The surge in the need for work-from-home and remote collaboration tools amid the COVID-19 pandemic contributed to the expansion of the global metaverse market.
PORTLAND, PORTLAND, OR, UNITED STATES, November 17, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, the metaverse market was valued at $41.9 billion in 2020, and is estimated to reach $1,237.0 billion by 2030, growing at a CAGR of 40.4% from 2021 to 2030.
The metaverse represents a seamless integration of our digital and physical lives, forming a unified virtual community where individuals can engage in activities such as gaming, work, transactions, socializing, and leisure. Still in its early stages of development, the metaverse lacks a definitive definition, with diverse perspectives on its current and potential nature. A crucial aspect is the existence of multiple evolving digital worlds, facilitating the expansion and deepening of virtual social interactions. This is achieved by incorporating immersive 3D layers into the web, enhancing user experiences for a more natural and authentic feel.
One notable feature of the metaverse is its promise to enhance accessibility, democratizing access to essential services, products, and experiences, while breaking down barriers. The potential impact of the metaverse spans various aspects, including customer experience, employee engagement, community building, product innovation, and omnichannel marketing and sales. Leaders are encouraged to engage in strategic discussions, intensifying their analysis of how the metaverse may shape this virtual realm in the years to come.
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Metaverse advancement is frequently associated with cutting-edge virtual reality technology due to a growing desire for immersive experiences. Concerns related to metaverse development encompass information privacy, user addiction, and user safety. Access to the metaverse can be facilitated through general-purpose computers, smartphones, augmented reality, mixed reality, and virtual reality.
The reliance on VR technology has constrained the expansion of the metaverse, impeding widespread development and adoption. Numerous challenges stem from limitations in portable hardware, requiring a delicate balance between cost and design, resulting in a deficiency of high-quality graphics and mobility in this domain.
Market Dynamics
The Surge in Metaverse Investments
The rebranding of Facebook to Meta significantly heightened awareness of the metaverse, capturing widespread attention. This move has spurred numerous companies across diverse sectors to embark on metaverse-focused initiatives. These projects encompass a spectrum, ranging from gaming-oriented endeavors to enterprise-level solutions. Industry giants like Microsoft and NVIDIA play pivotal roles by developing software and hardware essential for metaverse functionality. Gaming platforms such as ROBLOX have seamlessly transitioned into the metaverse landscape. Moreover, major players like Sony, Tencent, and others are strategically realigning their platforms towards metaverse-centric ventures.
Growing needs within the media and entertainment sector.
The demand for augmented reality (AR) and virtual reality (VR) technologies is surging in the media and entertainment industry, leading to exponential growth. The widespread adoption of AR and VR is a key driver for this trend. These technologies enhance the gaming experience by creating realistic virtual scenarios. The use of devices such as MR headsets, VR headsets, Heads Up Display (HUD), Helmet Mounted Display (HMD), smart helmets, and smart glasses, which offer features like a first-person view, 6-degree freedom, and a natural user interface (UI), contributes to their increasing popularity.
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Analysis of Various Market Segments Explored in the Report:
Based on Components:
• Hardware
• Software
• Services
Based on Technology:
• Blockchain
• Virtual Reality (VR) and Augmented Reality (AR)
• Mixed Reality (MR)
• Internet of Things (IoT)
• Others
Based on Application:
• Gaming
• Online Education
• Advertising
• Virtual Goods
• edge computing
• Online Shopping
• social media
• Conferences
• Content Creation
• Digital Twin Operations
• Blockchain Applications
• Virtualisation Tools
• NFT
• Payments
Based on End-Use:
• Healthcare
• Real Estate
• Customer Experience
• Media and Entertainment
• Manufacturing
• Education
• Military
• Technology
• Fashion
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Some prominent players in the global metaverse market include:
• Meta Platforms, Inc.
• Tencent Holdings Ltd.
• ByteDance Ltd.
• NetEase, Inc.
• Nvidia Corporation
• Epic Games, Inc.
• Roblox Corporation
• Unity Technologies, Inc.
• Lilith Games
• Nextech AR Solutions Corp.
• The Sandbox
• Active Theory
• Decentraland
• Microsoft Corporation
• Antier Solutions Pvt. Ltd.
In 2022, North America is expected to lead with the largest revenue share of 44.6%, driven by the region’s widespread adoption of advanced technologies. The increasing number of startups dedicated to developing metaverse platforms for commercial purposes is poised to contribute to the regional market’s revenue growth. Additionally, the presence of key players in the gaming and metaverse sectors, including The Sandbox, Nvidia Corporation, and Epic Games, Inc., is a significant factor fueling market expansion. Notably, Nvidia Corporation’s collaborations with Blender and Adobe are set to broaden the reach of NVIDIA Omniverse, the world’s first collaboration and simulation platform, reaching millions of new users.
The forecast period anticipates a robust Compound Annual Growth Rate (CAGR) in the Asia Pacific region. The market expansion is driven by an increasing number of startups and organizations, including The Sandbox in Hong Kong, Bolly Heroes in India, Axie Infinity in Singapore, NextMeet in India, GuildFi in Thailand, as well as Shenzhen Zhongqingbaowang Interaction Network Co., Ltd. (ZQGame Global) and miHoYo Co., Ltd. in China. These entities contribute to the growth of virtual metaverse marketplaces and gaming platforms in the region, offering users an immersive experience where they can engage in live and concurrent activities through their preferred third-party apps.
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Key questions answered by the report:
1. What is the expected revenue Compound Annual Growth Rate (CAGR) of the global Metaverse market over the forecast period (2020-2030)?
2. What was the size of the global Metaverse market in 2022?
3. Which factors are expected to drive the global Metaverse market growth?
4. What are some restraints to the growth of the global Metaverse market?
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies. This helps us dig out market data that helps us generate accurate research data tables and confirm utmost accuracy in our market forecasting. Every data company in the domain is concerned. Our secondary data procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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