Metaverse Market: Introduction
The 3D Virtual Worlds is called “”Metaverse “”. This 3D virtual world is majorly focused on social connections. The metaverse is the term used to define a highly immersive 3D virtual experience obtained through a combination of technologies such as VR, AR, and MR. In the metaverse platform, users’ internet experience is elevated by establishing a virtual world where they can engage in immersive gaming, socialize, conduct business and buy or sell virtual real estate and relish immersive entertainment, among other things.
The Global Metaverse Market Forecast:
The Metaverse Market is appreciating to demonstrate a substantial upswing of a CAGR of 19.40% during the forecasted period of 2021 to 2030. The Metaverse Market was worth USD 23.5 billion in 2021 and is estimated to display a significant improvement to reach USD 137.16 billion by 2030.
The Global Metaverse Market Overview:
Various social networks and technology leaders gravitate towards the metaverse since it is one of the trending platforms in the technology sector. Furthermore, online game makers have been utilizing this platform to establish their presence within the market. The metaverse is the fastest growing trend with a substantial penetration rate of consumers for various applications such as content creation, gaming, learning & training, online virtual shopping and social interaction. According to the market experts, metaverse is anticipated to penetrate multiple industries in various ways in the forthcoming years, with a promising market opportunity. The total addressable market value is expected to be more than USD 1 trillion.
Additionally, as per the United Nations, in 2018, the global digital economy stood for 15.5% of the total GDP, and in 2021, it was 15% and 16.8%, respectively. It has been estimated that the potential market opportunity for the Metaverse is between USD 3.75 trillion and USD 12.46 trillion.
Resulting, the various end-users market players such as Nike, Walmart, Gap Inc, Verizon, Adidas, Hulu, LLC and Atari, Inc. have been entering the metaverse in various ways to experience the immersive experience of the digital world.
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Global Metaverse Market: Market Dynamics
Rising Demand for Metaverse to Purchase Digital Assets using Cryptocurrencies:
Every metaverse has a collection of coins since cryptocurrency is used as the metaverse currency. Those can be used for paying for everything from avatar shoes to virtual real estate to NFTs. Cryptocurrencies can be used for connecting the physical world to the virtual world. They allow us to evaluate the digital assets in the government-issued currency and the returns on those assets over time. The usage of the metaverse for buying digital assets using cryptocurrency has been gaining traction around the world.
Expanded Opportunities for Business-to-Business (B2B) enterprises and Business-to-Consumer (B2C)
The most promising prospect of the metaverse is massively increasing access to the marketplace for consumers in evolving and frontier economies. Various unavailable goods and services have become accessible due to the internet. Employees from developing countries easily find a job in developed Western countries without emigrating. Virtual reality has improved the education options, lowered the education expenditure and made it more effective.
Trade exhibitions, customer service, client meetings, product demos, and commercials are part of Business-to-business (B2B) marketing. The metaverse now has the ability to change each of these things. The metaverse has a positive side effect of reducing the gap between B2B and B2C.
The Key Market Segmentation of the Global Metaverse Market:
This Research Report Categorized The Global Metaverse Market Based on Product, Platform, Technology, Offering, Application, End-User and Geographical Landscape.
By Product:
- Hardware
- Software
- Services
By Platform:
- Desktop
- Mobile
- Headsets
By Technology:
- Blockchain
- Virtual Reality (VR) & Augmented Reality (AR)
- Mixed Reality (MR)
- Others
By Offering:
- Virtual Platforms
- Asset Marketplaces
- Avatars
- Financial Services
By Application:
- Gaming
- Online Shopping
- Content Creation & Social Media
- Events & Conference
- Digital Marketing (Advertising)
- Testing and Inspection
- Others
By End-User:
- BFSI
- Retail
- Media & Entertainment
- Education
- Aerospace and Defense
- Automotive
- Others
By Geographical Landscape:
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Major Key Players in the Global Metaverse Market Are:
- Meta Platforms, Inc.
- Tencent Holdings Ltd.
- Nextech AR Solutions Corp.
- Active Theory
- Decentraland
- Nvidia Corporation
- ByteDance Ltd.
- NetEase, Inc.
- Lilith Games
- Epic Games, Inc.
- Roblox Corporation
- Unity Technologies, Inc.
- The Sandbox
- Microsoft Corporation
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The COVID-19 Impact Analysis:
The COVID-19 epidemic played a substantial role in the accelerating interest in the metaverse concept. During the lockdown, employees started working from home, and students started taking online classes, and it had created a need to make the online platform more realistic and exuberant. The pandemic helped in intensifying its importance among consumers and businesses alike. Therefore, many tech companies announced their investment and took the initiative for developing this technology in 2020. As per the Facebook declaration, the year 2021 was significant for metaverse technology investment since metaverse spent billion dollars.
The pandemic bolstered the creation of virtual online communities as a key lifestyle platform for users who were forced to stay at home due to lockdowns and closures, including increasing the use of mixed reality and interactive game landscapes.
The Covid-19 pandemic positively impacted the global metaverse market, and it helped in improving several industries. The rising of digital assets, such as Nonfungible Tokens (NFTs) and blockchains, have contributed to the metaverse progression.
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