Rising demand for virtual assets and increasing usage of
NFTs to trade digital assets are some key factors driving market
revenue growth
Market Size – USD 48.12 Billion in 2020, Market Growth –
at a CAGR of 44.1%, Market Trends – Presence of number of tech giants and
start-ups in North America
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. Rising demand for Mixed Reality (MR) for use
in the metaverse is expected to drive market revenue growth to a significant
extent during the forecast period. In addition, increasing demand for virtual
assets and usage of Non-fungible Tokens (NFTs) to trade digital assets is
expected to boost market revenue growth going ahead.
Physical and virtual worlds are merged in a mixed-reality
setting. What was previously only feasible in imaginations in terms of
interaction of imaginary items and reality, has today become feasible
due to advancements in graphic processing power, computer vision, as well
as other technologies. Wearable devices provide a mixed-reality experience that
can begin in the actual world or a completely virtual realm. In contrast to
augmented reality, individuals in mixed reality may engage with virtual
items. There are various MR uses in education that can help students learn
in aa more immersive way whenever they engage with virtual items. Teachers can
remotely educate students utilizing 3D projections as well as simulations. For
instance, Case Western Reserve University in Ohio utilized Microsoft HoloLens
for teaching anatomy to medical students. Such approaches are expected to gain
rapid traction in other countries and regions and boost revenue growth of the
global metaverse market during the forecast period.
However, challenges in identifying jurisdictions to ensure
safe and secure virtual space are expected to hamper revenue growth of the
market. Metaverse will raise the issue of legislation and jurisdiction, thus
prompting governments to explore more into virtual legal realms. It will be
crucial to know the mechanism by which the issue of jurisdiction will be
applied owing to increasing availability of virtual space to users across the
globe. The metaverse is bound to bring together a large number of users, rendering
it an area of vast potential to communicate and trade, but it also makes people
vulnerable if there are no rules that control the limits. It would be very
difficult to establish jurisdiction and a set of laws that can assure the
virtual environment is safe and protected for users.
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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 Key Highlights From the Report
- Desktop
segment is expected to account for largest revenue share in the global
metaverse market between 2021 and 2028 owing to rising demand for online
multiplayer PC games.
- Financial
services segment is expected to register a significantly steady revenue
growth rate over the forecast period. Rising number of businesses are
providing financial services customized to digital currencies, with a
majority of such firms being focused on blockchain-based Decentralised
Finance (DeFi) apps.
- The
metaverse market in North America is expected to account for largest
revenue share over the forecast period. Presence of a large number of tech
giants and start-ups focusing on building metaverse platforms are key
factors expected to drive revenue growth of the market 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 everyday operations of higher education
institutions, including Carnegie Mellon University, Ryerson University,
and Black Student Fund.
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know more about the report @ https://www.reportsanddata.com/report-detail/metaverse-market
For the purpose of this report, Reports and Data has
segmented global metaverse market based on platform, component, technology,
offerings, application, end-use, and region:
Platform Outlook (Revenue, USD Billion; 2018-2028)
- Mobile
- Desktop
Component Outlook (Revenue, USD Billion; 2018-2028)
- Software
- Asset
Creation Tools
- Programming
Engines
- Hardware
- Virtual
Reality (VR) Headsets & Augmented Reality (AR) Headsets
- Display
- Extended
Reality (XR) Hardware
- Omni
Treadmills
- Haptic
Devices & Sensors
- Smart
Glasses
Technology Outlook (Revenue, USD Billion; 2018-2028)
- Virtual
Reality (VR) & Augmented Reality (AR)
- Mixed
Reality (MR)
- Blockchain
Offerings Outlook (Revenue, USD Billion; 2018-2028)
- Avatars
- Virtual
Platforms
- Asset
Marketplaces
- Financial
Services
Application Outlook (Revenue, USD Billion; 2018-2028)
- Social
Media
- Gaming
- Aircraft
Maintenance
- Conference
- Content
Creation
- Online
Shopping
- Virtual
Runway Shows
- Others
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Media
& Entertainment
- Aerospace
& Defense
- Fashion
- Education
- Others
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North
America
- Europe
- Asia
Pacific
- Latin
America
- Middle
East & Africa
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Market Report includes major TOC points:
- Metaverse
market Overview
- Global
Economic Impact on 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
- Manufacturing
Cost Analysis
- Industrial
Chain, Sourcing Strategy and Downstream Buyers
- Marketing
Strategy Analysis, Distributors/Traders
- Market
Effect Factors Analysis
- Metaverse
market Forecast
Conclusively, 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 on the basis of market drivers, limitations and its future
prospects.
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