundbreaking studio co-founded by Shara Senderoff and Aaron McDonald, the Co-Founders of Futureverse, along with Ernest Cline, acclaimed author of the best-selling novel and creator of the innovative franchise Ready Player One, and Dan Farah, the film producer behind Ready Player One. This development marks a notable milestone in Futureverse's endeavors within the AI and metaverse landscape.

Business Metaverse Market Segmentation

Business Metaverse Components Outlook

• Hardware
  
  
  
  • AR devices
  
  
  • VR devices
  
  
  • MR devices
  
  
  • Displays
  
  
  
  


• Software
  
  
  
  • Extended Reality Software
  
  
  • Gaming Engines
  
  
  • 3D Mapping, Modeling, and Reconstruction
  
  
  • Metaverse Platforms
  
  
  • Financial Platforms
  
  
  • Other Software
  
  
  
  


• Professional Services
  
  
  
  • Application Development and System Integration
  
  
  • Strategy and Business Consulting Services
  
  
  
  

Business Metaverse Vertical Outlook

• Consumer
  
  
  
  • Gaming and Social Media
  
  
  • Live Entertainment and Events
  
  
  
  


• Commercial
  
  
  
  • Retail and eCommerce
  
  
  • Education and Corporate
  
  
  • Travel and Tourism
  
  
  • Real Estate
  
  
  
  


• Industrial Manufacturing


• Healthcare


• Other verticals

Business Metaverse Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe


• Germany
  
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America