Product Code: 14628
Global Metaverse in Retail Market is predicted to proliferate during the upcoming years due to the increasing demand for online advertising and the growing popularity of mixed reality in retail. Besides, the rising requirement for converging the physical and digital world for advertising the products used in concerts, movies, and sports to elevate viewers' online experience is also escalating the growth of the global metaverse in retail market. The growing trend of social media advertising, along with the advancements in the novel technologies like blockchain, Augmented Reality, Virtual Reality, and others are also propelling The Global Metaverse in Retail Market. With the adoption of the metaverse concept, it is predicted to add USD 5 trillion to the value of the global economy by 2030.
The service providers are constantly looking for innovative technological solutions to enhance the user experience by adopting cutting-edge technologies and investing in R&D activities for the metaverse experience. For instance, in 2021, Facebook announced an investment of USD10 billion for building the metaverse, along with changing the company's official name to Meta. The company is giving its users the friendly experience of a retail marketplace and communicating experience with friends, families, or colleagues from their platform. Additionally, the metaverse in retail market is experiencing huge investments, partnerships, and collaborations predicted to generate massive global opportunities for the retail sector in the upcoming years. Enterprises are searching for technologically advanced solutions to upgrade their existing structure and improve employees' productivity. The rapidly expanding adoption of NFTs (non-fungible tokens) globally is also predicted to accelerate the global metaverse in retail market. In 2021, the global retail market generated sales of over USD 26 trillion, with a projection to reach more than USD 30 trillion by 2024.
Increased High-Speed Internet and Data Transfer is Fueling the Market Growth
Market Overview |
Forecast Period | 2024-2028 |
Market Size 2022 | USD12.78 Billion |
Market Size 2028 | USD93.82 Billion |
CAGR (2023-2028) | 39.41% |
Fastest Growing Segment | Mixed Reality Technology |
Largest Market | United States |
Faster connections from higher spectrum 5G and 5G mmWave enable the operations and development of the metaverse in many ways. In early 2021, the fans at the Super Bowl experienced a 5G multi-View experience, allowing them to view the game from seven angles. The super bowl experience is the immersive experience that comes from the metaverse technology with high-speed internet connectivity and data transfer. These fast connections are expected to allow metaverse technology to deliver real-world experiences that were once thought impossible in the digital world. The proportion of high-speed connections of all internet connections is expected to increase from 83.3% in 2021 to 94.5% by 2026.
Rising Need for Internet Advertising is Driving the Market Growth
The metaverse technology has massive potential for brands, advertisers, and marketers looking to garner better traction in the growing digital age. The number of users increased from 60 million in 2020 to 81 million in 2021. It is estimated that artificial and virtual reality usage will reach 1.73 billion in the next two years. The metaverse advertising opportunities will be a more natural fit for retail businesses than their peers. For adopting a successful advertising strategy, the brands are considering diving into the metaverse and practicing metaverse-specific advertising.
Growing Artificial Intelligence (AI) Technology is Driving the Market Growth
AI has come a long way over the past few years, propelling GPT 3 (deep learning). GPT 3 creates human-comprehensible and readable texts and experiences based on deep understanding, which is going to drive the interaction between physical beings, digital beings, and digital objects. In recent technological advancements, AI use cases that are already prevalent in the Metaverse for retail, centered around optimizing engagement and advertising. Numerous Metaverse designs also target digital beings as companions and friends, and the AI is capable of creating more complex forms from input, processing, gestures, voice generation, and expressions. Companies such as Promethean AI are building the entire world for retail and other businesses based on the user-friendly digital world.
Increasing Trend for Digital Identities and Interaction Models is Driving the Market Growth
The user's digital identities are as accurate as the physical identities that comprise online reputation, relationships with your network, and API-based logins, among others. Before the pandemic (2020), less than 10% of the population was online for work and economic output, and physical interactions at work used to override virtual interactions. During the pandemic, more than 70% of the population worked remotely. It is predicted that only 30-40% population stayed virtual, and 50% started working from the office after the pandemic in 2021. Virtual interactions are a perfect catalyst for the Metaverse for retail which includes engaging and collaborating in real-time in immersive social media platforms. Whether interacting on social media, working, or participating in online shopping, digital identity has become the central figure. The Metaverse technology is going to be catalyzed around the acceptance of the digital uniqueness and interaction models woven around the retail sector.
Growing Virtual Events in Metaverse is Driving the Market Growth
Metaverse technology are most growing in the retail sector which in turn is rising the marketing strategies of the big retail companies by the help of virtual events and shows in the metaverse space. For instance, in February 2022, Gucci announced the metaverse land in The Sandbox metaverse with its first virtual event launch. The Gucci Vault Land virtual event was held for two weeks at the end of October. Additionally, the company has launched eight voxel digital collectible clothing items in The Sandbox. Within the experience of the virtual event, numerous digital collectibles were presented to portray its ongoing pursuit of precious wonders.
Market Segmentation
Based on product, the market is fragmented into hardware, software, and services. Based on hardware, the market is segregated into Displays, Extended Reality (XR) Hardware, and AR/VR Headsets. Based on the Extended Reality (XR) hardware, the market is divided into haptic sensors & devices, omni treadmills and smart glasses. Based on the software the market is divided into asset creation tool and programming engines. Based on platform the market is segmented into desktop, mobile, and headsets. Based on technology, the market is segmented into Blockchain, AR & VR, Mixed Reality, and others. Based on End-Use Type the market is fragmented into food and beverages, personal and household care, apparel, footwear and accessories, furniture, toys and hobby, electronic and household appliances, and other. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
Company Profiles
Tencent Holdings Ltd., NVIDIA Corporation, Meta Platforms, Inc., Roblox Corporation, Microsoft Corporation, Alibaba Group Holding Limited, Globant S.A., Queppelin Technology Solutions Pvt. Ltd., Netease, Inc., Magic Leap, Inc. are among the major market players in the global Metaverse in Retail market.
Report Scope:
In this report, the global Metaverse in Retail market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Metaverse in Retail Market, By Product:
- Hardware
- Displays
- Extended Reality (XR) Hardware
- Haptic Sensors & Devices
- Omni Treadmills
- Smart Glasses
- AR/VR Headsets
- Software
- Asset Creation Tool
- Programming Engines
Metaverse in Retail Market, By Platform:
Metaverse in Retail Market, By Technology:
- Blockchain
- AR & VR
- Mixed Reality
- Others
Metaverse in Retail Market, By End-Use Type:
- Food and Beverages
- Personal and Household Care
- Apparel
- Footwear and Accessories
- Furniture
- Toys and Hobby
- Electronic and Household Appliances
- Others
Metaverse in Retail Market, By Region:
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- North America
- United States
- Canada
- Mexico
- Europe
- United Kingdom
- Germany
- France
- Spain
- Italy
- Middle East & Africa
- Israel
- Turkey
- Saudi Arabia
- UAE
- South America
- Brazil
- Argentina
- Colombia
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the global Metaverse in Retail market.
Available Customizations:
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to five).
Table of Contents
1. Service Overview
2. Research Methodology
3. Impact of COVID-19 on Global Metaverse in Retail Market
4. Executive Summary
5. Voice of Customers
6. Global Metaverse in Retail Market Outlook
- 6.1. Market Size & Forecast
- 6.2. Market Share & Forecast
- 6.2.1. By Product (Hardware, Software, Services)
- 6.2.1.1. By Hardware (Displays, Extended Reality (XR) Hardware, AR/VR Headsets)
- 6.2.1.1.1. By Extended Reality (XR) Hardware (Haptic Sensors & Devices, Omni Treadmills, Smart Glasses)
- 6.2.1.2. By Software (Asset Creation Tool, Programming Engines)
- 6.2.2. By Platform (Desktop, Mobile, Headsets)
- 6.2.3. By Technology (Blockchain, AR & VR, Mixed Reality, Others)
- 6.2.4. By End-Use Type (Food and Beverages, Personal and Household Care, Apparel, Footwear and Accessories, Furniture, Toys, and Hobby, Electronic and Household Appliances, Others)
- 6.2.5. By Region
- 6.3. By Company (2022)
- 6.4. Market Map
7. North America Metaverse in Retail Market Outlook
- 7.1. Market Size & Forecast
- 7.2. Market Share & Forecast
- 7.2.1. By Product
- 7.2.1.1. By Hardware
- 7.2.1.1.1. By Extended Reality (XR) Hardware
- 7.2.1.2. By Software
- 7.2.2. By Platform
- 7.2.3. By Technology
- 7.2.4. By End-Use Type
- 7.2.5. By Country
- 7.3. North America: Country Analysis
- 7.3.1. United States Metaverse in Retail Market Outlook
- 7.3.1.1. Market Size & Forecast
- 7.3.1.2. Market Share & Forecast
- 7.3.1.2.1. By Product
- 7.3.1.2.1.1. By Hardware
- 7.3.1.2.1.1.1. By Extended Reality (XR) Hardware
- 7.3.1.2.1.2. By Software
- 7.3.1.2.2. By Platform
- 7.3.1.2.3. By Technology
- 7.3.1.2.4. By End-Use Type
- 7.3.2. Canada Metaverse in Retail Market Outlook
- 7.3.2.1. Market Size & Forecast
- 7.3.2.2. Market Share & Forecast
- 7.3.2.2.1. By Product
- 7.3.2.2.1.1. By Hardware
- 7.3.2.2.1.1.1. By Extended Reality (XR) Hardware
- 7.3.2.2.1.2. By Software
- 7.3.2.2.2. By Platform
- 7.3.2.2.3. By Technology
- 7.3.2.2.4. By End-Use Type
- 7.3.3. Mexico Metaverse in Retail Market Outlook
- 7.3.3.1. Market Size & Forecast
- 7.3.3.2. Market Share & Forecast
- 7.3.3.2.1. By Product
- 7.3.3.2.1.1. By Hardware
- 7.3.3.2.1.1.1. By Extended Reality (XR) Hardware
- 7.3.3.2.1.2. By Software
- 7.3.3.2.2. By Platform
- 7.3.3.2.3. By Technology
- 7.3.3.2.4. By End-Use Type
8. Asia-Pacific Metaverse in Retail Market Outlook
- 8.1. Market Size & Forecast
- 8.2. Market Share & Forecast
- 8.2.1. By Product
- 8.2.1.1. By Hardware
- 8.2.1.1.1. By Extended Reality (XR) Hardware
- 8.2.1.2. By Software
- 8.2.2. By Platform
- 8.2.3. By Technology
- 8.2.4. By End-Use Type
- 8.2.5. By Country
- 8.3. Asia-Pacific: Country Analysis
- 8.3.1. China Metaverse in Retail Market Outlook
- 8.3.1.1. Market Size & Forecast
- 8.3.1.2. Market Share & Forecast
- 8.3.1.2.1. By Product
- 8.3.1.2.1.1. By Hardware
- 8.3.1.2.1.1.1. By Extended Reality (XR) Hardware
- 8.3.1.2.1.2. By Software
- 8.3.1.2.2. By Platform
- 8.3.1.2.3. By Technology
- 8.3.1.2.4. By End-Use Type
- 8.3.2. Japan Metaverse in Retail Market Outlook
- 8.3.2.1. Market Size & Forecast
- 8.3.2.2. Market Share & Forecast
- 8.3.2.2.1. By Product
- 8.3.2.2.1.1. By Hardware
- 8.3.2.2.1.1.1. By Extended Reality (XR) Hardware
- 8.3.2.2.1.2. By Software
- 8.3.2.2.2. By Platform
- 8.3.2.2.3. By Technology
- 8.3.2.2.4. By End-Use Type
- 8.3.3. South Korea Metaverse in Retail Market Outlook
- 8.3.3.1. Market Size & Forecast
- 8.3.3.2. Market Share & Forecast
- 8.3.3.2.1. By Product
- 8.3.3.2.1.1. By Hardware
- 8.3.3.2.1.1.1. By Extended Reality (XR) Hardware
- 8.3.3.2.1.2. By Software
- 8.3.3.2.2. By Platform
- 8.3.3.2.3. By Technology
- 8.3.3.2.4. By End-Use Type
- 8.3.4. India Metaverse in Retail Market Outlook
- 8.3.4.1. Market Size & Forecast
- 8.3.4.2. Market Share & Forecast
- 8.3.4.2.1. By Product
- 8.3.4.2.1.1. By Hardware
- 8.3.4.2.1.1.1. By Extended Reality (XR) Hardware
- 8.3.4.2.1.2. By Software
- 8.3.4.2.2. By Platform
- 8.3.4.2.3. By Technology
- 8.3.4.2.4. By End-Use Type
- 8.3.5. Australia Metaverse in Retail Market Outlook
- 8.3.5.1. Market Size & Forecast
- 8.3.5.2. Market Share & Forecast
- 8.3.5.2.1. By Product
- 8.3.5.2.1.1. By Hardware
- 8.3.5.2.1.1.1. By Extended Reality (XR) Hardware
- 8.3.5.2.1.2. By Software
- 8.3.5.2.2. By Platform
- 8.3.5.2.3. By Technology
- 8.3.5.2.4. By End-Use Type
9. Europe Metaverse in Retail Market Outlook
- 9.1. Market Size & Forecast
- 9.2. Market Share & Forecast
- 9.2.1. By Product
- 9.2.1.1. By Hardware
- 9.2.1.1.1. By Extended Reality (XR) Hardware
- 9.2.1.2. By Software
- 9.2.2. By Platform
- 9.2.3. By Technology
- 9.2.4. By End-Use Type
- 9.2.5. By Country
- 9.3. Europe: Country Analysis
- 9.3.1. Germany Metaverse in Retail Market Outlook
- 9.3.1.1. Market Size & Forecast
- 9.3.1.2. Market Share & Forecast
- 9.3.1.2.1. By Product
- 9.3.1.2.1.1. By Hardware
- 9.3.1.2.1.1.1. By Extended Reality (XR) Hardware
- 9.3.1.2.1.2. By Software
- 9.3.1.2.2. By Platform
- 9.3.1.2.3. By Technology
- 9.3.1.2.4. By End-Use Type
- 9.3.2. United Kingdom Metaverse in Retail Market Outlook
- 9.3.2.1. Market Size & Forecast
- 9.3.2.2. Market Share & Forecast
- 9.3.2.2.1. By Product
- 9.3.2.2.1.1. By Hardware
- 9.3.2.2.1.1.1. By Extended Reality (XR) Hardware
- 9.3.2.2.1.2. By Software
- 9.3.2.2.2. By Platform
- 9.3.2.2.3. By Technology
- 9.3.2.2.4. By End-Use Type
- 9.3.3. France Metaverse in Retail Market Outlook
- 9.3.3.1. Market Size & Forecast
- 9.3.3.2. Market Share & Forecast
- 9.3.3.2.1. By Product
- 9.3.3.2.1.1. By Hardware
- 9.3.3.2.1.1.1. By Extended Reality (XR) Hardware
- 9.3.3.2.1.2. By Software
- 9.3.3.2.2. By Platform
- 9.3.3.2.3. By Technology
- 9.3.3.2.4. By End-Use Type
- 9.3.4. Italy Metaverse in Retail Market Outlook
- 9.3.4.1. Market Size & Forecast
- 9.3.4.2. Market Share & Forecast
- 9.3.4.2.1. By Product
- 9.3.4.2.1.1. By Hardware
- 9.3.4.2.1.1.1. By Extended Reality (XR) Hardware
- 9.3.4.2.1.2. By Software
- 9.3.4.2.2. By Platform
- 9.3.4.2.3. By Technology
- 9.3.4.2.4. By End-Use Type
- 9.3.5. Spain Metaverse in Retail Market Outlook
- 9.3.5.1. Market Size & Forecast
- 9.3.5.2. Market Share & Forecast
- 9.3.5.2.1. By Product
- 9.3.5.2.1.1. By Hardware
- 9.3.5.2.1.1.1. By Extended Reality (XR) Hardware
- 9.3.5.2.1.2. By Software
- 9.3.5.2.2. By Platform
- 9.3.5.2.3. By Technology
- 9.3.5.2.4. By End-Use Type
10. South America Metaverse in Retail Market Outlook
- 10.1. Market Size & Forecast
- 10.2. Market Share & Forecast
- 10.2.1. By Product
- 10.2.1.1. By Hardware
- 10.2.1.1.1. By Extended Reality (XR) Hardware
- 10.2.1.2. By Software
- 10.2.2. By Platform
- 10.2.3. By Technology
- 10.2.4. By End-Use Type
- 10.2.5. By Country
- 10.3. South America: Country Analysis
- 10.3.1. Brazil Metaverse in Retail Market Outlook
- 10.3.1.1. Market Size & Forecast
- 10.3.1.2. Market Share & Forecast
- 10.3.1.2.1. By Product
- 10.3.1.2.1.1. By Hardware
- 10.3.1.2.1.1.1. By Extended Reality (XR) Hardware
- 10.3.1.2.1.2. By Software
- 10.3.1.2.2. By Platform
- 10.3.1.2.3. By Technology
- 10.3.1.2.4. By End-Use Type
- 10.3.2. Argentina Metaverse in Retail Market Outlook
- 10.3.2.1. Market Size & Forecast
- 10.3.2.2. Market Share & Forecast
- 10.3.2.2.1. By Product
- 10.3.2.2.1.1. By Hardware
- 10.3.2.2.1.1.1. By Extended Reality (XR) Hardware
- 10.3.2.2.1.2. By Software
- 10.3.2.2.2. By Platform
- 10.3.2.2.3. By Technology
- 10.3.2.2.4. By End-Use Type
- 10.3.3. Colombia Metaverse in Retail Market Outlook
- 10.3.3.1. Market Size & Forecast
- 10.3.3.2. Market Share & Forecast
- 10.3.3.2.1. By Product
- 10.3.3.2.1.1. By Hardware
- 10.3.3.2.1.1.1. By Extended Reality (XR) Hardware
- 10.3.3.2.1.2. By Software
- 10.3.3.2.2. By Platform
- 10.3.3.2.3. By Technology
- 10.3.3.2.4. By End-Use Type
11. Middle East & Africa Metaverse in Retail Market Outlook
- 11.1. Market Size & Forecast
- 11.2. Market Share & Forecast
- 11.2.1. By Product
- 11.2.1.1. By Hardware
- 11.2.1.1.1. By Extended Reality (XR) Hardware
- 11.2.1.2. By Software
- 11.2.2. By Platform
- 11.2.3. By Technology
- 11.2.4. By End-Use Type
- 11.2.5. By Country
- 11.3. Middle East & Africa: Country Analysis
- 11.3.1. Israel Metaverse in Retail Market Outlook
- 11.3.1.1. Market Size & Forecast
- 11.3.1.2. Market Share & Forecast
- 11.3.1.2.1. By Product
- 11.3.1.2.1.1. By Hardware
- 11.3.1.2.1.1.1. By Extended Reality (XR) Hardware
- 11.3.1.2.1.2. By Software
- 11.3.1.2.2. By Platform
- 11.3.1.2.3. By Technology
- 11.3.1.2.4. By End-Use Type
- 11.3.2. Turkey Metaverse in Retail Market Outlook
- 11.3.2.1. Market Size & Forecast
- 11.3.2.2. Market Share & Forecast
- 11.3.2.2.1. By Product
- 11.3.2.2.1.1. By Hardware
- 11.3.2.2.1.1.1. By Extended Reality (XR) Hardware
- 11.3.2.2.1.2. By Software
- 11.3.2.2.2. By Platform
- 11.3.2.2.3. By Technology
- 11.3.2.2.4. By End-Use Type
- 11.3.3. UAE Metaverse in Retail Market Outlook
- 11.3.3.1. Market Size & Forecast
- 11.3.3.2. Market Share & Forecast
- 11.3.3.2.1. By Product
- 11.3.3.2.1.1. By Hardware
- 11.3.3.2.1.1.1. By Extended Reality (XR) Hardware
- 11.3.3.2.1.2. By Software
- 11.3.3.2.2. By Platform
- 11.3.3.2.3. By Technology
- 11.3.3.2.4. By End-Use Type
- 11.3.4. Saudi Arabia Metaverse in Retail Market Outlook
- 11.3.4.1. Market Size & Forecast
- 11.3.4.2. Market Share & Forecast
- 11.3.4.2.1. By Product
- 11.3.4.2.1.1. By Hardware
- 11.3.4.2.1.1.1. By Extended Reality (XR) Hardware
- 11.3.4.2.1.2. By Software
- 11.3.4.2.2. By Platform
- 11.3.4.2.3. By Technology
- 11.3.4.2.4. By End-Use Type
12. Market Dynamics
- 12.1. Drivers
- 12.1.1. Increased High-Speed Internet and Data Transfer
- 12.1.2. Rising Need for Internet Advertising
- 12.1.3. Growing Artificial Intelligence (AI) Technology
- 12.2. Challenges
- 12.2.1. High Equipment Costs
- 12.2.2. Potential for Bullying, Harassments and Assaults
13. Market Trends & Developments
- 13.1. Increasing Trend for Digital Identities and Interaction Models
- 13.2. Growing Virtual Events in Metaverse
- 13.3. Rising need for Web3 and Decentralization
- 13.4. Expanding the usage of Virtual and Augmented Reality
- 13.5. Trend of More Advanced Avatar Technology
14. Use Cases of Metaverse in Retail
15. Mergers& Acquisitions/Recent Developments/New Entrants
16. Company Profiles
- 16.1. Tencent Holdings Ltd.
- 16.1.1. Business Overview
- 16.1.2. Key Revenue & Financials
- 16.1.3. Recent Developments
- 16.1.4. Key Personnel
- 16.1.5. Key Services Offered
- 16.2. NVIDIA Corporation
- 16.2.1. Business Overview
- 16.2.2. Key Revenue & Financials
- 16.2.3. Recent Developments
- 16.2.4. Key Personnel
- 16.2.5. Key Services Offered
- 16.3. Meta Platforms, Inc.
- 16.3.1. Business Overview
- 16.3.2. Key Revenue & Financials
- 16.3.3. Recent Developments
- 16.3.4. Key Personnel
- 16.3.5. Key Services Offered
- 16.4. Roblox Corporation
- 16.4.1. Business Overview
- 16.4.2. Key Revenue & Financials
- 16.4.3. Recent Developments
- 16.4.4. Key Personnel
- 16.4.5. Key Services Offered
- 16.5. Microsoft Corporation
- 16.5.1. Business Overview
- 16.5.2. Key Revenue & Financials
- 16.5.3. Recent Developments
- 16.5.4. Key Personnel
- 16.5.5. Key Services Offered
- 16.6. Alibaba Group Holding Limited
- 16.6.1. Business Overview
- 16.6.2. Key Revenue & Financials
- 16.6.3. Recent Developments
- 16.6.4. Key Personnel
- 16.6.5. Key Services Offered
- 16.7. Globant S.A.
- 16.7.1. Business Overview
- 16.7.2. Key Revenue & Financials
- 16.7.3. Recent Developments
- 16.7.4. Key Personnel
- 16.7.5. Key Services Offered
- 16.8. Queppelin Technology Solutions Pvt. Ltd.
- 16.8.1. Business Overview
- 16.8.2. Key Revenue & Financials
- 16.8.3. Recent Developments
- 16.8.4. Key Personnel
- 16.8.5. Key Services Offered
- 16.9. Netease, Inc.
- 16.9.1. Business Overview
- 16.9.2. Key Revenue & Financials
- 16.9.3. Recent Developments
- 16.9.4. Key Personnel
- 16.9.5. Key Services Offered
- 16.10. Magic Leap, Inc.
- 16.10.1. Business Overview
- 16.10.2. Key Revenue & Financials
- 16.10.3. Recent Developments
- 16.10.4. Key Personnel
- 16.10.5. Key Services Offered
17. Strategic Recommendations
18. About Us & Disclaimer
(Note: The companies list can be customized based on the client requirements.)