31 Jan 2022
Metaverse Market is valued at USD 44.69 Billion in 2020 and is expected to reach USD 596.47 Billion by 2027 with a CAGR of 44.8% over the forecast period. Increasing focus on conveying digital & physical worlds through the internet, growing Covid-19 cases, and rising traction & popularity of mixed reality (MR) are some of the major factors, This will result in auspicious growth for the metaverse market.
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Scope of Global Metaverse Market Report:
Metaverse is an arrangement of numerous elements of technology such as virtual reality, augmented reality, and video where consumers "live" inside a digital universe. The users of metaverse envision are able to stay connected with friends through everything from concerts and conferences to virtual trips around the world as it is a space where users can interact with virtual objects in real life with real-time information. It is possible that users have already seen this concept revealed in movies and on television programs. To the metaverse, adopting this factual approach means it is a combination of three elements. These elements include; first, it is a technology that enables the digital content to be arranged over the real world.
This is similar to augmented reality (AR). Then second, this metaverse applies a hardware device & it enables the real world to be communicating. It means the digital content is applied so that users can control the content displayed virtually and interact with it within a real-life space. Third, it is information about anything and everything in the physical world and knowledge about the user such as the user’s schedule, location, habits, and interests. This information will be obtained from the internet and from machines learning about a user’s everyday actions with this metaverse. A simple example of device learning based on a user’s everyday activities is Siri and Alexa. This ‘metaverse’ word was first invented in a piece of theoretical literature named Snow Crash which was written by Neal Stephenson in 1992. In this novel, Stephenson defined the metaverse as a massive virtual environment parallel to the physical world in which users interact through digital avatars.
Covid-19 has positively impacted the growth of the global metaverse market as the quarantine and social distancing during the pandemic forced entire lives online, the limitations of current platforms are starting to become apparent. Also, this pandemic has driven the internet to the next stage of its evolution such as the ‘Metaverse’ where cyberspace becomes more of an interactive 3D space with business& networking together with content corresponding to the worlds in popular games such as Roblox and Fortnite. The current global crisis has accelerated virtual platforms such as metaverse &some of the cultural trends & behaviors that need to be in place for a metaverse to be created. Also pandemic has enhanced the rise of virtual communities such as interactive gaming worlds and mixed reality activations as an important lifestyle space for locked-down consumers. In addition, due to the Covid-19, there are various new developments in digital social experiences such as the dawning of the metaverse which is an always-on, real-time virtual environment that will propose massive opportunities for brand commitment.
Global metaverse market is segmented on the basis of component, type, offerings, technology, application, end-user, and region & country level. Based upon components, the global metaverse market is divided into hardware and software. Hardware further sub-classified into the display, eXtended reality (XR) hardware, and AR/VR headsets. Software is sub-divided into asset creation tools and programming engines. Based upon the type, the market is classified into desktop and mobile. Based upon offerings, the metaverse market is divided into virtual platforms, avatars, asset marketplaces, and financial services. Based upon technology, the market is classified into Blockchain, virtual reality (AR) & augmented reality (AR), and mixed reality (MR). Based upon application, the metaverse market is classified into online shopping, gaming, social media, content creation, conferences, and others. Based upon end-user, the market is classified into education, fashion, media & entertainment, aerospace & defense, and others.
Some of the key players for the global metaverse market are Unity Technologies Inc., Lilith Games, Roblox Corporation, Facebook, Tencent Holdings Ltd., ByteDance, NetEase, ZQGame, Nextech AR Solution Cop., Nvidia Corporation, and others.
Global Metaverse Market Segmentation:
eXtended Reality (XR)Hardware
Asset Creation Tools
Virtual Reality (AR) & Augmented Reality (AR)
Mixed Reality (MR)
Media & Entertainment
Aerospace & Defense
News: TaleCraft Launched Medieval NFT Gaming Metaverse
On November 11th, 2021; TaleCraft Majuro announced the launch of its medieval-themed NFT gaming metaverse. The medieval game settings and created NFTs for gaming can be used by gamers. The new grounds presented by TaleCraft, where users can craft cards of their choice rather than minting pre-produced cards and NFTs from gaming publishers. Around 150 Alchemist card are present in Tale Craft’s gaming which will be used to craft NFTs. Each card has different levels determined by the problem and rarity of the card's production. The gaming metaverse also incorporated cross-chain capabilities and where players can public sale their crafted NFTs.
Increasing Focus on Conveying Digital & Physical Worlds through Internet, Growing COVID-19 Cases and Rising Traction & Popularity of Mixed Reality (MR) drive the Market Growth
One of the major factors driving the growth of global metaverse market is the increasing focus on conveying digital & physical worlds through the internet. Metaverse established different computer-mediated virtual conditions including social networks, video conferencing, and virtual 3D. Such virtual conditions, though non-perpetual and detached, have gotten us different levels of digital change. The term Metaverse has been coined to additionally work with the digital transformation in each part of our physical lives. At the center of the Metaverse stands the vision of an immersive internet as a tremendous, persistent, unified, and shared domain. While the Metaverse may appear to be advanced, catalyzed by arising advances like Extended Reality, 5G, and artificial intelligence, the computerized huge explosion of the internet isn't far away. For instance; as per the news published on October 28th, 2021, Facebook launched new AR tools to help creators assemble the Metaverse. The new tool will be utilized by designers and creators to build Metaverse applications.
In addition, increasing COVID-19 cases are also supplementing the demand for the metaverse. The COVID-19 outbreak was very instrumental in driving expanding interest in the Metaverse idea. People started working remotely and students moved to go to classes virtually, and request and need for helpful methodologies or channels for making online communication more practical arose. The COVID-19 cases have speeded up the rise of virtual networks as a significant way of life region for secured clients, including intuitive gaming scenes just as expanding reception of mixed reality. Most recent progressions in digital social experiences would set the context for the next stage of post-Covid advanced movement, the coming of Metaverse, which is being utilized viably as a real-time virtual world to open up and influence the significant potential for brand commitment. For example; according to the World Health Organization (WHO), on November 12th, 2021, there were about 251,788, 329 confirmed COVID-19 cases and 5, 077, 907 deaths, globally.
Furthermore, the rising traction & popularity of mixed reality (MR) also drives the global metaverse market. Blended Reality (MR) fragment is relied upon to enroll essentially huge offer because of expanding utilization of mixed reality (MR) to connect all the more effectively in the Metaverse. At the point when clients can connect directly with Metaverse environments at an actual area, this is known as mixed reality. Clients needn't bother with a VR headset for cooperating with the Metaverse. Clients could essentially engage with the Metaverse utilizing a keyboard, regardless of the level of immersion. However, concern regarding security issues and privacy in metaverse environments may hamper the growth of the global Metaverse market. In spite of that, technological advancement in terms of security in devices and better user security & high confidence among users can provide various opportunities for the further growth of the global metaverse market.
North America is Expected to Dominate the Global Metaverse Market
North America is accounted for the largest revenue share contribution to the global metaverse market owing to various factors such as the major presence of companies, rising focus on converging digital and physical worlds through the internet, increasing emphasis on developing metaverse platforms for the education industry, and many more. Along with the use of metaverse spaces for business, education, retail applications, and many more, several entertainment and social media businesses are investing in metaverse-related research and development. For instance; in 2021, chief executive of Facebook Mark Zuckerberg planned to build the metaverse and has lately announced the tech giant will shift from being a social media company to a metaverse company.
Also, Facebook Horizon, an online video game with an integrated game creation system established and published by Meta Platforms was announced as a social VR world by Facebook. Likewise, Solirax has invested in NeosVR Metaverse and launched it in 2018. The overwhelming investment in metaverse among the number of small and major players is aggressively increasing its demand all across this region.
The Asia Pacific is expected to witness the fastest growth in the global metaverse market due to the high use of metaverse platforms in the entertainment, gaming, and social sector in this region. The metaverse craze has hit Asia’s gaming and social network industries with hundreds of millions of investments. The interaction of many people is shifting towards the online world, the interest in digital entertainment services has enhanced massively. For instance; in October 2021, the Hangzhou-based video gaming giant, NetEase, and its subsidiaries filed dozens of trademark applications related to the metaverse.
Additionally, ByteDance, owner of Tiktok had invested CNY100 million in Rewolrd and also explored the business potential of the metaverse concept. The gaming ecosystem is recognized as integral to the expansion of the Metaverse. Along with the increasing gaming and entertainment sector, the evolution as well development of metaverse is speeding up exponentially. It is also predicted that augmenting internet and digital gaming will enhance demand for metaverse respectively in upcoming years. Thus, this factor is likely to flourish the market growth in the Asia Pacific.
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