Market Highlights —
The global metaverse market has emerged as a profitable market. Rising investments in digital assets and the number of cryptocurrency enthusiasts worldwide boost the market growth. Besides, rapid digital usage turned into an established digital dependency substantiates the market demand for Metaverse.
The global metaverse market is expected to register a CAGR of 41.7% during the forecast period, 2021–2030. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the metaverse market to offer a better glimpse into the coming years.
Cryptocurrency trend had been witnessing continually rising revenues; however, the pandemic gave a true boost for digital assets management uses. Especially with intermittent lockdowns across the globe, uses of social media and digital vaults in currency, banking, education, businesses, and insurance sectors accelerated the market value.
Additionally, the immensely growing need for asset management/ data management and rapidly growing numbers of enterprises influence the market growth. Rising demand for solutions that would help to improve customer engagement and the growing penetration of Metaverse to create a virtual world and online shopping spaces impact the market revenues positively.
Advances in 3D and augmented reality are expected to allow Metaverse participants to truly engage with their products and brands to represent their entire portfolio. Besides, the growing penetration of the internet and smart & connected devices and cloud-based solutions create substantial market demand. Furthermore, the increasing adoption of cloud-based solutions for service virtualization & containerization escalates the market growth.
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North America leads the global metaverse market. The region is the largest adopter of metaverse solutions and services, particularly in the industry verticals of BFSI, retail & consumer goods, and healthcare. Also, North America is considered the most advanced region in terms of the development and adoption of innovative technologies. It also experiences the largest number of cyber security threats every year.
Besides, the largest market share attributes to the presence of well-established industry players, such as Facebook, Inc., Nvidia Corporation, and Roblo Corporation and technology development centers in the region. The US, Canada, and Mexico are major metaverse markets in North America. Additionally, the continually rising healthcare and manufacturing industry and the rapid adoption of smart devices push the regional market growth.
The global metaverse market has been segmented based on component, platform, technology, application, end users, and region.
Based on the component, the market has been segmented into hardware and software. The hardware segment accounted for the largest revenue share in 2020 as those used to operate or create virtual or AR-based environments. However, growing focus among companies on developing products to provides more enhanced user experiences attributed to growth of hardware segment.
By platform, the market has been segmented into desktop, mobile, and VR headset. The mobile segment accounted for the largest revenue share in 2020 as it permit unparalleled, near-constant accessibility to metaverse. Desktop segment is used for uploading, downloading as well as sharing of vast volumes of information. VR headset segment include features like facial tracking and real-color passthroughs.
By technology, the market has been segmented into Blockchain, VR & AR, Mixed Reality. The Mixed Reality segment accounted for the largest revenue share in 2020 owing to increasing use of MR to engage more effectively in the metaverse. VR & AR segment overlays visual elements, sound, and other sensory input onto real-world settings to enhance the user experience. In blockchain segment owing to decentralized structure of blockchain, metaverse gaming could allow for participants to use a variety of tokens.
By application, the market has been segmented into gaming, online shopping, content creation, social media, others. The gaming segment accounted for the largest revenue share in 2020 owing to rapid ongoing developments and advancements by developers. In online shopping segment, metaverse aids to real item looks and feels, and has to purchase it. Social media segment helping to build the next computing platform
By end users, the market has been segmented into BFSI, manufacturing, healthcare and life sciences, IT and telecommunications, government, education, retail and consumer goods, media and entertainment, others. The media & entertainment segment is expected to gain the largest market share during the forecast period owing growing gaming industry. In manufacturing, 3D environments offer ideal design spaces for rapid prototyping and customized and decentralized production. In healthcare, metaverse use to perform complicated procedures with precision and flexibility. In telecommunication sector, metaverse enhanced online experiences in a shared virtual environment. In online shopping segment, metaverse aids to real item looks and feels, and has to purchase it. In education sector, it enable better online collaboration by making virtual conversations.
Metaverse Market – Competitive Analysis
Highly competitive, the metaverse market appears fragmented due to the presence of several well-established players. To gain a substantially larger competitive share, mergers & acquisitions, collaboration, innovation, and expansion remain key trends for these players.
Players active in the global metaverse market include Facebook, Inc Tencent Holdings Ltd., ByteDance Ltd., NetEase Inc., Nvidia Corporation, Epic Games, Inc., Roblo Corporation, Unity Technologies, Inc., Lilith Games, Nextech AR solution Corp., among others.
Dec.17, 2021 --- Boeing Co. announced its plans to build its next airplane in the virtual world using Metaverse. Immersive 3D engineering designs would be twinned with robots that converse with each other, while mechanics worldwide would be linked by HoloLens headsets enabled by Microsoft Corp.
The new Boeing strategy to unify sprawling design, production, and airline services operations under a single digital ecosystem would facilitate a virtual world using Metaverse. Moreover, Boeing’s goals of improving quality and safety have taken on greater importance and significance as the company tackles multiple threats.
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Name: Saurabh Sinha
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Organization: Market Research Future
Address: Market Research Future (Part of Wantstats Research and Media Private Limited)
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