New York, United States, December 14, 2021 (GLOBE NEWSWIRE) – Market Snapshot
According to a comprehensive research report from Market Research Future (MRFR), “Global Metaverse Market information by component, by platform, by technology, by application, by end user, by region – forecast to 2030The market touched $ 21.91 billion in 2020 and grew at a whopping 41.7% CAGR from 2021 to 2030.
The major industry players featured in the Metaverse Market are:
- Facebook, Inc
- Tencent Holdings Ltd
- ByteDance Ltd
- NetEase Inc
- Nvidia Company
- Epic Games, Inc
- Roblo Corporation
- Unity Technologies, Inc
- Lilith games
- Nextech AR solution corp.
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Metaverse Market Drivers
Growing need for global online communities to drive market growth
The growing need for global online communities for networking, news, entertainment, online gaming, education, and dating will drive the market growth during the forecast period.
Converge the physical and digital worlds using the internet to provide solid opportunities
The converging physical and digital worlds using the internet, coupled with the growing need for metaverse for the purchase of digital assets using cryptocurrencies, will provide strong opportunities for the market during the forecast period.
Privacy concerns to act as a market restriction
Growing privacy concerns, market competition and disinformation may act as market restraints during the forecast period.
Cyber threats in the metaverse to act as a market challenge
The threat of cyber threats in the metaverse may be a market challenge during the forecast period. Cyber threats are of vital concern to the effective functioning of the Metaverse. Cyber threats are malicious acts that cause damage as well as disruption of software as well as data theft, which affects the efficiency of the system. Unauthorized commands and data breaches are forms of cyber attacks. They cause a system failure which results in a malfunction of the metaverse. Thus, the metaverse should be designed to prevent cyber attacks and mitigate their risks. In fact, cybersecurity plays an imperative role in ensuring a reliable and secure network for the proper functioning of a metaverse.
Browse the in-depth market research report (141 pages) on Metaverse Technology Market:
The global Metaverse market has been divided on the basis of components, platforms, technologies, applications, and end users.
By component, the hardware segment will dominate the market during the forecast period as they are used to operate or create virtual or augmented reality based environments. However, the growing focus of organizations on product development to deliver a more improved user experience is adding to segmental growth.
By platform, the mobile segment will dominate the market during the forecast period as it allows for almost constant and unmatched accessibility to the metaverse.
By technology, the mixed reality segment will spearhead the market during the forecast period for the increasing use of mixed reality to engage in the metaverse more effectively. On the other hand, the VR&AR segment overlays sound, visuals, and other sensory inputs into real-world settings to enhance the user experience. And in the blockchain segment due to its decentralized structure, the metaverse game will allow participants to use a variety of tokens.
By application, the gaming segment will hold the lion share in the market during the forecast period for the advancements and rapid developments being carried out by the developers. On the other hand, in the online shopping segment, the metaverse helps with the feel and appearance of real items and the need to purchase them. The social media segment is helping to build the next computing platform.
For end users, the media and entertainment segment will hold the largest share of the market during the forecast period for the booming gaming industry.
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The COVID-19 outbreak has had a positive impact on the metaverse market. In fact, the pandemic has helped spark growing interest in the concept of the metaverse. People began to work remotely as students moved on to online courses and the need and demand for practical channels or approaches to make online interaction more realistic emerged. The crisis has accelerated the emergence of virtual communities as key lifestyle areas for locked-down users, which include gaming landscapes and a growing adoption of mixed reality. The latest advancements in digital social experiences will set the context for the next stage in post-COVID digital activity, the concept of the metaverse that is being used effectively as a real-time virtual world to open up and leverage the key potential for brand engagement.
North America to Command the Metaverse Market
North America will dominate the global metaverse market during the forecast period. Faster adoption of advanced technologies in various developed countries in Mexico, Canada and United States, the region being the most technologically advanced region, the presence of several key players like Facebook, Inc, Nvidia Corporation, Roblo Corporation, the strong acceptance of more advanced technologies and new technologies, and the growing number of start-ups that focus on building metaverse platforms for commercialization purposes are adding to the growth of the global metaverse market in the region. In addition, the strong presence of gaming companies focusing on introducing the metaverse into gaming, the growing need for the social media industry, and the major players present in the United States who are investing heavily are also adding to the growth of the Marlet.
APAC to experience admirable growth in the metaverse market
The APAC region will experience admirable growth in the global metaverse market during the forecast period. The increasing adoption of modern technologies, the increase in the number of SMEs, the increasing adoption of technologies, the increasing attention to innovations arising from technology and R&D, more and more IT projects and organizations Ongoing, local business expansion and various government programs aimed at technological developments add to the growth of the global metaverse market in the region. In addition, the presence of technologically advanced countries coupled with significant income and investment potential, the rise of start-ups such as Bolly Heroes, OneRare, LOKA, Cope.Studio, Interality, Zippy and NextMeet in India as well as miHoYo Co., Ltd. and Shenzhen Zhongqingbaowang Interaction Network Co., Ltd. (ZQGame) in China, focusing on the development of metaverse platforms, increasing the young population in the region, and China and India relying heavily on social media platforms for marketing and advertising also add to market growth.
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- Caduceus recently launched the world’s very first metaverse protocol in the blockchain space. It integrates NFTs, games, video, 3D holographic avatars, virtual reality and augmented reality.
- Nextech AR has launched the upgrade from Metaverse 3D to its ARitize Events 3D, its virtual events platform. With this upgrade, the company hopes to generate positive revenue for its technology services business in the future.
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