Westford, July 01, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global metaverse market will attain a value of USD 803.29 billion by 2031, with a CAGR of 39.68% during the forecast period (2024-2031). The metaverse market is being heavily promoted and accelerated since the demand is growing higher in both entertainment and gaming industries. The technology in this market provides the fastest growth rate because of its steady and rapid advancement in the AR, VR, and MR technologies. These gadgets can simulate first-person view, act as natural user extension and acquisition capabilities and provide the freedom to mimic the virtual world and put the experience of game users to a higher level – real world.
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Browse in-depth TOC on "Metaverse Market"
- Pages - 157
- Tables - 153
- Figures – 77
Metaverse Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 86.31 Billion |
| Estimated Value by 2031 | $ 803.29 Billion |
| Growth Rate | Poised to grow at a CAGR of 39.68% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Technology, Application, and End User Industry |
| Geographies Covered | North America, Europe, Asia-Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Leveraging Metaverse and Related Technologies in the Aerospace and Defence Sector |
| Key Market Drivers | Rising Adoption of the Metaverse within Healthcare |
Easy Affordability of Mid-Priced Metaverse markets Drive this Segment’s Dominance in this Market
The gaming sector was predominantly the one of the highest contributors in the global revenue share in 2023 due to the ongoing investments and innovations by the game developers, as well as a decent focus on the issuance of more immersive and realistic games. Moreover, the game providers will seek to use the latest games in the company's image and will also contribute to the revenue surge.
Social Media & Content Creation to be the Fastest Growing Segment Due to Expanding Media Platforms
It is also expected that the social media & content creation segment will have the highest CAGR in the forecast period. This includes social platforms, user-generated content, virtual events, and digital communities. These platforms have increased interest due to the possibility they offer for connections in virtual realities, content creation and sharing, and hosting virtual events emulating physical-world interactions.
North America to Lead the Metaverse Market Owing to the Growing Number of Metaverse Platforms
North America is forecasted to dominate the market with the highest share simply because the users and customers of the region are embracing the computerization of their hard-to-believe technology. The fact that the number of startups that specialize in metaverse platform development for commercialisation is expected to increase shows the region is also one of the factors behind the growth in the revenue of the market.
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Metaverse Market Insights:
Drivers
- Rising adoption of the metaverse within healthcare
- Rising demand in the global entertainment and gaming industries
- Consumer Demand for more engaging and immersive experiences
Restraints
- Implementing regulations for metaverse pertaining to cybersecurity, privacy, and usage norms
- Complex security and privacy challenges
- Ethical and social issues like digital addiction, mental health and cyber bullying.
Prominent Players in Metaverse Market
The following are the Top Metaverse Companies
- 3i Inc.
- Apple Inc.
- Atari, Inc.
- Autodesk Inc.
- Dapper Labs
- Decentraland
- Epic Games, Inc.
- Fastly
- Google LLC
- IBM Corporation
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Key Questions Answered in Metaverse Market Report
- What is the metaverse market?
- What is the annual growth rate of the metaverse market?
- What are the challenges faced by the metaverse market?
This report provides the following insights:
- Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of gas cleaning technologies systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of metaverse market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the metaverse market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
Related Reports:
Augmented, Virtual and Mixed Reality Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj Singh
Skyquest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
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