Metaverse Market To Witness Explosive Growth due to Fascination with Alternative Identities

August 25 06:55 2022
Metaverse Market To Witness Explosive Growth due to Fascination with Alternative Identities
The North American metaverse market is expected to hold the largest share, of more than 30%, in 2030. This can be attributed to the rising investment in platforms by leading market players, such as Met, Roblox Corporation, and NVIDIA Corporation.

The global metaverse market is driven by burgeoning investment in R&D activities, the rising adoption of the latest VR and AR solutions to develop patient output and the entire surgical atmosphere, and the snowballing demand for metaverse, thereby assisting in trading digital assets via cryptocurrency. In 2021, the market stood at $148.5 billion, and it is predicted to touch $1,542.9 billion by 2030. The market will witness a 29.7% CAGR because of the existence of highly competitive metaverse-focused companies being engaged in many partnerships and collaborations to develop a wide range of products.

The outbreak of COVID-19 had disrupted several markets globally, but the metaverse market was one among the few exceptions: it exhibited magnificent figures amid the pandemic. The period not only witnessed the digital platform’s reliability but also surged investments. Furthermore, lockdowns were imposed on several developing and developed nations, offering extravagant opportunities to the new market entrants. This is because they had more time available at home to focus on business credentials and strengthen the foundations of their business. For example, the number of Fortnite players increased by 100 million from 2019 to 2020.

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The metaverse is an internet-based reality. As the metaverse market will expand, its Non-fungible token (NFT) are scarce and rare and will exhibit lucrative opportunities by growing from nothing to everything. Emerging ecosystems backed by blockchain technology will result in the generation of high revenue due to the authentication and traceability built on interoperable frameworks. A snowballing investment is made on improving the blockchain technologies and NFT by the real-estate dealers for a better reach among the young consumers through brand-building and to inculcate the trust of ownership.

Within the vertical segment, the retail industry category will witness rapid growth. There is an amalgamation of numerous options available in e-commerce and the virtual purchasing experience by the market players. Furthermore, metaverse provides an opportunity for everyone to create their mini-version through avatars, serving different purposes: it assists fashion players in nourishing brand loyalty, and on the other hand, it is the best way to express oneself as per the zoom users. Moreover, customers can virtually shop watches by trying them on with the help of AI for the best fit.

Based on component, the metaverse market can be bifurcated into the software category and hardware category. The former category will grow at a higher CAGR in the coming years. This can be attributed to the gradual development of cloud-based tools, AR/VR studios, software development kits, and web app development tools, coupled with a skyrocketing demand for VR/AR mobile apps. There is a surging requirement for metaverse platforms software owing to the coming up of play-to-earn games, decentralized and centralized gateways, and avatar identity manufacturers.

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The APAC metaverse market will advance at the highest CAGR of at least 30% in the coming years. This can be credited to robust digitalization in South Korea, Japan, India, and China, coupled with the surging adoption of AR/VR to adapt to the current marke5t dynamics and shifts in tastes & preferences of consumers. Nonetheless, North America ruled the market in 2021 because of the swift integration of smart devices, snowballing demand for VR/AR, and surging requirements for smartphones.

Hence, the existence of highly competitive metaverse-focused corporations engaged in many partnerships and collaborations to develop a wide range of products will drive the market.

Global Metaverse Market Size Breakdown by Segment

By Component

  • Hardware
  • Software

By Platform

  • Desktop
  • Mobile
  • Console

By Offerings

  • Virtual Platforms
  • Asset Marketplace
  • Avatars
  • Financial Services

By Technology

  • VR
  • AR
  • MR

By Vertical

  • Gaming
  • Entertainment and Media
  • Aerospace and Defence
  • Healthcare
  • Education
  • Manufacturing
  • Retail

By End User

  • Fashion
  • Media & Entertainment
  • Education
  • Aerospace & Defence

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • Middle East and Africa
    • Saudi Arabia
    • South Africa
    • U.A.E.

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