U.S. Metaverse Market Growth & Trends
The U.S. metaverse market size is expected to reach USD 253.8 billion by 2030, growing at a CAGR of 37.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growing demand for metaverse applications, including augmented and virtual reality technology to develop immersive and engaging experiences, the development of gaming experiences, the creation of multi-user virtual environments, the potential for e-commerce, live streaming, and other modes of online transactions, is responsible for the growth of the market. These applications, acknowledged as crucial for technological innovation, have attracted significant investment and innovative efforts, propelling the market. This evolution intends to confront core challenges and promote citizen well-being on a global level.
Companies are competing to digitalize every part of their business and transform themselves into software-defined high-tech companies. Integrating the technologies of companies regarding the metaverse brings customers the best of combined capabilities. Consequently, this transformation towards data-centered strategies enables efficiency, fueling the growth of the metaverse market in the U.S. For instance, in March 2023, NVIDIA Corporation, a software company, collaborated with Microsoft Corporation to offer Microsoft enterprise users access to AI supercomputing resources and powerful industrial metaverse via the cloud. The collaboration aims to speed up enterprises’ capability to digitalize their operations, capture the industrial metaverse, and train advanced generative AI models and other applications.
Metaverse influences the content and experience of various sectors, including Media & Entertainment, BFSI, Aerospace & Defense, Education, and Healthcare in the U.S. Companies have already started utilizing the metaverse to improve their brand performance. The development of 3D, immersive, online worlds is rapidly progressing and beneficial to all aspects of the business world. For instance, in November 2023, Lockheed Martin Corporation, a U.S.-based aerospace and defense technology company, introduced a series of advanced military training solutions that utilize metaverse technologies. These solutions aim to transform immersive training experiences for the armed forces, offering advanced features. As military operations continue to develop, Lockheed Martin Corporation’s innovative solutions intend to provide forces with the necessary tools to excel in dynamic scenarios.
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U.S. Metaverse Market Report
U.S. Metaverse Market Report Highlights
- VR and AR technology segment dominated the market with significant revenue share in 2023. VR and AR have transformed user experience and interaction with digital content, opening up a world full of innovation for education, media & entertainment, and beyond
- The growth of the market is also attributed to enhanced immersive experiences in gaming and other virtual environments. VR provides entertainment and gaming with exceptional interactivity and immersion. The development of artificial environments enables the creation of innovative narration in gaming and extends to other domains, such as interactive films and virtual events
- The software segment dominated the market with a significant revenue share in 2023. Metaverse avatar development is gaining traction, enabling users to explore the virtual environment and experience a different aspect of the metaverse environment, which contributes to the growing use of the software segment in the U.S.
- Strong government support and initiatives toward metaverse development and digital transformation drive the market’s growth, encouraging the integration of metaverse in all sectors in the U.S.
- Several businesses trying to modernize their operations are embracing digital transformation and emerging technologies such as the Metaverse, Artificial Intelligence, Machine Learning, and Natural Language Processing to improve their performance. The growing technological advancement in the U.S. propels the Metaverse market forward.
- A rising number of operators in mobile started supporting metaverse in the U.S. This support led to increased adoption of Metaverse services. Moreover, collaboration with mobile operators provides better infrastructure, network adaptability, and integration, driving market expansion.
