dublin, October 24, 2023 /PRNewswire/ — “The Metaverse Market by Component (Hardware (AR Devices, VR Devices, MR Devices), Software, Professional Services), Vertical (Consumer, Commercial, Industrial Manufacturing), and Region (North America,Asia Pacific, Europe,MEA, latin america) – World Forecast to 2030” Report added ResearchAndMarkets.com Recruitment.
The global Metaverse market is on an unprecedented growth trajectory and is expected to continue to grow rapidly. $83.9 billion It will be amazing in 2023 $1,303.4 billion This significant expansion is projected to occur at a compound annual growth rate (CAGR) of 48.0% during the forecast period 2023-2030.
The video game industry has played a pivotal role in shaping the Metaverse. Many online games and platforms now offer immersive virtual worlds with user-generated content and virtual economies. Beyond entertainment, the Metaverse is also being applied to education and collaboration, with virtual classrooms, meetings, and workspaces becoming increasingly popular.
The VR devices sector holds the largest market size during the forecast period and is poised to dominate the market. VR devices provide realistic images and sounds and support both enterprise and consumer applications in gaming, entertainment, and training across a variety of industries. Typical examples of VR devices include: meta quest 2, HTC Vive Cosmos, Oculus Rift S, HTC Vive Pro, and Varjo VR-3.
The consumer segment is expected to have the largest market size during the forecast period. This vertical includes a wide range of consumer-centric applications such as gaming, social media, sports, live entertainment, concerts, museums, theme parks, art galleries, and exhibitions. Metaverse and augmented reality technologies bring remarkable visual effects to gaming and sports broadcasts, improving the overall user experience.
- XR-based technology transformation in social networking, online video gaming, and live entertainment to drive market growth.
- Metaverse software will be the dominant market in 2023 and 2030.
- VR devices are expected to account for the largest share of the metaverse hardware market in 2023 and 2030.
- Augmented reality software will be the largest software market in 2023 and 2030.
- Consumer vertical market will account for the largest market share in 2023 and 2030.
- Asia Pacific We aim to emerge as the best investment market in the next seven years.
- increased demand from the entertainment and gaming industry;
- New opportunities from adjacent markets.
- Virtualization in fashion, art and retail.
- A surge in placements in the education sector and industrial training.
- Increased adoption of the metaverse in the medical field.
- Availability of affordable hardware.
- Increased adoption of Metaverse technology due to increasing “Zoom fatigue”.
- High installation and maintenance costs for high-end metaverse components.
- Cybersecurity, Privacy, and Usage Standards Regulations.
- Incorporation of metaverse and adjacent technologies into the aerospace and defense sector.
- Continuing development of 5G technology.
- The emergence of virtual experiences in the corporate and hospitality sector.
- Local government restrictions with environmental impacts.
- Health and mental problems due to overuse.
case study analysis:
- Rezzil: We have introduced rigorous training support to help professional athletes participate without putting stress on their bodies.
- Samsung: Created a virtual store in New York via Decentraland.
- Unity: Assisted with Hyundai’s metafactory setup.
- H&M: Enters the Metaverse fashion space by launching a virtual store.
- Tanishq: We entered the Metaverse jewelry retail space.
- Tech Mahindra: Aims to leverage metaverse capabilities for the automotive industry.
- stanford: Entered the Metaverse to make virtual interactions more appealing.
- Guanajuato International film festivals: Going virtual during the pandemic.
- Virtual 3D Retail CPG Store: Introduced.
- Kaleidscope Innovation: Canon Medical’s platformized virtual environment.
- AWS: Intended to help Volkswagen Group speed up 3D data preparation and remote rendering processes.
- Microsoft: Providing Boeing with a time-efficient approach to aircraft wiring.
- AMD: We used map building to improve the Fortnite gaming experience.
- ZEPETO: Created a seamless integration of virtual experiences and fashion using Metaverse.
- activision blizzard
- part time dance
- electronic arts
- aeon reality
- epic games
- HPE (Hewlett Packard Enterprise)
- Meta (previously known as Facebook)
- NEXTEC AR solution
- Sandbox VR
- Seiko Epson Corporation
- take 2
- tail craft
- tech mahindra
- VR chat
- ZQ game
For more information about this report, please visit: https://www.researchandmarkets.com/r/ridoa
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