CHICAGO, Oct. 20, 2023 (Globe Newswire) — global metaverse market size It is projected to grow from USD 83.9 billion in 2023 to USD 1,303.4 billion by 2030, at a compound annual growth rate (CAGR) of 48.0% during the forecast period., According to a new report from MarketsandMarkets™.
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The Metaverse is a shared 3D virtual world online experience created by combining the physical and digital worlds. These virtual worlds are created using AR, VR, real-time 3D, and interactive video. The Metaverse has become widely popular in social networking, online video games, and live entertainment. As investment in real-time 3D technology development grows, market players from the social media industry, online gaming market space, and other technology sectors are already foreseeing enormous potential in the Metaverse market. Online game manufacturers: Activision Blizzard (US), Electronic Arts (US), Microsoft (US), NetEase (China), Nexon (Japan), Roblox (US), Take-Two (US), Tencent (China), etc. Supporting the growth of the Metaverse market through 3D virtual worlds within. Opportunities in adjacent markets such as VR, AR, augmented reality, cloud gaming, social media AI, and AR/VR hardware and peripherals open up new revenue potential for the Metaverse market.
- increased demand from the entertainment and gaming industry;
- New opportunities from adjacent markets
- Virtualization in fashion, art and retail
- Rapidly increasing adoption in educational fields and industrial training
- Increased adoption of the metaverse in the healthcare sector.
- Availability of affordable hardware
- Increased Zoom Fatigue Drives Increased Adoption of Metaverse Technology
- High installation and maintenance costs for high-end metaverse components
- Cybersecurity, Privacy, and Standards of Use Regulations.
- Incorporating Metaverse and Adjacent Technologies in Aerospace and Defense
- Continuing development of 5G technology
- The emergence of virtual experiences in the corporate and hospitality sector
List of major players in the Metaverse market:
- Microsoft (USA),
- Sony (Japan),
- Meta (USA),
- HTC (Taiwan),
- Google (USA),
- Apple (USA),
- Qualcomm (USA),
- Samsung (South Korea),
- Activision Blizzard (USA),
- NetEase (China)
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Software segment holds the largest market size during the forecast period. This software includes game engines, 3D modeling and reconstruction tools, volumetric video tools, geospatial mapping software, Metaverse platforms, and financial platforms. A game engine is a software framework or platform that developers use to create and develop video games. It provides a set of tools, libraries, and systems for various aspects of game development, including rendering graphics, handling physics, managing game assets, and implementing gameplay logic. Game engines help streamline the game development process, allowing developers to focus on creating the actual content and gameplay rather than building the underlying technology from scratch. Game engines play an important role in the development of the Metaverse. The Metaverse is an immersive, interconnected virtual digital universe where users can interact, interact, work, and play. Uses for game engines in the Metaverse include creating virtual worlds, increasing user interaction, creating and animating avatars, and multiplayer networking. In 2023, the software segment held the highest share in the Metaverse market during the forecast period as it helps in creating and designing virtual worlds and environments within the Metaverse. It includes 3D modeling software, world-building tools, and terrain generation software that allow users to control movement, interaction, and experiences within the Metaverse. It includes menus, HUDs (heads-up displays), and gesture recognition interfaces, and helps implement network protocols and multiplayer functionality, allowing users to interact with each other in real-time within the Metaverse. This will support market growth in the coming years.
The geographic analysis of the Metaverse market includes five regions: North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. As an adopter of technology, North America holds the largest market size during the forecast period. Technologically advanced and developed, North America is a major market for the development of cutting-edge display technology. Additionally, increasing spending by businesses and individuals on digital solutions and advanced technologies will also drive market growth. North America has emerged as the largest market for Metaverse technology. It will occupy a large share of the global market in 2023. The use of AR technology in consumer electronics will drive the growth of his AR market in the region. Industries such as aerospace and defense, healthcare, consumer, and commercial applications for education and training are also using AR. Several global companies offering AR devices and solutions are based in the US, including Microsoft, Apple, Meta, and Google. Additionally, companies are increasingly embracing Metaverse technology to sell their products in modern ways, which is also a key factor driving the growth of the North American Metaverse market.
VR and AR technologies are essential to creating immersive metaverse experiences. VR provides a fully immersive digital environment, and AR overlays digital content onto the real world, merging the physical and digital realms. Advances in hardware have made VR and AR more accessible and engaging. This includes better headsets, more powerful GPUs, and more affordable components, making the technology available to a wider range of consumers and industries. The availability of engaging content will drive the growth of AR and VR. As more developers and creators create high-quality VR and AR experiences, user adoption will increase. This content ranges from games and entertainment to educational and professional applications. The gaming industry is a key driver of VR adoption. Games like Beat Saber, Half-Life: Alyx, and Superhot VR demonstrate the potential of immersive gaming experiences.
Additionally, companies are using AR for interactive marketing campaigns and location-based entertainment, like the success of Pokémon GO. MR is attracting a lot of attention in the corporate and industrial fields. Companies are deploying mixed reality for remote assistance, training, maintenance and repair, 3D modeling, and data visualization. MR helps improve efficiency, reduce errors, and enhance collaboration in these industries.
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