With the emergence of Cloud computing, Internet of Things-enabled Human-Computer Interfaces, Generative Artificial Intelligence, and high-accurate Machine and Deep-learning recognition and predictive models, along with the Post Covid-19 proliferation of social networking, and remote communications, the Metaverse gained a lot of popularity. Metaverse has the prospective to extend the physical world using virtual and augmented reality so the users can interact seamlessly with the real and virtual worlds using avatars and holograms. It has the potential to impact people in the way they interact on social media, collaborate in their work, perform marketing and business, teach, learn, and even access personalized healthcare. Several works in the literature examine Metaverse in terms of hardware wearable devices, and virtual reality gaming applications. However, the requirements of realizing the Metaverse in realtime and at a large-scale need yet to be examined for the technology to be usable. To address this limitation, this paper presents the temporal evolution of Metaverse definitions and captures its evolving requirements. Consequently, we provide insights into Metaverse requirements. In addition to enabling technologies, we lay out architectural elements for scalable, reliable, and efficient Metaverse systems, and a classification of existing Metaverse applications along with proposing required future research directions.