According to the latest research by SkyQuest Technology, the Global Metaverse Market was valued at USD 107,100.67 Million in 2021, and it is expected to reach USD 758,600.86 Million by 2027, with a CAGR of 37.1% during the forecast period of 2021-2027. The research provides an up-to-date analysis of the current market landscape, latest trends, drivers, and overall market environment.
There has been a significant rise in the adoption of AR, VR, and MR technologies owing to the growing media and entertainment, and gaming industry globally. The devices such as VR headsets, MR headsets, smart glasses, smart helmets, HMD, and HUD are increasingly being adopted by the users as they provide a first-person perspective, act as natural user interfaces, and provide 6-degree freedom to create realistic-looking virtual scenarios for enhanced user experience. Attributing to the development of various gadgets and solutions, user experiences have improved dramatically; which is likely to positively influence the industry growth. Besides, the increased demand for extended reality devices has prompted major investments from the market’s major players. The metaverse use in gaming and entertainment is predicted to grow as significant market players increase their investments and innovations.
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Further, increased adoption of metaverse in other industries is also likely to propel industry growth. In the aerospace and defense sector, technologies like XR, AI, and analytics are predicted to be most valuable for training and modeling applications. These technologies, combined with the metaverse, are projected to aid experiential training by utilizing real-time data-driven applications. As a result, the metaverse is expected to improve and streamline the transfer of precise skills and knowledge retention by trainees across this vertical/enterprise. In airlines, the extended reality is used to train ground crews for pre-flight checks. It’s also utilized to allow the ground crew to complete needed procedures before the aircraft takes off. Furthermore, the combined technologies can be used to examine planes, analyze data, and detect defects before take-off, providing greater safety. Thus, this is likely to drive the global metaverse industry growth forward.
Read the market research report, “Global Metaverse Market Segmented By Type (Mobile, Desktop), By Technology (Blockchain, VR & AR, Mixed Reality, and Others), By Application (Gaming, Online Shopping, Content Creation, Social Media, and Others) & By Region – Forecast And Analysis 2021-2027” by SkyQuest
The market is characterized by the presence of various well-established players. New product launches, partnerships, and investing in research & development have been key business strategies. The major players in the market are Apple Inc. (US), Atari, Inc. (France), Autodesk Inc. (US), Decentraland (China), Epic Games, Inc. (US), Google LLC (US), IBM Corporation (US), Magic Leap, Inc. (US), Meta Platforms, Inc. (US), Microsoft Corporation (US), NVIDIA Corporation (US), Oracle Corporation (US), PTC Inc. (US), and Roblox Corporation (US) among others.
For instance, in February 2022, Electronic Arts Company introduced GRID Legends in the market. GRID allows players to experience seamless action, plan the perfect multiplayer session, and build stories with other racers. It allows users to enter live events, open design races using the Race Creator, search for live events that match their interests and create a private lobby for their parties. Friends and opponents can even participate in any career event in real-time. The launch of such innovative products is likely to ramp up the industry growth in the upcoming years.
The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.
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Report Findings
- Drivers- The increasing need for enhancing the overall user experience along with frequent launches by the key players are likely to contribute to the global metaverse market growth.
- Restraint- High cost associated with installation and management of the metaverse equipment is projected to limit the industry growth.
What does this Report Deliver?
- Market Estimation for 20+ Countries
- Customization on Segments, Regions, and Company Profiles
- 100+ tables, 150+ Figures
- Global and Country Market Trends
- Comprehensive Mapping of Industry Parameters
- Attractive Investment Proposition
- Competitive Strategies Adopted by Leading Market Participants
- Market drivers, restraints, opportunities, and their impact on the market
- Market growth rate till 2027
- Regulatory scenario, regional dynamics, and insights of leading countries in each region
- Segment trends analysis, opportunity, and growth
- Opportunity analysis by region and country
- Porter’s five force analysis to know the market’s condition
- Pricing analysis
- Parent market analysis
- Product portfolio benchmarking
SkyQuest has segmented the Global Metaverse Market based on Type, Technology, Application, and Region:
- Global Metaverse Market By Type (Revenue, USD Million, 2020 – 2027)
- Mobile
- Desktop
- Global Metaverse Market By Technology (Revenue, USD Million, 2020 – 2027)
- Blockchain
- VR & AR
- Mixed Reality
- Others
- Global Metaverse Market By Application (Revenue, USD Million, 2020 – 2027)
- Gaming
- Online Shopping
- Content Creation
- Social Media
- Others
- Global Metaverse Market By Region (Revenue, USD Million, 2020 – 2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
- Central & South America
- Brazil
- Rest of CSA
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
- North America
List of Key Players of Metaverse Market
- 3i Inc. (South Korea)
- Apple Inc. (US)
- Atari, Inc. (France)
- Autodesk Inc. (US)
- Dapper Labs (Canada)
- Decentraland (China)
- Epic Games, Inc. (US)
- Fastly (US)
- Google LLC (US)
- IBM Corporation (US)
- Infor (US)
- Magic Leap, Inc. (US)
- Meta Platforms, Inc. (US)
- Microsoft Corporation (US)
- Nextech AR Solutions Inc. (Canada)
- NVIDIA Corporation (US)
- Oracle Corporation (US)
- PTC Inc. (US)
- Roblox Corporation (US)
About Us-
SkyQuest Technology Group is a Global Market Intelligence, Innovation Management & Commercialization organization that connects innovation to new markets, networks & collaborators for achieving Sustainable Development Goals.
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Massachusetts 01886
USA (+1) 617-230-0741
Email- info@skyquestt.com
Website: https://www.skyquestt.com/
