Metaverse Market Size to Grow by USD 107.06 Billion From 2022 to 2027, Assessment on Parent Market, Five Forces Analysis, Market Dynamics & Segmentation

NEW YORK, Nov. 15, 2022 /PRNewswire/ — The Global Metaverse Market share is set to increase by USD 107.06 billion from 2022 to 2027. Moreover, the market’s growth momentum will accelerate at a CAGR of 21.33% as per the latest market forecast report by Technavio. The market will also record a 20.59% Y-O-Y growth Rate during the forecast period.

Technavio has announced its latest market research report titled Global Metaverse Market in Finance 2023-2027

Technavio has announced its latest market research report titled Global Metaverse Market in Finance 2023-2027

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Global Metaverse Market – Parent Market Analysis

Technavio categorizes the global metaverse market in finance as a part of the global technology hardware, storage, and peripherals market within the overall global information technology market. The parent global technology hardware, storage, and peripherals market covers manufacturers of cellular phones, personal computers, servers, electronic computer components, and peripherals. It also includes data storage components, motherboards, audio and video cards, monitors, keyboards, printers, and other peripherals. Technavio calculates the global technology hardware, storage, and peripherals market size by considering the revenue generated from sales of the hardware devices, equipment, and components.

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Global Metaverse Market Characteristics with Five Forces–

The Global Metaverse Market is fragmented and the five forces analysis by Technavio gives the accurate vision –

  • Bargaining Power of Buyers

  • The threat of New Entrants

  • Threat of Rivalry

  • Bargaining Power of Suppliers

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    Global Metaverse Market– Customer Landscape

  • The disruption threats are strategic in nature, and operational risks for suppliers have been mapped based on their negative business impact and probability of occurrence.

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Global Metaverse Market– Segmentation Assessment

Geography Segment Overview

Technavio’s market research report entails detailed information on regional opportunities in store for vendors, which will assist in generating sales revenues. The Global Metaverse Market as per geography is categorized into North America, Europe, APAC, South America, and the Middle East and Africa. The report provides an accurate prediction of the contribution of all regions to the growth of the Global Metaverse Market size and actionable market understandings.

Regional Highlights:

  • APAC is the fastest-growing region in the global Metaverse Market compared to other regions. 32% growth will originate from APAC. A number of factors are driving the market forward in the region, including the growing adoption of VR and AR technologies by financial institutions and banks, the popularity and acceptance of cryptocurrencies and blockchain technology, the increased focus on improving customer experience and investigating the potential of immersive technologies, and the quick uptake of metaverse platforms to align financial services and businesses with metaverse goals.

Type Segment Overview

  • The Global Metaverse Market as per Component segmentation is categorized into Hardware and Software.

  • Revenue Generating Segment – The market share growth by the hardware segment will be significant during the forecast period. The hardware segment is anticipated to post a strong CAGR in terms of sales. The metaverse platform can be accessed by a variety of headsets, smart glasses, and lenses. A camera is used in a virtual reality (VR) or augmented reality (AR) experience to change or improve the user’s perception of a virtual world, such as a metaverse. This might be a web-based or mobile experience. Residential consumers’ increased use of the metaverse market in finance, which is driven by evolving lifestyles and a rising preference for comfort, is primarily responsible for this segment’s expansion.

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Global Metaverse Market– Market Dynamics

Major Driver Boosting the Market

  • The rise of the metaverse market for finance is particularly being driven by its innovative features and user interfaces. In addition to providing payment platforms, banks are thinking about how to increase their presence in the metaverse and provide better services to customers who will be spending more time there.

  • Holographic representations, 3D figures, and intelligent heat maps have significantly replaced flat visuals and charts in market data analysis. Banks will be able to successfully manage the digital transition regardless of how this new world appears if they employ these components to suit the needs of their customers, including their desire to participate in the crypto and metaverse economies. These elements will support market growth over the course of the projection.

Major trends influencing the growth of glamping

  • The key trend driving the metaverse market in finance growth is a greater emphasis on VR and AR. During the projection period, technological advancements will further boost demand for AR and VR applications. These programs make technology easier to use and might make it easier to incorporate augmented reality into daily life.

  • For instance, Project Glass from Google gives users access to a number of augmented reality applications. Users can enjoy new offline and online purchasing experiences by creating AR Android applications. Users can select the proper size and lower the risk of returns with the use of a virtual changing room. The global metaverse market for finance will continue to expand due to the expanding applications for AR and VR technology in various industries.

Major Challenges interrupting the market growth

  • The emergence of the metaverse market for finance may be hampered by concerns about privacy and security. Data security and privacy have long been a concern for users of the metaverse, despite the fact that businesses and financial institutions continue to improve their IT security measures.

  • The metaverse gathers and analyses huge amounts of information about users and their surroundings. Therefore, privacy issues provide a significant barrier for the market.

  • Any security or privacy breach could cause problems and harm the company’s reputation. Furthermore, corporations are worried about the security of these platforms because the metaverse is continually changing. Due to the fact that it is totally online, problems relating to security and privacy may soon appear. Such elements can limit the market’s expansion.

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Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19-impacted market research reports.

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Metaverse Market 2023-2027: Key Highlights

  • CAGR of the market during the forecast period 2023-2027

  • Detailed information on factors that will assist Metaverse Market growth during the next five years

  • Estimation of the Metaverse Market size and its contribution to the parent market

  • Predictions on upcoming trends and changes in consumer behavior

  • The growth of the Metaverse Market

  • Analysis of the market’s competitive landscape and detailed information on vendors

  • Comprehensive details of factors that will challenge the growth of Metaverse Market vendors

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Metaverse Market in Finance Scope

Report Coverage

Details

Page number

120

Base year

2022

Historical year

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 21.33%

Market growth 2023-2027

$107.06 billion

Market structure

Concentrated

YoY growth (%)

20.59

Regional analysis

North America, Europe, APAC, South America, and the Middle East and Africa

Performing market contribution

APAC at 32%

Key consumer countries

US, Canada, China, Germany, and UK

Competitive landscape

Leading companies, Competitive Strategies, Consumer engagement scope

Key companies profiled

Bank of America Corp., BNP Paribas SA, HSBC Holdings Plc, IBK Industrial Bank of Korea, JPMorgan Chase & Co., KB Financial Group Inc., Mogo Inc., National Bank of Kuwait S.A.K.P, NH Investment & Securities Co. Ltd., and Shinhan Financial Group Co. Ltd.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Five Forces Analysis

5 Market Segmentation by Component

6 Market Segmentation by End-user

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Vendor Landscape

11 Vendor Analysis

12 Appendix

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Website: www.technavio.com/

Global Metaverse Market in Finance 2023-2027

Global Metaverse Market in Finance 2023-2027

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