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Emergence of Blockchain technology, web 3.0 (Web3), low-code and no-code application platforms, and advancements
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VANCOUVER, BRITISH COLUMBIA, CANADA, July 21, 2022 /EINPresswire.com/ — Metaverse Market Size – USD 63.08 Billion in 2021, Market Growth – at a CAGR of 43.3%, Market Trends – Emergence of Blockchain technology, web 3.0 (Web3), low-code and no-code application platforms, and advancements in motion tracking systems and cybernetics will help artists and developers to regain control over their respective online content
The report covers the Metaverse Market segmentation along with a detailed outline of the Metaverse market size with regards to volume and valuation. The report provides comprehensive coverage of the Metaverse market scenario for the current period and forecast timeline of 2022-2030. The Metaverse market report contains an in-depth analysis of the historical, current, and projected revenues for every industry vertical, segment, end-use industries, applications, and regions.
The global metaverse market size is expected to reach USD 1,607.12 Billion in 2030 and register a revenue CAGR of 43.3% over the forecast period, according to latest analysis by Emergen Research. Global metaverse market revenue growth is expected to be driven by key factors such as increasing demand for applications and products based on virtual and augmented and mixed reality and rising focus on converging digital/virtual and physical worlds. Besides, with the rise of Blockchain technology, web 3.0 (Web3), low-code, and no-code application platforms, coupled with advancements in motion tracking systems and cybernetics, artists and developers are gaining control of their online content, which is expected to support revenue growth of the market in the near future.
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The report further sheds light on the emerging growth opportunities, challenges, market threats, limitations, and factors likely to restrict the growth of the Metaverse market. The report further discusses in detail the market in international waters and the emerging trends in those regions. It also offers insights into the competitive landscape, market drivers, industrial scenario, and the latest product and technological developments to offer a comprehensive overview of the Metaverse market landscape.
The Metaverse research report also includes an insightful study of the prominent players of the industry along with their business overview, strategic planning, and business expansion plans adopted by them. This assists the readers and business owners in formulating strategic expansion and investment plans. The report focuses on mergers and acquisitions, joint ventures, collaborations, partnerships, corporate and government deals, and others. The report also talks about the expansions these prominent players are vying for in the key regions of the market. The report focuses on the detailed analysis of the technological and product developments undertaken by these companies.
The key companies studied in the report are:
Facebook, Inc., Tencent Holdings Ltd., ByteDance Ltd., NetEase, Inc., Nvidia Corporation, Epic Games, Inc., Roblox Corporation, Unity Technologies, Inc., Lilith Games, and Nextech AR Solutions Corp.
On the basis of regional analysis, the market is segmented into the following regions: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The market is expected to be dominated by North American nations closely followed by European countries. Asia Pacific is expected to show a significant growth owing to recent advancements and rising investments in the R&D sector.
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For the purpose of this report, Emergen Research has segmented the global metaverse market based on component, platform, offering, technology, application, end-use, and region:
Components Outlook (Revenue, USD Billion; 2019 – 2030)
Platform Outlook (Revenue, USD Billion; 2019 – 2030)
Offerings Outlook (Revenue, USD Billion; 2019 – 2030)
Technology Outlook (Revenue, USD Billion; 2019 – 2030)
VR and AR
Application Outlook (Revenue, USD Billion; 2019 – 2030)
Virtual Runway Shows
End-Use Outlook (Revenue, USD Billion; 2019 – 2030)
Media & Entertainment
Aerospace & Defense
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Rapid advancements in motion tracking and cybernetics are expected to open up new opportunities for various companies in the market. Making human interactions with machines more straightforward is an important aspect of the metaverse. Instead of typing commands into a computer, people will be able to interface with devices through speech/voice, motion, and even eye movement, which is already possible in the Extended Reality (XR) world.
Humans are steadily shifting towards virtual reality worlds, in which humans use both virtual and physical environments at the same time. For enabling this landscape, XR developers would need to develop more robust tracking systems capable of recording every movement made by a user. Simultaneously, the connection between the digital and physical worlds may entail incorporation of additional input from the digital environments with which people engage. Haptics, which allow users to touch items from a digital realm and interact with in real life, will make activities in the metaverse more enjoyable and realistic.
Key Highlights From the Report
Hardware segment accounted for a relatively larger revenue share in 2021 due to increased demand for various equipment, including smart lenses, haptic gloves, VR, AR, and XR devices, tracking systems, and scanning sensors to provide a better experience in the metaverse.
Besides, revenue growth of this segment is expected to be boosted by rising focus of companies operating in this industry on providing higher visual quality with sophisticated display technologies.
Avatar segment revenue is expected to expand at a rapid CAGR over the forecast period. This can be attributed to the advent of hyper-realistic avatars for metaverse. Individuals can represent themselves more exclusively online and interact with others in a better way owing to hyper-realistic avatars.
Companies such as Burberry are developing virtual versions of their storefronts, while fashion firms are offering NFT apparel products that people may wear on their avatars in a virtual world. As people get more immersed in the metaverse, emphasis on creating hyper-realistic avatars would further rise.
Metaverse market in North America is expected to register a rapid revenue growth rate over the forecast period. Revenue growth of the market in North America is expected to be driven by factors such as increase in number of startups such as Supersocial, Inc. developing immersive games for metaverse.
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