Metaverse Market Size to Worth Around USD 1,607.12 Bn by 2030

New York, June 08, 2022 (GLOBE NEWSWIRE) -- The global metaverse market valued at around USD 40 billion in 2021. The global Metaverse market is estimated to witness a substantial growth during the forecast period, majorly due to the rising focus on converging digital and physical worlds operating the internet.

Regional Snapshots

North America is estimated to register a drastic growth during the forecast period as a result of the functioning of major industries like Facebook Inc. which is now meta. The various research hubs and centers in the sector have been working to expand the scope of meta verse.

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The market size for the Asia-Pacific region is estimated to be extensive too, which is ascribed to steady economic advancements and increasing shift to digitization across various nations such as India and China. Technological advancements for the Asia-Pacific region, have been considerably fast and more supported by startups, tech giants, and government departments in the region.

Europe is foreseen to expand with the highest CAGR during the forecast period. This is primarily ascribed to the rising number of consumers across social media platforms and gaming sector. The European market is driven by the increasing online gaming industry throughout major European countries such as the U.K., Germany, France, Italy and others.

Scope of the Report

Report Highlights

• By component, the market is segmented into hardware and software. The hardware segment had larger revenue till the year 2021 and this segment is expected to drive the market during the forecast period. Due to the advancements in augmented reality and virtual reality technologies the hardware segment is expected to grow. The software segment provides programming engines and asset creation tools. Rising interest in online gaming is creating more realistic environments in games which are supporting the revenue growth of the hardware and the software segments.
• By platform, the desktop segment is expected to have significantly larger revenue share during the forecast period. The developments in both consumer and the enterprise spaces are expected to boost the revenue growth of this segment. There are many devices that work well when in conjunction with a powerful desktop computer when it comes to processing and graphics capabilities. Apart from the desktop segment the mobile segment will also register a steady growth during the forecast. Smartphone is the only device available across many developing nations and therefore this segment is expected to grow during the forecast period.

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Market Dynamics

Drivers

As their powers and complexity increase digital twins such as digital and physical worlds increase. Moreover, realizing their full potential may facilitate system and data integration throughout whole business ecosystems. This permits users to interact virtually, take sensor data and simulate situations, clearly grasp scenarios, forecast consequences, and issue demands to change the real environment. It can depict a new product's technical outline and coordinates or show all subparts and their applications in the larger supply chain, from the table to the end user. It initiates new production methods and gathers data to encourage better judgments and predictions, which may support in the automation of complicated chemical and biological procedures. However, this technology serves as a connection between the real and online worlds. The metaverse is a group of interconnected online realms in which physical, augmented, and virtual realities interact. Users can connect with their friends, purchase goods, work, travel, and services, and attend functions.

Restraints

Cyber-based threats on the metaverse is a primary concern . Cyber frauds have been a topic for concern in the market for the metaverse sector. A cyber fraud is a criminal act that leads to software breaches, loss of essential data and, decreasing system efficacy. Some illustrations of cyber attacks involve data interruptions and illegal commands. Cyberattacks leads to system failure, which makes the metaverse to malfunction.

Opportunities

Artificial intelligence is overtaking the human-robot difference. In numerous ways, AI will enhance the Metaverse. AI technology can assist in the creation of Metaverse elements along with people, buildings, character routines, landscape and other assets. Augmented reality, machine learning, blockchain technology, virtual reality and artificial intelligence are all included in the Metaverse. The Metaverse will enhance everyday life in ways that games do not, promoting new ways to buy goods and services, connect with family and cooperate with coworkers.

Challenges

Due to cyber attacks in the past many major companies have incurred heavy losses. Lack of awareness also hampers the growth of the market. The formation of rules and regulations by the government in the metaverse market may hinder the growth of this market.

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Recent Developments

• Unreal Engine, which is a tool of Epic’s three dimensional creation will combine with Spire’s animation pipeline to provide a metaverse experience and will help to alter its present character assets and worlds into metaverse for future development. This took pace in February 2022.
  
  

Market Segmentation

By Components

• Software
  • Asset Creation Tools
  • Programming Engines
• Hardware
  • Displays
  • eXtended Reality (XR) Hardware
    • Haptic Sensors & Devices
    • Smart Glasses
    • Omni Treadmills
  • AR/VR Headsets
  • Others
    
    

By Platform

• Mobile
• Desktop

By Offering's

• Avatars
• Virtual platforms
• Asset marketplace
• Financial services

By Technology

• Virtual reality and augmented reality
• Blockchain

By Application

• Aircraft maintenance
• Gaming
• Online shopping
• Social media
• Virtual runway shows
• Content creation
• Others
  
  

By End User

• Media and Entertainment
• BFSI
• Retail
• Aerospace and defense
• Education
• Automotive
• Others
  
  

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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