According to a new report by Expert Market Research titled, “Global Metaverse in Real Estate Market Trends, Share, Analysis, Report and Forecast 2023-2028, the metaverse in real estate market reached a value of approximately USD 1.14 billion in 2022. Aided by the increasing use of virtual and augmented reality technologies in the property sector and the expanding applications of the metaverse in various aspects of real estate, the market is projected to further grow at a CAGR of 48.60% between 2023 and 2028 to reach a value of USD 12.27 billion by 2028.
The metaverse is a virtual-reality space where users can interact with each other and their computer-generated surroundings in real-time. It has emerged as a transformative technology in the real estate industry, enabling immersive property tours, virtual staging, and interactive buyer-seller interactions, among other applications. As a result, it is becoming an integral part of the property-buying process, offering a unique way for buyers to explore, evaluate, and visualise properties without physical limitations.
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The rising consumer preference for digital and immersive experiences in real estate is driving the global metaverse in real estate market growth. With the growing awareness and adoption of virtual reality (VR) and augmented reality (AR) technologies, there has been a significant shift towards virtual property tours and immersive home-buying experiences, leading to a surge in demand for metaverse applications in real estate.
The expanding applications of the metaverse in various aspects of real estate are also playing a significant role in propelling the metaverse in real estate market development. In residential real estate, metaverse technologies are being used for virtual home tours, enabling prospective buyers to explore properties remotely. For commercial real estate, the metaverse offers solutions for virtual staging of office spaces and enables businesses to visualise and plan their office setups more effectively.
Moreover, the metaverse’s role in land registration and property rights management is emerging as a new avenue for metaverse in real estate market expansion. Using blockchain technology, property transactions and land registries can be managed securely and transparently in the metaverse, eliminating intermediaries and reducing fraud risks.
Furthermore, the rising trend of virtual real estate and digital land ownership in the metaverse is adding a new dimension to the metaverse in real estate market. Users are buying and selling virtual properties in various metaverse platforms, with some of these virtual properties selling for millions of dollars, indicating a new frontier for real estate investment.
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The market can be divided based on component, product type, end use, and region.
Market Breakup by Component
Market Breakup by Product Type
Market Breakup by End Use
Market Breakup by Region
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global metaverse in real estate companies. Some of the major key players explored in the report by Expert Market Research are as follows:
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