| Source: STRATEGIC MARKET RESEARCH LLP
Sambalpur, INDIA
New York, USA, Oct. 12, 2022 (GLOBE NEWSWIRE) — Metaverse is a digital environment that uses cutting-edge technologies to simulate the actual world. People can interact and create virtual communities by using a variety of avatars. Any organization can create its Metaverse. Artificial intelligence (AI), blockchain, cybernetics, digital identity models, 5G, edge computing, community and power platforms, and virtual reality are the significant technological forces behind the Metaverse.
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Investments in the Metaverse industry are rising rapidly. Apart from gaming, many new applications are emerging. “Metaverse is generally thought to be just the immersive VR. However, MR will also play an important part in this industry. There are industries and applications that will use a mix of VR and AR based on requirements.” as stated by Amritesh Suman, Manager at Strategic Market Research.
“In the Metaverse ecosystem, VR/MR technology and Avatars will play the most important part. As most of the things are moving towards the virtual world, there are probabilities that in the coming future, one will be able to visit places, attend concerts, meet people and do much more by the help of Avatars.” Adds Amritesh Suman
Metaverse Market Insights:
Factors accelerating the Metaverse Market growth:
The rising focus on the converging digital and physical world and the rise of blockchain and digital assets are expanding the overall growth of the market.
Metaverse Market: A thorough Segmentation Analysis
The Global Metaverse Market segmentation has been done on the basis of components, platform, technology, offering, application, end-user, and region.
By Component:
By Platform:
By Technology
By Offering
By Application
By End-User
By Region
North America
Europe
Asia Pacific
South America
The Middle East and Africa
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By component, the hardware segment generated $16.58 billion in 2021, and during 2022-2030 it will grow at a 39% CAGR. Hardware components like extended reality gear, monitors, and AR/VR headsets are extensively used in metaverse technologies. The growing emphasis on offering products that provide a better consumer experience and allow more sustained user immersion among businesses positions the segment to grow with a sizeable metaverse market share. Furthermore, advances in AR and VR technology and accessories are significant factors accelerating the growth of the hardware segment.
In 2021, With USD 16.38 billion, the desktop segment accounted for the largest metaverse market share. As online gaming becomes more popular, desktops have become the main gateway into the metaverse. Virtual desktops are also becoming increasingly popular for use with VR devices. Additionally, the mobile platform will experience a steady growth from 2022 to 2030, owing to the increased use of smartphones.
Report Coverage
In 2021, the virtual and augmented reality segments contributed approximately 36% of the market share in terms of technology. The usage of 3D virtual surroundings in the metaverse gives a feeling of virtual presence. Technologies like Virtual and augmented reality are utilized to generate a sense of virtual presence. In the coming years, virtual reality, as well as augmented reality, are destined to be the most significant technology changes. This is a significant element that is projected to boost the metaverse market in the future.
With a CAGR of 40%, the asset marketplace segment is predicted to rise rapidly. It is due to the increased investments in Ethereum, bitcoin, NFTs, and other cryptocurrencies. Additionally, in 2021, the virtual platforms market category held the dominant market share. By building and maintaining realistic, digital three-dimensional simulations, surroundings, and settings, virtual platforms enable people and enterprises to create, connect, explore, and engage in a variety of activities.
In 2021, the gaming segment registered the highest revenue share of greater than 27.17% on the basis of application. It is due to the factors such as significant continuous developments and advancements by developers and a growing emphasis on enhancing immersion and creating more realistic games. Online gaming worlds such as Minecraft, Fortnite, and Roblox contain metaverse implications.
Top Metaverse Platforms to Watch
On the basis of end-user, the media and entertainment segment in 2021 held a significant share of more than 39% of the market. The segment aims to strengthen social relations among participants. Companies are also adopting the idea of a metaverse in order to benefit the entertainment industry by enhancing products like world-building, immersive storytelling and fostering fan invention. Furthermore, the aerospace and defense industries will likely benefit from metaverse technology during the forecast period. This technology allows them to practice in a virtual world, which helps them get ready for an actual crisis.
On the basis of region, North America ruled the overall market with a robust revenue share of approximately 46% in 2021. Factors such as the increasing emphasis on the converging physical and digital world, the presence of major companies, and the increasing importance of the metaverse in the education sector are expected to stimulate the growth of this region’s market in the coming years. However, the Asia-Pacific region had the fastest growth rate because of the region’s extensive use of metaverse platforms in the gaming, entertainment, and social segment.
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Key players Covered in the Metaverse Industry Report:
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Jun-2022