The Metaverse Technologies Market is set to grow at around 38.2% CAGR during 2022-27, predicts MarkNtel Advisors in their recent research study. It comprises a comprehensive analysis of the industry’s latest trends, developments, drivers, restraints, challenges, & opportunities, as well as its projected growth trajectory across different segments & geographies in the forecast years.
Further, the report also highlights the prominent aspects depicted in the form of diagrams, pie charts, tables, graphs, & other pictorial representations that would contribute to the market expansion in the future. Through this information, stakeholders will be able to comprehend the changing dynamics of the Metaverse Technologies Market and better plan & layout strategies in order to widen their visibility, product portfolio, & customer base and yield massive profits. In the report, the historical period considered is 2017-20, the base year 2021, and the forecast period, as cited above, is 2022-27.
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Key Highlights from the Metaverse Technologies Market Analysis –
➤This study is a compilation of key factors impacting the industry dynamics, including growth drivers, restraints, opportunities, challenges, and emerging & high-potential segments & geographies, among others.
➤Detail-driven, accurate, and reliable information associated with the latest trends in the industry to help stakeholders or investors make informed decisions before they make investments.
➤A comprehensive review of the leading companies in the Metaverse Technologies Market, comprising their profiles, recent developments, prominent business strategies, initiatives, and mergers & acquisitions, among other aspects.
➤Fund estimation put in by private firms & governments for the industry’s expansion, along with insights into each segment & geographic location, are also covered in this report.
Metaverse Technologies Market Key Driver –
Integrating AR technology into metaverse platforms provides users with a whole new experience. For instance, the introduction of virtual trial rooms by the leading online clothing stores enables users to select the right size, which, in turn, minimizes the chances of order returns.
Moreover, prominent automakers are leveraging these technologies and launching virtual showrooms to help customers experience their favorite cars in 360 from anywhere in the world. Hence, the growing applications of AR & VR technologies in sectors like retail, healthcare, education, automotive, etc., is a prominent growth prospect for the global market during 2022-27.
Increasing Popularity of NFTs and Rapidly Evolving DAOs –
The metaverse is an open ecosystem over which no institution or entity has authority. It reflects individuals’ true ownership of digital goods, and it can never be revoked without their consent. Cryptocurrencies and NFTs (Non-fungible tokens) are one of the big trends in the Global Metaverse Technologies Market, which is already a gigantic market. The majority of virtual games being built in the metaverse trade their avatars, assets, and all other functioning gear in the form of NFTs, the value of which is rapidly increasing.
Metaverse Technologies Market Segmentation:
The segmentation analysis section of the report focuses on the Metaverse Technologies Market performance across different segments & geographies, which can aid stakeholders in strategizing their investments in order to widen their visibility, product portfolio, & customer base and, in turn, generate significant revenue in the forecast years.
Market Divided into, By Component
-Hardware
–Displays
–Extended Reality (XR) Hardware
—Haptic Sensors & Devices
—Omni Treadmills
—Smart Glasses
–AR/VR Headsets
-Software/Platform
–Asset Creation Tool
–Programming Engines
-Services
Market Divided into, By Devices
-Desktop
-Mobile
-Console
-Headsets
Market Divided into, By Application
-Online Shopping
-Gaming
-Social Media & Content Creation
-Conferences & Events
-Digital Marketing (Advertising)
-Testing & Inspection
Market Divided into, By Technology
-Block Chain
-Virtual Reality (VR) & Augmented Reality (AR)
-Mixed Reality (MR)
-Others
Market Divided into, By End-User
-Automotive
-Aerospace & Defense
-Banking, Financial Services, & Insurance (BFSI)
-Media & Entertainment
-Education
-Others (Telecommunication, Transportation, etc.)
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Geographically, the Metaverse Technologies Market expands across regions: –
-Americas
-EMEA (Europe, Middle East & Africa)
-Asia-Pacific
(Amongst all regions globally, the Americas clearly dominate the Metaverse Technologies Market, and the same trend is likely during 2022-27. It attributes to the extensive presence of companies (in the world of games & metaverse) like Epic Games, Inc., The Sandbox, Nvidia Corporation, Meta Platforms, Inc. (formerly Facebook, Inc.), etc.)
Competitive Landscape:
Under this section, detailed information on company profiles, investments & revenue generated, strategic initiatives, geographical presence, and production or service capacities, among other aspects, have been examined. All insights into companies have been curated only after thoroughly studying their hold in the industry to help investors make informed decisions before investing.
-Active Theory
-ByteDance Ltd.
-Epic Games, Inc.
-Globant
-Meta Platforms, Inc.
-Microsoft Corporation
-NetEase, Inc.
-NexTech AR Solutions Corp.
-Nvidia Corporation
-Queppelin
-Roblox Corporation
-The Sandbox
-Tencent Holdings Ltd
-Unity Technologies, Inc.
-Others
Market Development by Leading Companies –
- In August 2021, Facebook Meta launched a new VR remote work app, ‘Horizon Workrooms,’ to create a VR office space that is way more immersive than a usual video conference.
- In August 2020, Microsoft rolled out Together Mode in its Teams application. It enables participants in a meeting to be in a single virtual space.
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