Metaverse Market Set to Witness Explosive Growth by 2030

The global metaverse market is expected to grow from USD 45.6 billion in 2020 to USD 344.8 billion by 2027, at a CAGR of 40.1from 2021 to 2027The metaverse is a mixed reality or digital reality platform that collectively features social media, online gaming,  virtual reality (VR), augmented reality (AR), and cryptocurrencies to enable users to interact virtuallyAugmented reality overlays sounds, visuals, and other sensory input in a realworld scenario to improve the user interactions and interfaceOn the contrary, virtual reality is entirely virtual and values fictitious realities, and metaverse uses a complex platform to integrate mixed realities; such factors will drive the market’s growth.

Moreover, some other factors, such as the growing demand for online education, mass course academies such as Udemy, Coursera, among others, remain a promising driver for major business opportunities in the Metaverse market, with more emphasis on the convergence of the digital and physical world across the Internet and the increasing demand for metaverse for the purchase of digital assets using cryptocurrenciesSuch factors will escalate the growth of the metaverse market over the forecasting period.

Global Metaverse Market Dynamics

DriversMetaverse adoption in various verticals

Metaverse is a technology set to change the face of gaming, artificial intelligence, and virtual technologyThe metaverse is a term for the hypothetical iteration of the InternetThis platform supports the online 3D virtual environment through conventional personal computing and augmented realityIt is a virtual world for immersive experiences where people from all over the world can meet, play, watch and chat online using IoTMost of the data is stored on a cloud platform which offers more cybersecurity and safetyCompanies are investing in the development and programming of new innovative techniques to bring the real world into a 3D reality that benefits the general population for entertainment, gaming, and investing in the business, and various other benefitsAdditionally, develop metaverse platforms for the education sector to help open up avenues for the marketHence, it will promote the growth of the metaverse market over the forecasting period across the globe.

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RestraintsMetaverse impact on health and psychology of individuals

The metaverse has a negative impact on an individual’s psychological and overall health, which will hamper the market’s growth across the globeMetaverse offers virtual reality as a reallife event that will retard mental health in the long termIt will also affect the psychology of an individual. It may initiate delusions or hallucinations events for the users, which reduces the adoption of metaverse at a high pace in various regions and hinders the market growthExcessive virtual reality use will also cause Schizotypal personality traits, including impulsive nonconformity, unusual experiences,  and cognitive disorganizationSuch factors will impede the growth of the metaverse market across the globe.

OpportunitiesIncreasing awareness regarding metaverse

The major market players and startups under the metaverse market focus on developing innovative and advanced technologybased platforms to cater to the needs of the endusersThey are using various marketing strategies coupled with rewards to spread awareness regarding metaverse and its vast implementationSuch a factor will seek the potential users’ attention and fuel the growth of the metaverse market in upcoming yearsIntegration of cryptocurrency will also lure the attention of gamers, traders, app developers, and others.

Scope of the Report

The study categorizes the metaverse marketbased components, platform, offerings, technology, application, endusers at the regional and global levels.

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By Component (Revenue, USD Billion, 20172027)

  • Hardware
    • Displays; eXtended Reality (XRHardware
      • Haptic Sensors & Devices,
      • Smart Glasses, Omni Treadmills
      • AR/VR Headsets
  • Software
    • Asset Creation Tools
    • Programming Engines

By Platform (Revenue, USD Billion, 20172027)

  • Desktop
  • Mobile

By offerings (Revenue, USD Billion, 20172027)

  • Virtual Platform
  • Asset Marketplaces
  • Avatars
  • Financial Services

By Technology (Revenue, USD Billion, 20172027)

  • Blockchain
  • Virtual Reality (VR& Augmented Reality (AR)
  • Mixed Reality (MR)

By Application (Revenue, USD Billion, 20172027)

  • Gaming
  • Online Shopping
  • Content Creation
  • Social Media
  • Conference
  • Virtual Runway Shows
  • Aircraft Maintenance
  • Others

By Application (Revenue, USD Billion, 20172027)

  • Fashion
  • Media & Entertainment
  • Education
  • Aerospace & Defence
  • Other

By Region (Revenue, USD Billion, 20172027)

  • North America (US, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
  • The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

The technology segment of the Metaverse market is projected to account for the largest share in the global market

Based on technology, the global metaverse market is segmented into the blockchain, virtual reality (VRand augmented reality (AR), and mixed reality (MR). The Mixed Reality (MRsegment among technology is anticipated to register a significantly high share of the revenue contribution to the global market over the forecast period due to the increasing use of MR to engage in the metaverse more effectivelyWhen users can directly interact with metaverse environments in a physical location, it’s called mixed realityUsers don’t need a VR headset to interact with the metaverseUsers could interact with the metaverse using a keyboard, regardless of the level of immersion. This will promote the growth of the metaverse market across the globe during the forecasting period.

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AsiaPacific accounts for the robust revenue growth during the forecast period in the Metaverse market

Based on the regions, the global metaverse market has been segmented across North America, AsiaPacific, Europe, South America, and the Middle East & AfricaFour main countries, namely, China, India, Japan, and the Rest of AsiaPacific, are analyzedAsiaPacific region is expected to experience a considerably robust revenue growth rate over the forecast periodMarket growth is expected to be driven by many startups such as Bolly Heroes, OneRare, LOKA, CopeStudio, Interality, Zippy, and NextMeet in India, and miHoYo Co., Ltdand Shenzhen Zhongqingbaowang Interaction Network Co., Ltd. (ZQGame), are among others in China with an acute focus on the development of metaverse platformsFor example, LOKA is a gamified multiplayer platform with a virtual metaverse built on 3D maps of realworld cities and locations. Users can participate in live and simultaneous activities driven by their favorite thirdparty appsSimilarly, Zippy is a runner’s metaverse, and the platform provides users with an ondemand, engaging, safe, and enjoyable environment and connects users with other runners around the world.

Key Market Players

The metaverses market is emerging and evolving in nature with few numbers global players operating in the market such as Facebook, Inc., Nvidia Corporation, Epic Games, Inc., Nextech AR Solutions Corp., Tencent Holdings Ltd., ByteDance Ltd., NetEase, Inc., Roblox Corporation, Unity Technologies, Inc., Lilith Games, and Microsoft, and othersThese players have been adopting various winning strategies to gain higher shares or retain leading positions globally.

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