NEWARK, N.J., July 12, 2022 /PRNewswire/ -- As per the report published by The Brainy Insights, the global metaverse market is expected to grow from USD 39.25 billion in 2021 to USD 993.86 billion by 2030, at a CAGR of 43.20% during the forecast period 2022-2030. The metaverse has been growing in popularity. It is a decentralized computing platform and virtual reality experience, including various digital domains. Meta Platforms Inc. (previously identified as Facebook) tremendously supports the metaverse. It helps promote metaverse's use via products the company develops, such as smart glasses and virtual reality headsets. It is the future journey of the internet, especially opening advanced opportunities for several developers, innovators, and entrepreneurs.
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Competitive Strategy
To enhance their market position in the global metaverse market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- Roblox Corporation gaming platform delivered service to the retail and electronic commerce brand Gucci Garden to build its brand awareness among youths. Roblox Corporation made virtual recreation of the Gucci brand's apparel and shoes in the real world in May 2021.
Market Growth & Trends
The virtual concerts across the media and entertainment to promote events help the market development. Virtual concerts and events are now brought into digital spaces using virtual reality headsets and augmented reality technology devices. Additionally, the growing need for virtual events and the number of guests in shows increase the market growth. Advanced technologies, such as VR and AR, will overgrow during projection. The growing need for cutting-edge virtual reality (VR) devices worldwide from small, medium-scale, and large-scale organizations and customers boosts market growth. Additionally, the rising adoption of arising technologies, such as blockchain, Mixed Reality (MR), and Artificial Intelligence (AI), in different applications is pushing the market growth. For example, increasing investment across electronic commerce and retail surge in the adoption of the platforms to showcase products in the virtual environment supports the market growth. The growth in e-commerce sales worldwide has created a tremendous opportunity for the market's growth during the prediction period.
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Key Findings
- In 2021, the Augmented Reality (AR) segment dominated the market with the largest market share of 28% and market revenue of 10.99 billion.
The technology segment is divided into Virtual Reality (VR), Blockchain, Mixed Reality (MR), & Augmented Reality (AR). In 2021, the Augmented Reality (AR) segment dominated the market with the largest market share of 28% and market revenue of 10.99 billion. AR (Augmented Reality) is integrated into the metaverse to make a feel of virtual presence. Furthermore, AR is anticipated to be one of the most transformative technology trends over the coming years and is one of the primary elements expected to propel the segment's growth in the future.
- In 2021, the software segment dominated the market with the largest market share of 34% and market revenue of 13.34 billion.
The component segment is divided into software, hardware, and professional services. In 2021, the software segment dominated the market with the largest market share of 34% and market revenue of 13.34 billion. Game engines like Unity and Unreal Engine are operated to make digital worlds like Fortnite games. Rising interest in online gaming to form more real game environments is crucial in helping software segments' revenue growth.
- In 2021, the media and entertainment segment dominated the market with the largest market share of 16% and market revenue of 6.28 billion.
The end-user segment is divided into retail, BFSI, media & entertainment, education, aerospace & defence, automotive, and others. In 2021, the media and entertainment segment dominated the market with the largest market share of 16% and market revenue of 6.28 billion.
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Regional Segment Analysis of the Metaverse Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North American region emerged as the largest market for the global metaverse market, with a market share of around 34.5% and 13.54 billion of the market revenue in 2021. The growing number of consumers and the adaption of the latest and more complicated technologies are driving this steady growth. An additional factor anticipated to foster the regional market revenue expansion is the increasing number of start-ups working on construction metaverse platforms for commercialization. Similarly, the strong gaming and metaverse players like Epic Games, Inc., Nvidia Corporation, and The Sandbox, that concentrate on embedding metaverse into games, drive the market expansion.
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Key players operating in the global metaverse market are:
- Alibaba Cloud
- Globant
- Magic Leap, Inc.
- Meta (Facebook Inc.
- Microsoft Corporation
- Netease Inc.
- NVIDIA Corporation
- Queppelin
- Roblox Corporation
- Tencent Holdings Ltd.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global metaverse market based on the below-mentioned segments:
Global Metaverse Market by Technology:
- Virtual Reality (VR)
- Blockchain
- Mixed Reality (MR)
- Augmented Reality (AR)
Global Metaverse Market by Component:
- Software
- Hardware
- Professional Services
Global Metaverse Market by End User:
- Retail
- BFSI
- Media & Entertainment
- Education
- Aerospace & Defense
- Automotive And Others
About the report:
The global metaverse market is analysed based on value (USD Billion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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