Metaverse Market 2022 – Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Market Size & Forecast 2030

INTRODUCTION

The Metaverse is a virtual digital environment with augmented reality (AR), virtual reality (VR), mixed reality, Blockchain, and other technologies. These technologies are used to develop places for a rich simulated environment user experience. The word "metaverse" has become increasingly common in recent years. It's referred to as a decentralized computing platform, and the virtual reality experience includes a variety of digital realms. Even yet, the metaverse's concept is continually being developed and improved. Currently, Meta Platforms Inc. (formerly known as Facebook) is a strong proponent of the metaverse, and it helps to promote its use through goods such as virtual reality headsets and smart glasses that the firm produces. It is, however, the next generation of the internet, and it is vastly expanding the prospects for developers, entrepreneurs, and inventors. The global value of metaverse market is estimated to USD 100.270 billion and the respective market is expected to grow extensively at a CAGR of 40.560% over the forecasted period.

Customers' demand for online shopping and the digital virtual world has transformed as a result of the COVID-19 epidemic. Several organizations have entered the online market as a result of the current trend. Several major players have fulfilled their investments during the epidemic by implementing various commercial strategies, product releases, and partnerships.

GROWTH DRIVERS

During the predicted period, the impact of COVID-19 has resulted in a surge in service demand. The rapid acceleration of online video game services and video conferencing services is principally responsible for the above-average growth. A great craze towards metaverse platforms has emerged as a result of the internet's growth and the fad of virtual reality. Growing Covid-19 instances, expanding traction & popularity of mixed reality (MR), and increasing focus on conveying digital & physical worlds through the internet are some of the primary drivers that will result in favorable growth for the metaverse market.

The expanding global demand for advanced VR devices from small, medium, and large-scale companies, as well as individual customers, drives market expansion. Furthermore, the growing use of emerging technologies such as artificial intelligence (AI), blockchain, and mixed reality (MR) in a variety of applications is propelling market expansion.

Moreover, the market is expected to rise due to increased investment in retail and e-commerce, as well as a surge in the usage of platforms to showcase products in a virtual environment. According to a report published by the United Nations Conference on Trade and Development (UNCTAD), worldwide e-commerce sales reached USD 26.7 trillion in 2020, up from 16 percent in 2015. The global surge in e-commerce sales has given a great opportunity for the industry to grow throughout the forecast period.

The expansion of the metaverse sector can be ascribed to urbanization in nations such as China and India, as well as investments in freight rail infrastructure to service these countries' mining and natural resource markets. Governments around the world are placing a priority on last-mile connection for commerce, which has resulted in a surge in investment in logistical infrastructure. The number of projects to develop the railway network for inter-state and intra-state commerce is increasing. Similarly, developments like dedicated freight corridors are expected to increase trading opportunities, hence raising demand for freight wagons.

The market shall face several hurdles including security issues, a lack of understanding, government rules and regulations, and others. In addition, significant leading players have suffered billion-dollar losses as a result of cyber-attacks in the environment. An increase in cyber-attacks and a high-risk environment could stymie industry expansion.

METAVERSE MARKET SEGMENTATION

By Component

·         Hardware

·         Extended Reality Hardware

·         Display

·         AR/VR Headset

·         Software

·         Asset Creation Tools

·         Programming Engines 

By Device

·         Desktop

·         Mobile

·         Console

·         Others

By Offering

·         Virtual Platforms

·         Avatars

·         Asset Marketplaces

·         Financial Services

By Technology

·         Blockchain

·         Virtual Reality (AR) & Augmented Reality (AR)

·         Mixed Reality (MR)

By Application

·         Online Shopping

·         Gaming

·         Social Media

·         Content Creation

·         Conferences

·         Others

By End Use

·         Education

·         Fashion

·         Media & Entertainment

·         Aerospace & Defense

·         Other

By Region

·         North America

·         Europe

·         Asia Pacific (APAC)

·         Rest of the World

REGIONAL OUTLOOK

North America constitutes the largest revenue share contribution to the global metaverse market due to a variety of factors such as company presence, increased emphasis on connecting digital and physical worlds via the internet, increased effort to develop metaverse platforms for the education industry, and many more. In addition to using metaverse spaces for business, education, retail applications, and other purposes, various entertainment and social media companies are investing in metaverse-related research and development. For example, Facebook CEO Mark Zuckerberg planned to construct the metaverse in 2021 and just declared that the internet giant will transition from a social media firm to a metaverse company.

During the forecast period, Europe is expected to grow at the fastest CAGR. This is mostly due to the growing number of audiences on social media platforms and in the gaming industry. The rising online gaming sector in key European countries such as France, Italy, the United Kingdom, Germany, and others drives the Europe market. In addition, financial service companies are embracing meta platforms in order to work more effectively.

Due to the widespread usage of metaverse platforms in the entertainment, gaming, and social sectors in Asia Pacific, the worldwide metaverse market is predicted to grow at the quickest rate. Whopping amounts have been currently invested in Asia's gaming and social network sectors as a result of the metaverse boom. Many people's interactions are changing to the internet realm, and demand in digital entertainment services has skyrocketed.

KEY COMPANIES IN METAVERSE MARKET

The research report offers a competitive analysis of prominent companies operating in the global metaverse market. Some of the leading players profiled in the market research report include:

·         Roblox Corporation

·         Facebook Inc

·         Nvidia Corporation

·         Nextech AR Solutions Corp.

·         Unity Technologies Inc.

·         Lilith Games

·         Queppelin

·         Alibaba Cloud

·         Tencent Holdings Ltd.

·         ByteDance

·         NetEase Inc.

·         ZQGame, Nextech

·         AR Solution Cop.

·         Nvidia Corporation

·         Other Players