The metaverse market in finance size is estimated to increase by USD 107.06 billion from 2022 to 2027, with a CAGR of 21.33%, according to the recent market study by Technavio. This report also offers a 5-year historical (2017-2021) data projection of market size, segmentation, and region. Discover some insights on market size before buying the full report –Request a sample report
Metaverse Market in Finance 2023-2027: Vendor Analysis and Scope
The Metaverse Market report in Finance also offers information on the criticality of inputs, R&D, CAPEX, technology, and products of 15 vendors listed Below –
Bank of America Corp., BNP Paribas SA, HSBC Holdings Plc, IBK Industrial Bank of Korea, JPMorgan Chase and Co., KB Financial Group Inc., Mogo Inc., National Bank of Kuwait S.A.K.P, NH Investment and Securities Co. Ltd., and Shinhan Financial Group Co. Ltd. Download Sample Report
Chart & Data Table on 5-Year Historic (2017-2021) Market Size, Comparative Analysis of Segments, and Y-O-Y Growth of Metaverse Market in Finance
Metaverse Market in Finance – Market Segmentation
The market is segmented by components (hardware and software), end-user (brokerage firms, investment banks, commercial banks, and others)
- The market share growth by the hardware segment will be significant during the forecast period. The hardware segment is expected to register a strong CAGR in terms of revenue . Various types of headsets, smart glasses, and lenses are utilized to interface with the Metaverse platform. This can be a mobile or web-based experience. There are numerous ways that VR and AR can change the finance industry , including in terms of data visualization, virtual trading, VR payments, and virtual branches. Financial transactions using smartphones and other mobile devices are on the rise, and AR can help customize and improve the client experience substantially. It can, for example, find all possible banking channels, thereby providing the user with targeted, location-based promotions and simplifying account management in general.
Geographic Overview
The market is segmented by region (North America, Europe, APAC, South America, Middle East, and Africa). An analysis of key leading countries has been included.
- APAC is estimated to contribute 32% to the growth of the global market during the forecast period. Another region offering significant growth opportunities to vendors in North America. The leading contributors to the market in the region are the US and Canada. The key factors driving the region’s market in the region are the presence of key vendors, growing investments in AR technology, rising adoption of technologically advanced applications, and strong research activities. For example, XRHealth, a virtual healthcare provider in the metaverse, raised USD 10 million to expand its services on the metaverse. Hence, such developments will create new growth opportunities for the vendors and will drive market growth in the region during the forecast period.
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Metaverse Market in Finance – Market Dynamic
Key Driver
The integration of VR and AR platforms is a key factor driving the market growth. Banks are planning to expand their presence in the metaverse, which will help them to offer better services to consumers. For instance, using VR glasses, customers will be able to handle all their banking and financial activities from anywhere. Furthermore, the advancement of these technologies will allow banks to manage the digital transition successfully. Hence these factors are expected to drive market growth during the forecast period.
Major Trends
Increasing focus on VR and AR is the major trend shaping the market. These applications enable users to use technology in a more user-friendly way and enhance the applicability of AR for customers. For instance, Google’s Project Glass provides access to various AR applications. The growing popularity of virtual fitting rooms is helping users choose the right size and reduce the chances of returns. Furthermore, there is the rapid expansion of AR and VR technologies in various fields. Hence, these emerging trends are expected to drive market growth during the forecast period.
Significant Challenges
The privacy and security concerns of metaverse are major challenges restricting market growth. The metaverse collects and processes vast amounts of information about users, which is a significant challenge for the users. The hackers gain access to the user’s device and can collect personal information illegally. Furthermore, there are privacy-related concerns associated with smart gear, such as smart glasses and VR headsets. Hence, these security concerns are expected to restrict market growth during the forecast period.
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What are the key data covered in this Metaverse Market in Finance report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the Metaverse Market in Finance between 2023 and 2027
- Precise estimation of the size of the Metaverse Market in Finance and its contribution to the market with a focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the metaverse in the finance market across North America, Europe, APAC, South America, and the Middle East and Africa
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of Metaverse Market in Finance vendors
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