(MENAFN- GlobeNewsWire - Nasdaq) Jersey City, NJ, March 29, 2023 (GLOBE NEWSWIRE) -- The Global metaverse market is estimated to reach over USD 1420.58 billion by 2031 , exhibiting a CAGR of 38.97% during the forecast period 2023-2031.
Significant key drivers for the expansion of the metaverse market include the growing usage of AR, VR, and augmented reality by consumers, notably in art and recreational activities, and the increasing integration of digital platforms into industries for everyday operations. In addition, the market for social networks and entertainment platforms based on cutting-edge technology is anticipated to increase quickly in the upcoming few years due to the push toward a decentralized internet network (Web 3.0).
Additionally, there has been a rise in the use of the metaverse in some end-use businesses, including banking and the fields of healthcare, security, and aeronautical. Major BFSI businesses like JP Morgan and HSBC have started utilizing it to improve client connections. To provide its consumers with an engaging way to manage their stock portfolio, trading organizations have started leveraging the metaverse, generating income for the metaverse market. There have also been medical trials to set up doctor-patient interactions in the metaverse for smooth and anonymous communication. By implementing the metaverse in sectors including tourism, defense, and employee training during the forecast period, the government sector is anticipated to expand its market.
Free PDF Report Brochure @
Recent Developments:
In Feb 2023, Meta Platforms Inc., the parent company of Facebook, is launching a paid membership service called Meta Confirmed that will contain a variety of additional perks and features, including account verification badges. Subscription solutions have gained popularity among social networking sites in recent years as a strategy to diversify their advertising-heavy operations.
In Aug 2022, Broadcom Inc. and Tencent Holdings Ltd. formed a strategic agreement to accelerate the use of co-packaged optics (CPO) network switches for cloud infrastructure. Broadcom will offer the 25.6-Tbps Humboldt CPO switch device, which includes Broadcom's best-in-class StrataXGS® Tomahawk® 4 switch chips directly linked and co-packaged with four 3.2-Tbps Silicon Photonics Chiplets In Package (SCIP) optical engines, as part of this cooperation.
In May 2022, NetEase, Inc. revealed content upgrades and future plans for more than 50 of its current and upcoming products. NetEase has increased its attempts to collaborate with top game creators from many cultural backgrounds. This year, among its most recent global growth endeavours, NetEase established its first studio in the United States, Jackalope Games, and increased its presence in Japan by establishing the Nagoshi Studio in Tokyo. Both studios are dedicated to providing exciting NetEase games to the most popular platforms.
In January 2022-The Sandbox and Warner Music Group announced a collaboration to introduce the first planet in The Sandbox metaverse with a musical theme. With this agreement, Warner Music Group (WMG) would enter the metaverse and NFT market for the first time.
In November 2021-Tencent Holdings, Ltd. declared a partnership with The Asian Institute of Digital Finance. To assist Asia's fintech industry, the businesses will work together in entrepreneurship, research, and education.
Get Customized Report @
List of Prominent Players in the Metaverse Market:
Meta Platforms, Inc. Tencent Holdings Ltd. ByteDance Ltd. NetEase, Inc. Nvidia Corporation Epic Games, Inc. Roblox Corporation Unity Technologies, Inc. Lilith Games Nextech AR Solutions Corp. The Sandbox Active Theory Decentraland Microsoft Corporation Antier Solutions Pvt. Ltd.
Metaverse Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 75.81 Bn |
| Revenue forecast in 2031 | USD 1420.58 Bn |
| Growth rate CAGR | CAGR of 38.97% from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Product, Platform, Technology, Application, And End-Users |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers:
The advent of the metaverse has further produced new investment decisions in various industries, including electronic design products and digital real estate, with premium fashion companies giving virtual pleasures in the metaverse. This has raised the crypto sphere's degree of sophistication even more. The market is anticipated to rise due to key players' fast development.
Additionally, by offering clients improved simulators that reduce the time needed for device deployment, industrial metaverse software supports customer productivity growth and the industry's expansion. Furthermore, several game creation businesses are using metaverse software to produce high-quality games that give players a better user experience. Simulation technology is also crucial since it significantly improves the interface and strengthens player security, both of which open rich market potential.
Challenges:
The prime challenge is the need for more awareness regarding metaverse technology in developing countries, which is predicted to reduce the growth of the Metaverse market. However, the high cost of maintaining and setup this technology requires large investments in the market.
Regional Trends:
The North American metaverse market is expected to register a major market share. Due to its huge investment in cutting-edge technologies like blockchain, AR/VR, and AI. The main drivers of the industry's growth are the expansion of metaverse providers and the rise in government assistance for regulatory compliance. A growing number of end-user industries, including Food & beverage, retail, and media and entertainment, are adopting metaverse solutions, which is another reason North America is predicted to maintain its leadership during the projected period. Besides, Asia Pacific had a substantial share of the market.
An increasing number of nations, notably China, India, and Japan, are embracing digitization due to solid economic growth. The Asia Pacific region has adopted technical breakthroughs far more quickly and passionately than other regions have. This includes technology corporations, individuals, and government organizations. Technology advancements like social networking, amusement, gaming, and increasing digitalization, together with a strong industrial setting, contribute to the Asia Pacific market's revenue growth.
Enquiry Before Buying @
Segmentation of Metaverse Market-
By Metaverse Product
Infrastructure Chips & Processors Network Capabilities Cloud & Edge Infrastructure Cybersecurity
Hardware Holographic Displays eXtended Reality (XR) Hardware Haptic Sensors & Devices Smart Glasses Omni Treadmills
AR/VR Devices Others
Software Asset Creation Tools Programming Engines Virtual Platforms Avatar Development
Services User Experiences (Events, Gaming, etc.) Asset Marketplaces Financial Services
By Metaverse Platform
By Metaverse Technology
Blockchain Virtual Reality (VR) & Augmented Reality (AR) Mixed Reality (MR) Others
By Metaverse Application
Gaming Online Shopping Content Creation & social media Events & Conference Digital Marketing (Advertising) Testing and Inspection Others
By Metaverse End-use
BFSI Retail Media & Entertainment Education Aerospace and Defense Automotive Others
By Region-
North America-
Europe-
Germany The UK France Italy Spain Rest of Europe
Asia-Pacific-
China Japan India South Korea Southeast Asia Rest of Asia Pacific
Latin America-
Brazil Argentina Rest of Latin America
Middle East & Africa-
GCC Countries South Africa Rest of Middle East and Africa
About Us:
InsighAce Analytic is a specializing in market research and consulting services that helps in building business strategies. Our mission is to provide high quality insights with using data analytics techniques and visualization tools that drives the disruption and innovation in market research industry. Our expertise is in providing syndicated and custom market intelligence reports with in-depth analysis and key market insights in a timely and cost-effective manner.
Follow Us @
Subscribe Our Exclusive Newsletters @
Tags metaverse market Related Links
metaverse in education market metaverse in healthcare market elevators and escalators market geospatial analytics market web 3.0 blockchain market cyber insurance market communication platform as a service (cpaas) market decentralized finance market 3d printing construction market payment gateway market credit card payments market global blockchain in the agriculture and food supply chain market
MENAFN29032023004107003653ID1105892254
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.