Metaverse Market to surpass USD 1,431. 7 billion by 2031 from USD 32. 5 billion in 2021 at a CAGR of 46% in the coming years, i. e. , 2021-2031. . Product Overview Metaverse is a network of three-dimensional virtual worlds where individuals may interact, do commerce, and form social bonds using their virtual identities.
New York, June 29, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Metaverse Market: Segmented: By Component, Platform, Technology, Application, And Region – Global Analysis of Market Size, Share & Trends For 2019–2021 And Forecasts To 2031" - https://www.reportlinker.com/p06288811/?utm_source=GNW
It is a virtual reality equivalent of the internet of today. Virtual reality platforms, gaming, machine learning, blockchain, 3-D graphics, digital currencies, sensors, and VR-enabled headgear are among the technologies used in the metaverse.
Market Highlights
The global Metaverse Market is expected to register a notable CAGR of 46% by 2031
The increased focus on integrating digital and real worlds utilising the Internet is one of the primary drivers driving the metaverse market’s rise. Over the projection period, the industry is expected to rise due to increased demand from end-use sectors such as media and entertainment, education, and aerospace and military.
Global Metaverse Market: Segments
Desktop segment to grow with the highest CAGR during 2021-31
Based on Platform, the Global Metaverse Market is fragmented into Desktop/ Laptops, Mobiles, and Wearables. Over the projection period, the Desktop segment is expected to develop faster. Virtual desktop is a tool that allows HTC Vive, Oculus Rift / Rift S, WMR headsets, and Valve Index users to use their computer in virtual reality. Users may surf the web, watch Netflix movies, and even play games on a big virtual screen. Virtual desktops are gaining popularity as a way to use VR devices. Access to the metaverse has become unparalleled and near-constant due to smartphones and mobile networks. Large volumes of data are progressively being downloaded, uploaded, and shared in networked cyberspace.
Gaming segment is anticipated to lead the market with the highest CAGR during 2021-31
By Application, the Global Metaverse Market is divided into Gaming, Online Shopping, Content Creation, Social Media, and Others. Gaming segment accounted for the largest market share of the global Metaverse market. Gaming Due to continual developer inventions and advances, as well as a greater emphasis on increasing immersion and making games more realistic Additionally, organizations’ increased emphasis on using games to enhance their corporate image is anticipated to drive revenue growth.
Market Dynamics
Drivers
Technological Advancement
Metaverse is a network of interconnected virtual, augmented, and virtual worlds. Users may communicate with friends, work, travel, buy and sell products and services, and attend events. Virtual reality (VR)-based devices that transfer individuals to a virtual world from the comfort of their own homes might further disrupt several businesses. Artificial intelligence is filling the gap between people and machines. AI will enhance the Metaverse in a multitude of ways. Artificial intelligence might assist in the construction of Metaverse features like as people, landscapes, buildings, character routines, and other assets. The metaverse is the advent of new online environments in which people’s interactions are more multidimensional and they may engage more meaningfully with digital content rather than merely reading it.
Growing demand for metaverse to purchase digital assets
Cryptocurrency is the metaverse’s currency, and each metaverse has its own collection of coins. They’re used to buying for NFTs, virtual real estate, and avatar shoes. Cryptocurrencies serve as a bridge between the actual and virtual worlds. They enable us to determine the value of digital assets in government-issued money, as well as their returns over time. The usage of the metaverse to purchase digital assets using bitcoin is becoming more popular throughout the world.
Restraint
Cyber-based attacks targeting the metaverse
Concerns regarding data security and privacy in metaverse environments, concerns with user identification, and the difficulty of convincing consumers to utilise payment services in these settings are all projected to hamper global metaverse market revenue development to some extent over the forecast period.
Global Metaverse Market: Key Players
Tencent Holdings Ltd.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
NVIDIA Corporation
Meta (Facebook Inc.)
Roblox Corporation
Microsoft Corporation
Globant
Queppelin
Alibaba Cloud
Netease Inc.
Magic Leap, Inc.
Other Prominent Players
Global Metaverse Market: Regions
Global Metaverse Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. During the projected period, North America is expected to develop at the fastest CAGR. The most significant driver of metaverse market development is the growing emphasis on merging digital and physical worlds via the internet, as well as the growing traction and popularity of mixed reality.
Impact of COVID-19 on Global Metaverse Market
The COVID-19 epidemic has accelerated the development and implementation of Metaverses technologies. With the spread of this fatal illness over the world, organizations, institutions, and governments are increasingly focused on cleanliness. Metaverses technology is critical for verifying personal identities and giving access restrictions to users without requiring physical touch with the security infrastructure. Aside from that, governments all around the world have stepped up efforts to implement Metaverses technology in order to respond quickly to the COVID-19 situation.
Global Metaverse Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Russia, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, South East Asia, Australia, and Rest of Asia Pacific
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – GCC, Turkey, South Africa, and Rest of Middle East and Africa
Global Metaverse Market report also contains an analysis on:
Global Metaverse Market Segments:
By Component
Hardware
Software
By Platform
Desktop/ Laptops
Mobiles
Wearables
By Technology
Blockchain
VR & AR
Mixed Reality
Others
By Application
Gaming
Online Shopping
Content Creation
Social Media
Others
Global Metaverse Market Dynamics
Global Metaverse Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
Global Metaverse Market Report Scope and Segmentation
Report Attribute
Details
Market size value in 2021 USD 32.5 billion
Revenue forecast in 2031 USD 1,431.7 billion
Growth Rate CAGR of 46% from 2021 to 2031
Base year for estimation 2020
Quantitative units
Revenue in USD million and CAGR from 2021 to 2031
Report coverage
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Technology, Applications, Component, Platform , and Region
Regional scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Key companies profiled
NVIDIA Corporation, Meta (Facebook Inc.), Roblox Corporation, Microsoft Corporation, Globant, Queppelin, Alibaba Cloud, Netease Inc., Magic Leap, Inc.
Read the full report: https://www.reportlinker.com/p06288811/?utm_source=GNW
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