Reports and data
Metaverse Market Size – USD 48.12 Billion in 2020, Market Growth – at a CAGR of 44.1%, Presence of a number of tech giants and start-ups in North America
NEW YORK, NY, USA, Feb. 8, 2022 /EINPresswire.com/ — Growing demand for virtual assets and growing use of NFTs to trade digital assets are key factors driving market revenue growth
The global metaverse market size is expected to reach USD 872.35 billion in 2028 and register a revenue CAGR of 44.1% over the forecast period, according to a latest report by Reports and Data. The growing demand for mixed reality (MR) for use in the metaverse is expected to significantly drive the market revenue growth over the forecast period. Additionally, the growing demand for virtual assets and the use of non-fungible tokens (NFTs) to trade digital assets are expected to drive the market revenue growth in the future.
The physical and virtual worlds are merged into a mixed reality environment. What was once achievable only in the imagination in terms of the interaction of imaginary objects and reality, has today become achievable thanks to advances in graphics processing power, computer vision, as well as computer graphics. other technologies. Wearable devices provide a mixed reality experience that can begin in the real world or in an entirely virtual realm. Unlike augmented reality, individuals in mixed reality can interact with virtual objects. There are various uses of RM in education that can help students learn in a more immersive way whenever they interact with virtual objects. Teachers can educate students remotely using 3D projections as well as simulations. For example, Case Western Reserve University in Ohio used Microsoft HoloLens to teach anatomy to medical students. These approaches are expected to gain traction rapidly in other countries and regions and drive the revenue growth of the global metaverse market over the forecast period.
The term “metaverse” has become a buzzword, its popularity reaching new heights after Facebook announced it was renaming its portfolio of companies “Meta” in a bid to align its business with its goal of building the metaverse. The Metaverse is a widely speculated version of the internet that suggests the confluence of virtual and augmented reality, social media, and online gaming.
The Metaverse is meant to be the next-generation internet and a virtual realm in which objects can appear as colorful and vivid as in real life. The idea that interactive, real-time accessible virtual and 3D environments could transform social and corporate engagements is at the heart of the metaverse concept. Experts believe that the cornerstone of these worlds could be the expanded reality. The Metaverse may still be a decade or two away, but it has opened up a whole new world for cryptocurrencies and is set to shape the way people live and work.
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Some major companies included in the global market report are Facebook, Inc., Tencent Holdings Ltd., ByteDance Ltd., NetEase, Inc., Nvidia Corporation, Epic Games, Inc., Unity Technologies, Inc., Roblox Corporation, Lilith Games, and Nextech AR Solutions Corp.
Some highlights of the report
• Desktop segment is expected to account for the largest revenue share in the global metaverse market between 2021 and 2028 owing to the growing demand for online multiplayer PC games.
• The financial services segment is expected to register a substantially stable revenue growth rate over the forecast period. A growing number of companies are providing financial services suitable for digital currencies, with the majority of these companies focusing on blockchain-based decentralized finance (DeFi) applications.
• The North America metaverse market is expected to account for the largest revenue share during the forecast period. The presence of a large number of tech giants and start-ups focusing on building metaverse platforms are key factors expected to drive the market revenue growth in North America.
• In June 2021, Nextech AR Solutions collaborated with Microsoft to offer EdTechX and its portfolio of AR education solutions. This higher education solution includes large-scale streaming video, unified assessments, augmented reality holograms and big data. EdTechX has been effectively integrated into the day-to-day operations of higher education institutions including Carnegie Mellon University, Ryerson University, and the Black Student Fund.
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For the purposes of this report, Reports and Data has segmented the global metaverse market based on platform, component, technology, offerings, application, end-use, and region:
Platform Outlook (Revenue, USD Billion; 2018-2028)
• Movable
• Office
Components Outlook (Revenue, USD Billion; 2018-2028)
• Software
• Asset creation tools
• Programming engines
• Material
• Virtual reality (VR) headsets and augmented reality (AR) headsets
• Display
• Extended Reality (XR) Hardware
• Omni treadmill
• Haptic devices and sensors
• Smart Glasses
Technology Outlook (Revenue, USD Billion; 2018-2028)
• Virtual reality (VR) and augmented reality (AR)
• Mixed Reality (MR)
• Blockchain
Bids Outlook (Revenue, USD Billion; 2018-2028)
• Avatars
• Virtual platforms
• Asset Marketplaces
• Financial services
Application Outlook (Revenue, USD Billion; 2018-2028)
• Social Media
• Games
• Aircraft maintenance
• Conference
• Content creation
• Online Shopping
• Virtual parades
• Others
End-Use Outlook (Revenue, USD Billion; 2018-2028)
• Media and entertainment
• Aerospace and Defense
• Fashion
• Education
• Others
Regional Outlook (Revenue, USD Billion; 2018-2028)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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The market report includes major points in TOC:
• Overview of the metaverse market
• Global economic impact on the industry
• Global market competition by manufacturers
• Global Production, Revenue (Value) by Region
• Global supply (production), consumption, export, import by regions
• Global Production, Revenue (Value), Price Trend by Type
• Global market analysis by application
• Analysis of manufacturing costs
• Industrial chain, supply strategy and downstream buyers
• Analysis of the marketing strategy, distributors/traders
• Analysis of market effect factors
• Metaverse Market Forecast
In conclusion, all aspects of the Metaverse Market are quantitatively as well qualitatively assessed to study the Global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market based on market drivers, limitations and its future prospects.
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Tushar Rajput
Reports and data
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