Metaverse Market Research Report- Forecast till 2030
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.
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.
With the growing digital usage and internet users, the market is forecasted to grow exponentially during the years ahead. According to Market Research Future (MRFR), the global metaverse market is poised to reach an exponential valuation by 2030, registering 41.7% CAGR throughout the forecast period (2021-2030).
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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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.
Major 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.
Segmentation:
The report segments market dynamics into components, organization size, industry verticals, and regions. Of these, the component segment is bifurcated into hardware and software. The platform segment is bifurcated into desktops, mobiles, VR headsets, and others. The technology segment is bifurcated into Blockchain, VR & AR, mixed reality (MR), and others.
Similarly, the application segment is bifurcated into gaming, online shopping, content creation, social media, and others. The end-user segment is bifurcated into BFSI, retail, manufacturing, media & entertainment, education, aerospace & defense, and others. The region segment is bifurcated into the Asia Pacific, Americas, MEA, Europe, and rest-of-the-world.
Regional Analysis:
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.
Industry/Innovation/Related News:
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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Metaverse Market Research Report: Based On The By Component (Hardware And Software), By Platform (Desktop, Mobile, VR Headset), By Technology (Blockchain, VR & AR, Mixed Reality), By Application (Gaming, Online Shopping, Content Creation, Social Media, Others), By End Users (BFSI, Retail, Manufacturing, Media & Entertainment, Education, Aerospace & Defense, Other), Region (North America, Europe, Asia Pacific, Middle East And Africa, And South America) - Forecast till 2030
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