Rise in investment in metaverse real-estate market and growing adoption of metaverse for advertising are driving the growth of global metaverse market in the forecast period, 2023-2027.
According to TechSci Research report, “Metaverse Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027”, the global metaverse market is anticipated to witness a growth of robust CAGR in the forecast period, 2023-2027. The growing adoption of online sales channels for dating, education, gaming, workplace, entertainment, news, networking, and other purposes is driving the demand for innovative technologies and solutions to enhance the user experience and provide access to better opportunities.
Increased consumers in NFTs, blockchain, augmented and virtual reality, and the rise in demand for new digital commodities are playing significant roles in the development of the global metaverse market. The extended reality in the convergence of artificial intelligence, cloud computing, and 3D technology and the efforts to develop high-end graphics and lower the cost of technology is paving the way for market growth.
However, data privacy and the imposition of strict regulations in different countries may restrain the global metaverse market growth in the forecast period.
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The global metaverse market is segmented based on component, platform, technology, application, end user, regional distribution, and competitive landscape.
Based on the component, the market is divided into hardware and software. Metaverse can be accessed through hardware, including smartphones and general-based computers. Portable hardware used in VR technology has limitations and finds difficulty balancing cost and quality, resulting in poor graphics and mobility. High-performance models are wired and often found bulky, and the lightweight models cannot achieve retina display pixel density. Market players offering hardware models focus on overcoming the limitations of sensors, VR headsets, and rising immersion with haptic technology.
Metaverse can be accessed by proprietary technology. Challenges faced by the market player are in interoperability which often results in bolstering concerns relating to privacy and transparency.
Based on the platform, the market is divided into desktop and mobile. The desktop is expected to account for a significant market share in the forecast period as it offers a bigger screen, high clarity, and enhanced picture quality to internet users.
Based on the application, the market is divided into gaming, online shopping, content creation, social media, and others. Gaming is expected to hold the largest market share in the forecast period. Gaming companies are making plans to invest in the development of metaverse to expand their consumer base and introduce interactive games using advanced technologies. Companies like Unity, Niantic, and Epic Games are planning to launch games in the metaverse version with enhanced levels of emersion and interoperability.
Based on the end user, the market is divided into BFSI, retail, manufacturing, media & entertainment, education, aerospace & defense, and others. The education sector is expected to be a promising sector for the global metaverse market. Mass online education platforms like Coursera, Udemy can adopt the metaverse technology to enhance the learning experience by providing examples and virtual tutorials to students.
On the basis of regional analysis, the North American region is expected to dominate the global metaverse market in the forecast period. The presence of significant market players in the region and the availability of well-developed technological infrastructure are the major drivers for the growth of the metaverse market in the region.
Major market players operating in the global metaverse market are:
- Facebook Inc.
- Tencent Holdings Ltd.
- ByteDance Ltd.
- NetEase Inc.
- Nvidia Corporation
- Epic Games Inc.
- Roblox Corporation
- Unity Technologies Inc.
- Nextech AR Solutions Inc.
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“Market players are focusing on deploying solutions in the Asia-pacific region as it is expected to witness lucrative growth opportunities in the forecast period. Due to the presence of a vast consumer base and improving purchasing capacity of consumers. South Korea has announced plans to become the 5th largest global metaverse player by 2026. In India, companies like Tata Consultancy Services (TCS), Infosys, HCL Technologies, and ELGi Equipment invest enormous amounts for technological advancements and adopt metaverse technology to provide interactive solutions to consumers. Deployment of 5G technology and the expected roll-out of 6G technology, along with the introduction of user-friendly hardware, are expected to propel the global metaverse market till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Metaverse Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027 Segmented By Component (Hardware and Software), By Platform (Desktop, Mobile), By Technology (Blockchain, VR & AR, Mixed Reality), By Application (Gaming, Online Shopping, Content Creation, Social Media, Others), By End User (BFSI, Retail, Manufacturing, Media & Entertainment, Education, Aerospace & Defense, Others), and By Region”, has evaluated the future growth potential of global metaverse market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global metaverse market.
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