METAVERSE MARKET: OVERVIEW
The Global Metaverse Market Size was valued at USD 50.54 Billion in 2021. The market is projected to grow USD 626.65 Billion in 2030, at a CAGR of 45.2%.
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The word "metaverse" refers to a deeply immersive 3D virtual world experience gained by the employment of a combination of AR, VR, and MR technologies. By creating a virtual world where users may play immersive games, conduct business, interact socially, buy and sell virtual properties, and enjoy immersive entertainment, the metaverse platform enhances the internet experience. A network of three-dimensional (3D) virtual environments focused on social interaction and communication is known as the metaverse. The use of virtual reality and augmented reality headgear makes it possible for metaverse platforms to be portrayed as a conceivable version of the Internet and as a single, global virtual environment in science fiction and futuristic literature. In the upcoming years, it is anticipated that such developments in metaverse technology would help the sector grow.
The Metaverse business experienced a boom in new investments during the COVID-19 pandemic, as well as a higher reliance on digital means. The outbreak created a sizable window of opportunity for new market entrants. Additionally, during the outbreak, people were had to go into partial or complete lockdowns, which replaced real human interaction with participation through digital means. For example, L'Oreal and Snap Camera, a desktop application, collaborated in November 2020 to enable users to utilise virtual cosmetics during video chats on Google Hangouts, Google Meet, Houseparty, Microsoft Teams, Skype, Twitch, and Zoom.
METAVERSE MARKET: TREND
Surging Demand of Digital Twins across Developing Regions
Digital twins like the digital and physical worlds become more complicated and powerful as time goes on. However, system and data integration across entire business ecosystems may be necessary for them to reach their full potential. Users can communicate online, use sensor data to recreate situations instantaneously, understand what-if scenarios clearly, more accurately predict outcomes, and send commands to alter the environment. It can display the technical specifications and dimensions of a brand-new product or all the subcomponents and their connections to the rest of the supply chain, from the design desk to the customer. It develops innovative techniques for production and gathers information in order to make better judgments and forecasts that could help with the automation of challenging chemical and biological processes.
Global Metaverse Market Report Coverage
|Market Size in 2021:||USD 50.54 Billion|
|Forecast Period 2021-2030 CAGR:||45.2%|
|2030 Value Projection:||USD 626.65 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||175|
|Tables, Charts & Figures:||118|
|Segments covered:||By Component, By Technology, By Application, By Vertical, By Region, COVID-19 Impact Analysis Report|
|Companies Covered:||Meta Platforms Inc., Nvidia, Microsoft, Tencent Holdings Ltd., Bytedance, Epic Games, Netease Inc., Roblox Corporation, Lilith Games, Nextech AR Solutions Inc., Unity Software Inc, The Sandbox|
|Growth Drivers:||1) Surging Demand of Digital Twins across Developing Regions. 2) Growing Demand in the Entertainment and Gaming Industry.|
|Pitfalls & Challenges:||The cost of hardware and solutions are high which is hampering the growth of the global market|
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METAVERSE MARKET: DRIVERS
Growing Demand in the Entertainment and Gaming Industry
Due to the growing use of augmented reality, virtual reality, and mixed reality technology, the worldwide media, entertainment, and gaming industries have experienced the fastest growth. The main justifications for adopting these technologies are that the gadgets, such as VR headsets, MR headsets, HUD, HMD, smart glasses, and smart helmets, can provide a first-person perspective, act as natural user interfaces, provide 6-degree freedom, etc., to create virtual scenarios that look realistic to improve the overall gaming experience of end users.
Increasing Usage of Cryptocurrencies
The physical and digital worlds are connected through the use of cryptocurrencies. They enable us to determine the value of digital assets in terms of the money issued by the government as well as the growth of such assets over time. Cryptocurrency purchases through the metaverse are becoming more popular all across the world.
METAVERSE MARKET: RESTRAIN
Concerns Pertaining to High Installation Costs
The cost of hardware and solutions are high which is hampering the growth of the global metaverse market. Fast networking, ample storage, and high-end technology are needed, which are pricy, to experience the metaverse in the most realistic and captivating way possible. In order to produce a realistic-looking virtual environment, these devices employed in the metaverse also make use of 3D and other cutting-edge technologies, which raises their costs even more.
The Global Metaverse Market is segmented by Component, Technology, Application, Vertical, and Region. Based on the Component, the market is categorized into Hardware, Software & Services. Based on Technology, the market is categorized into Blockchain, Virtual Reality and Augmented Reality, Mixed Reality & Others. Based on Application, the market is categorized into Gaming, Online Shopping, Content Creation and social media, Events and Conference, Digital Marketing, Testing and Inspection & Others. Based on Vertical, the market is categorized into BFSI, Retail, Aerospace and Defense, Education, Automotive, Media and Entertainment & Others. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
Based on technology, the market is categorized into blockchain, virtual reality and augmented reality, mixed reality & others. The virtual reality and augmented reality is expected to dominate the market share of global metaverse market owing to due to the rising use of MR to interact in the metaverse more effectively. Based on technology, the world market can be classified into three categories: blockchain, virtual reality and augmented reality, mixed reality, and others. In the other section, you will find things like artificial intelligence (AI), IoT, 5G, 3D reconstruction, brain-computer interfaces, etc.
Based on vertical, the market is categorized into bfsi, retail, aerospace and defence, education, automotive, media and entertainment and others. The media and entertainment segment are expected to dominate the market share of global metaverse market owing to businesses are putting more of an emphasis on hosting virtual music concerts, and as more companies adopt this idea, it is anticipated to help this market's revenue growth. Take Meta Platform, Inc. as an example. Major virtual reality concerts that took place entirely within the Horizon Venues metaverse were announced by Meta Platform, Inc. At the New Year's Eve event, famous singers and performers included Young Thug, DJ David Guetta, and The Chainsmokers. The virtual music theme park has officially begun operations on The Sandbox platform, according to Warner Music Group.
MARKET SEGMENTATION: BY REGION
Based on the Region, the Global Metaverse Market is categorized into North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa.
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North America region is expected to dominate the market share of global metaverse market owing to the huge customers in the area are embracing new, complicated technology Another factor anticipated to boost the regional market's revenue growth is the rising number of start-ups concentrating on the creation of metaverse platforms for commercialization. Additionally, the region's significant concentration of gaming and metaverse companies like The Sandbox, Nvidia Corporation, and Epic Games, Inc., who focus on merging metaverse into games, is generating market development potential. The first collaboration and simulation platform in the world, NVIDIA Omniverse, will be able to reach millions more people thanks to collaborations Nvidia Corporation announced with Blender and Adobe.
However, Asia Pacific region is expected to witness highest growth rate during the forecast period of global metaverse market due to an increasing number of start-ups and organisations, including The Sandbox (Hong Kong), Bolly Heroes (India), Axie Infinity (Singapore), NextMeet (India), GuildFi (Thailand), Shenzhen Zhongqingbaowang Interaction Network Co., Ltd. (ZQGame Global), and miHoYo Co., Ltd. in China. Users can engage in real-time, concurrent activities powered by their preferred third-party apps on these virtual metaverse markets and gaming platforms, which provide an immersive experience.
METAVERSE MARKET: KEY PLAYERS
- Meta Platforms Inc.
- Tencent Holdings Ltd.
- Epic Games
- Netease Inc.
- Roblox Corporation
- Lilith Games
- Nextech AR Solutions Inc.
- Unity Software Inc
- The Sandbox
METAVERSE MARKET: RECENT DEVELOPMENT
- January 2022- NVIDIA Corporation has launched an advanced software to distribute a free advanced version of Omniverse software to create virtual worlds for individual artists.
- November 2021- Tencent Holdings has announced that it has partnered with The Asian Institute of Digital Finance to improve the areas of education, research, and entrepreneurship to support Asia's fintech industry.
- September 2021- Meta has invested USD 50 million in global research and development of the platform.
METAVERSE MARKET: REPORT OVERVIEW
The scope of the report includes a detailed study of regional markets for Global Metaverse Market. The Global Metaverse Market is segmented by Component, Metaverse Technology, Application, Vertical, and Region. It reveals the market situation and future forecast. The study also covers the significant data presented with the help of graphs and tables. The report covers information regarding the competitive outlook including the market share and company profiles of the key participants operating in the Global Metaverse Market.
OUR BLOG: The Global Metaverse Technology Is Next Tech Platform! Metaverse Report—Future is here https://www.sphericalinsights.com/blogs/the-global-metaverse-technology-is-next-tech-platform
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