The global metaverse market size reached USD 47.69 Billion in 2020 and is expected to register a revenue CAGR of 43.3% during the forecast period, according to latest analysis by Emergen Research. Rising focus on converging digital and physical worlds through internet and the recent COVID-19 outbreak are expected to support market revenue growth between 2021 and 2028. In addition, increasing emphasis on developing metaverse platforms for education industry will continue to boost revenue growth of the market.
Metaverse can be considered as the tech world’s parallel to the real world where users can interact with a computer-generated environment and other users. Broadly, the technologies that can make up the metaverse can include virtual reality; with persistent virtual worlds that will exist even when the users are not playing and augmented reality; which is the convergence of digital and physical worlds. However, it doesn’t necessitate that those spaces need to be exclusively accessed through AR or VR.
A virtual world that can be accessed through personal computers, gaming consoles, and even phones such as games and video games can also be metaversal. Currently available platforms have virtual identities or avatars that are tied to a single platform. Metaverse could revolutionize it. It could allow users to create a persona that can be taken everywhere – in a way that is as seamless as copying and posting a picture from one social media site to another.
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Some major companies in the global market report include:
Facebook, Inc., Tencent Holdings Ltd., ByteDance Ltd., NetEase, Inc., Nvidia Corporation, Epic Games, Inc., Roblox Corporation, Unity Technologies, Inc., Lilith Games, and Nextech AR Solutions Corp.
Emergen Research has segmented global metaverse on the basis of component, platform, offerings, technology, application, end-use, and region:
- Component Outlook (Revenue, USD Billion; 2018–2028)
- eXtended Reality (XR) Hardware
- Haptic Sensors & Devices
- Smart Glasses
- Omni Treadmills
- AR/VR Headsets
- Asset Creation Tools
- Programming Engines
- Platform Outlook (Revenue, USD Billion; 2018–2028)
- Offerings Outlook (Revenue, USD Billion; 2018–2028)
- Virtual Platforms
- Asset Marketplaces
- Financial Services
- Technology Outlook (Revenue, USD Billion; 2018–2028)
- Virtual Reality (VR) & Augmented Reality (AR)
- Mixed Reality (MR)
- Application Outlook (Revenue, USD Billion; 2018–2028)
- Online Shopping
- Content Creation
- Social Media
- Virtual Runway Shows
- Aircraft Maintenance
- End-use Outlook (Revenue, USD Billion; 2018–2028)
- Media & Entertainment
- Aerospace & Defence
Key Highlights From the Report
Software segment is expected to register a substantially rapid revenue CAGR during the forecast period as companies are investing considerable efforts into developing developer-focused gaming platforms that enable users to create games or 3D environments. AI-powered 3D engines enable creation of gaming content in real-time, allowing for an diverse range of situations and making games highly engaging.
Fashion segment is expected to register a significantly robust revenue growth rate over the forecast period due to rising development of virtual runway shows platforms like IMVU. From partnering with online community artists to buying avatar clothing, IMVU’s virtual runway has received much interest as more fashion businesses identify immersive experiences as an important part of the business strategy. Animal Crossing, which is a game from Nintendo Co., Ltd., has brands such as Anna Sui, Valentino, and Sandy Liang design exclusive garments for metaverse.
North America is expected to register a substantially robust revenue growth rate over the forecast period due to major presence of companies such as Facebook, Inc., Nvidia Corporation, Epic Games, Inc., and Nextech AR Solutions Corp. in the US and Canada focusing on develop metaverse platforms.
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