According to a recent report from Strategy Analytics, the installed base of dedicated metaverse devices (Virtual and Augmented Reality headsets) worldwide is expected to double from 50 million to 100 million by 2024.
Rising investment in this area, which offers new consumer experiences and specialized services, will propel uptake.
Up until now, VR headsets have dominated the consumer market, while AR headsets have mainly been used in business settings.
However, as more consumer-focused devices enter the market, AR headsets will be the main driver of future consumption growth.
By 2027, 64 percent of metaverse device shipments are anticipated to be accounted for by VR, up from just over 1 percent in 2021.
Forecasts show that VRs are likely to contribute more than 90 percent in terms of shipping by 2030.
According to a recent market study, the Metaverse Technology market was valued at $32 billion in 2021 and is likely to reach $224 billion by 2030.
The booming gaming, sports, and entertainment sectors are promoting the use of the metaverse in the consumer industry. VR technology also delivers impressive results in terms of visual effects when used in-game and sports broadcasts.
Moreover, the metaverse market is expected to experience significant growth in the next few years due to increased metaverse adoption in China, Japan, and South Korea.
