Metaverse market share to surpass $50 billion by 2026, says new report

New report by Technavio shows North America to make the most contribution to the growth of Metaverse. Europe and Asia play significant roles as well

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Last Updated: Aug 05, 2022, 17:45 IST2 min
Image: Shutterstock 
Image: Shutterstock 
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Image: ShutterstockAccording to "The Metaverse Market In Finance by Component (Hardware and Software) and Geography (North America, Europe, APAC, South America, and the Middle East and Africa) - Forecast and Analysis 2022-2026" report by the technology research and advisory firm Technavio, the Metaverse will be on the rise over the next four years. The report stated that Metaverse"s market share in finance will grow to $50.37 billion between 2021 and 2026. The market is expected to expand at a CAGR of 20.93 percent. This year, growth is expected to happen at a CAGR of 20.11 percent.Technavio said in a statement, "Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the Metaverse market in finance during the forecast period."

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The report was created by Technavio after an examination of software and hardware, as well as geographical segmentation. North America is expected to make the greatest contribution to the industry"s adoption of the Metaverse.

During the forecast period, the region is expected to contribute 32 percent of market growth. North America"s Metaverse market will be dominated by the United States and Canada. China and Germany were also significant consumer countries. It is important to note that the report does not rule out significant growth in Europe and the Asia-Pacific region. The rising popularity and acceptance of digital assets and blockchain technology is expected to aid growth in Europe and the Asia-Pacific region.

The report, on the other hand, stated that the hardware segment would be significant for revenue generation in the growth of the Metaverse market. Factors such as banks and financial institutions quickly adopting AR devices and VR headsets to improve customer service and experience, rising hardware developments and the introduction of cutting-edge technology to accelerate innovation in fintech solutions, and so on are the main forces propelling the hardware segment forward and driving the Metaverse market growth.

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The top seven metaverse wallets, according to the report, are Meta Mask, Enjin Wallet, Coinbase, Math Wallet, Alpha Wallet, Coinomi, and Trust Wallet.

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This year, Germany and the United States tied for first place in Coincub"s latest quarterly global cryptocurrency rankings. This was due to the countries" progressive regulatory environments and significant Bitcoin (BTC) investments by mainstream institutions.

However, with the launch of the Dubai Metaverse Strategy United Arab Emirates, it is evident that interest in Metaverse is growing around the world. The strategy promotes Dubai"s ambitions to support more than 40,000 virtual jobs by 2030, with the goal of becoming one of the world"s top ten Metaverse economies.

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The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

First Published: Aug 05, 2022, 17:45

Dubai Metaverse StrategyTechnavio
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