Issued June 26, 2023
InsightAce Analytic Pvt. Ltd. announces the release of its market assessment report. “Global metaverse market By product (infrastructure, hardware, software, services), by platform (desktop, mobile, headset), and by technology (blockchain, virtual reality (VR) and augmented reality (AR), mixed reality (MR)) Scale, share, trend analysis reports, applications (gaming, online shopping, content creation and social media, events and conferences, digital marketing (advertising), testing and inspection), end users (aerospace and defense, education, healthcare, tourism and Hospitality, BFSI, Retail, Media & Entertainment, Automotive) – Market Outlook and Industry Analysis 2031”
The global metaverse market is estimated to reach over US$1,420.58 billion by 2031, exhibiting a CAGR of 38.97% during the forecast period.
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Key factors driving the expansion of the Metaverse market include consumer usage of AR, VR and augmented reality, especially in arts and recreational activities, and increasing integration of digital platforms into industries in their daily operations. You can Moreover, the market for social networks and entertainment platforms based on cutting-edge technology is expected to grow rapidly in the coming years due to the push towards decentralized internet networks (Web 3.0).
In addition, some end-use businesses such as banking, healthcare, security, and aviation are also increasing their use of the metaverse.
Large BFSI businesses such as JP Morgan and HSBC have started using it to improve client connectivity. To provide consumers with an attractive way to manage their equity portfolios, trading organizations have started leveraging the metaverse to bring revenue to the metaverse marketplace.
Medical trials are also underway to establish doctor-patient interactions within the Metaverse for smooth and anonymous communication. The government sector is expected to expand the market by introducing the metaverse in areas such as tourism, defense, and employee training during the forecast period.
List of prominent players in the metaverse market:
- Meta Platforms Co., Ltd.
- Tencent Holdings Co., Ltd.
- Byte Dance Co., Ltd.
- NetEase Co., Ltd.
- NVIDIA Corporation
- Epic Games Inc.
- Roblox Co., Ltd.
- Unity Technologies Inc.
- lilith game
- Nextec AR Solutions Inc.
- active theory
- Antier Solutions Co., Ltd.
The emergence of the Metaverse has spawned even more new investment decisions across industries such as electronic design products and digital real estate, with premium fashion companies offering virtual enjoyment in the Metaverse. This has further increased the sophistication of the cryptocurrency space. The market is expected to rise due to the rapid development of key players. In addition, Industrial Metaverse Software helps customers increase productivity and expand their industries by providing clients with improved simulators that reduce the time required to deploy devices.
In addition, several game studios use Metaverse software to create quality games that provide a great user experience for their players. Simulation technology is also crucial as it greatly improves the interface and enhances player security, both of which offer a rich market potential.
The biggest challenge is the need for increased awareness of Metaverse technology in developing countries, which is projected to slow down the growth of the Metaverse market. However, this technology is expensive to maintain and set up, requiring significant investment in the market.
The North American metaverse market is expected to record a large market share. For huge investments in cutting-edge technologies such as blockchain, AR/VR, and AI. The main drivers of industry growth are the expansion of metaverse providers and increasing government support for regulatory compliance.
Many end-user industries including food and beverage, retail, media and entertainment have adopted metaverse solutions, which is another reason why North America is expected to maintain its leadership during the forecast period. Moreover, Asia-Pacific accounted for a sizeable share of the market. With solid economic growth, many countries including China, India and Japan are adopting digitalization.
Asia-Pacific has embraced technological advances much more quickly and enthusiastically than other regions. This includes technology companies, individuals and government agencies. Technological advances such as social networking, amusement, gaming, and increasing digitization, coupled with a strong industrial environment, are contributing to revenue growth in the Asia-Pacific market.
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- Facebook’s parent company, Meta Platforms Inc., will launch a paid membership service called Meta confirmed in February 2023, which includes a range of additional perks and features, including account verification badges. Subscription solutions have gained popularity among social networking sites in recent years as a strategy to diversify their advertising-intensive business.
- In August 2022, Broadcom Inc. and Tencent Holdings Ltd. entered into a strategic agreement to promote the use of co-packaged optical (CPO) network switches for cloud infrastructure. Broadcom offers the 25.6 Tbps Humboldt CPO switch device. It includes Broadcom’s best-in-class StrataXGS® Tomahawk® 4 switch chip directly linked and co-packaged with four 3.2 Tbps Silicon Photonics Chiplets In Package (SCIP) optical engines. part of this cooperation.
- In May 2022, NetEase, Inc. unveiled content upgrades and future plans for over 50 current and upcoming products. NetEase is stepping up its efforts to collaborate with top game creators from different cultural backgrounds. This year, in one of its recent global growth efforts, NetEase established its first US studio, Jackalope Games, and expanded its presence in Japan with the opening of Nagoshi Studios in Tokyo. Both studios are dedicated to bringing exciting his NetEase games to the most popular platforms.
- January 2022 – Sandbox and Warner Music Group announce a collaboration to introduce the first planet of the music-themed sandbox metaverse. The deal marks Warner Music Group (WMG)’s first entry into the Metaverse and NFT markets.
- November 2021 – Tencent Holdings, Ltd. has declared a partnership with the Asian Digital Finance Association. The two companies will cooperate in entrepreneurship, research and education to support the Fintech industry in Asia.
Metaverse Market Segmentation-
By metaverse product
- Cloud and edge infrastructure
- Augmented Reality (XR) Hardware
- User experience (events, games, etc.)
by Metaverse platform
by metaverse technology
- Virtual Reality (VR) and Augmented Reality (AR)
- Mixed Reality (MR)
By metaverse application
- online shopping
- Content creation and social media
- events and conferences
- Digital marketing (advertising)
- test and inspection
- media and entertainment
- aerospace and defense
- rest of europe
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East and Africa –
- GCC countries
- South Africa
- Rest of the Middle East and Africa
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