Dublin, April 10, 2024 (GLOBE NEWSWIRE) -- The "Japan Metaverse Market Size, Share & Trends Analysis Report by Product, Platform, Technology (Blockchain, Virtual Reality & Augmented Reality, Mixed Reality), Application, End-user, and Segment Forecasts, 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The Japan metaverse market size is anticipated to reach USD 56.73 billion by 2030. The market is expected to grow at a CAGR of 48.2% from 2024 to 2030. Emerging innovations in gaming technology worldwide are expected to drive this growth. Some other factors that propel the growth of the Japan metaverse industry include the rise in virtual events and conferences, online shopping, and the need to test and inspect machinery using augmented reality (AR) and virtual reality (VR).
The COVID-19 pandemic had a positive impact on the metaverse market in Japan. The increase in virtual social platforms, such as cluster.mu and VRChat, boosted the user base of VR devices. The metaverse is finding numerous applications apart from socialization; for instance, in June 2020, during COVID-19, a hospital in Tokyo incorporated a surgery over VR live-streamed for research and educational purposes.
Numerous companies are collaborating to make Japan metaverse-ready in line with the Society 5.0 initiative. In February 2023, Fujitsu Ltd.; TBT Lab Inc.; Toppan Inc.; Sompo Japan Insurance, Inc.; esona Holdings, Inc.; Mitsubishi UFJ Financial Group, Inc.; Sumitomo Mitsui Financial Group, Inc.; Mizuho Financial Group, Inc.; and JCB Co., Ltd. signed an agreement to create an Open Metaverse Infrastructure named RYUGUKOKU through the metaverse creation framework PEGASUS WORLD KIT developed by JP GAMES Inc. This agreement is based on the concept of updating Japan through the power of games, developed by Hajime Tabata, a renowned game creator, and Web 3.0 advisor for the Japanese Government's Digital Agency. The Japan Metaverse Economic Zone is also being created through the endorsement of each company.
Virtual live events are being widely accepted in Japan. For instance, in September 2023, Dentsu Group Inc. enhanced xambr, a metaverse system to promote it at large-scale events. The system was used at TOKYO GAME SHOW VR 2023 at virtual venue. The virtual venue at TOKYO GAME SHOW VR 2022 attracted around 0.4 million visitors, with 98.5% of participants intending to revisit.
Japan Metaverse Market Report Highlights
- Based on product, the software segment accounted for the largest revenue share of 42.7% in 2023 and is expected to retain its position over the forecast period. This can be attributed to the advent of artificial intelligence and the improvements in hardware architecture.
- Based on platform, the desktop segment held the dominant revenue share of 41.4% in 2023 and is also expected to grow at a significant CAGR over the forecast period. This can be attributed to the rising demand for a versatile device and the emergence of e-sports. The mobile segment is expected to grow at the fastest CAGR from 2024 to 2030, owing to the increasing research and development of smartphone components.
- Based on technology, the VR & AR segment led the market with a revenue share of 34.9% owing to the increasing demand for simulation platforms for training and educational needs
- Based on application, the digital marketing (advertising) segment is expected to witness a rapid CAGR of 51.2% over the forecast period, owing to the increasing user base in the metaverse
- Based on end-user, the BFSI segment held the largest revenue share of 27.9% in 2023. The rise of digitization, the increase in employment, and income per capita are promoting the growth of the segment.
- Bandai Namco has launched a USD 7.9 million fund to invest in upcoming gaming companies related to Web 3 and metaverse, focusing on blockchain companies, NFT adoption, and entertainment-related products and services such as AR and VR
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
Chapter 3. Japan Metaverse Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.2. Industry Value Chain Analysis
3.3. Market Dynamics
3.3.1. Market driver analysis
3.3.1.1. Increasing investments by the government in digital technologies
3.3.1.2. Increasing integration of virtual and physical world
3.3.2. Market restraint analysis
3.3.2.1. Increasing data privacy and security concerns
3.3.3. Market opportunity analysis
3.3.3.1. Increasing research and development activities in emerging technologies
3.4. Metaverse Market Analysis Tools
Chapter 4. Japan Metaverse Market: Product Estimates & Trend Analysis
4.1. Product Market Share, 2023 & 2030
4.2. Segment Dashboard
4.3. Japan Metaverse Market: Product Movement Analysis, 2023 & 2030 (USD Million)
4.3.1. Infrastructure
4.3.2. Hardware
4.3.3. Software
4.3.4. Services
Chapter 5. Japan Metaverse Market: Platform Estimates & Trend Analysis
5.1. Platform Market Share, 2023 & 2030
5.2. Segment Dashboard
5.3. Japan Metaverse Market: Platform Movement Analysis, 2023 & 2030 (USD Million)
5.3.1. Desktop
5.3.2. Mobile
5.3.3. Headsets
Chapter 6. Japan Metaverse Market: Technology Estimates & Trend Analysis
6.1. Technology Market Share, 2023 & 2030
6.2. Segment Dashboard
6.3. Japan Metaverse Market: Technology Movement Analysis, 2023 & 2030 (USD Million)
6.3.1. Blockchain
6.3.2. VR & AR
6.3.3. Mixed Reality
6.3.4. Others
Chapter 7. Japan Metaverse Market: Application Estimates & Trend Analysis
7.1. Application Market Share, 2023 & 2030
7.2. Segment Dashboard
7.3. Japan Metaverse Market: Application Movement Analysis, 2023 & 2030 (USD Million)
7.3.1. Gaming
7.3.2. Online shopping
7.3.3. Content creation & social media
7.3.4. Events & conference
7.3.5. Digital marketing (advertising)
7.3.6. Testing & inspection
7.3.7. Others
Chapter 8. Japan Metaverse Market: End-user Estimates & Trend Analysis
8.1. End-user Market Share, 2023 & 2030
8.2. Segment Dashboard
8.3. Japan Metaverse Market: End-user Movement Analysis, 2023 & 2030 (USD Million)
8.3.1. Aerospace & defense
8.3.2. Education
8.3.3. Healthcare
8.3.4. Tourism & hospitality
8.3.5. BFSI
8.3.6. Retail
8.3.7. Media & entertainment
8.3.8. Automotive
8.3.9. Others (manufacturing)
Chapter 9. Competitive Landscape
9.1. Recent Developments & Impact Analysis, By Key Market Participants
9.2. Company Categorization
9.3. Company Market Positioning
9.4. Company Heat Map Analysis
9.5. Strategy Mapping
9.6. Company Profiles
- Sony Group Corporation
- NTT DOCOMO
- Bandai Namco Entertainment Inc.
- Toyota Motor Corporation
- SoftBank Corp.
- Cluster, Inc.
- HIKKY Co., Ltd.
- Styly, Inc.
- Metaps Inc
- Synamon Inc.
For more information about this report visit https://www.researchandmarkets.com/r/wgjtee
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