Metaverse Market Size to Reach USD 1,607.12 Billion in 2030, Rising Popularity of Online Gaming, NFTs and Crypto-Gaming are Some Key Factors Driving Industry Demand, says Emergen Research
Vancouver, British Columbia--(Newsfile Corp. - April 19, 2022) - The global metaverse market size is expected to reach USD 1,607.12 Billion in 2030 and register a revenue CAGR of 43.3% during the forecast period, according to latest analysis by Emergen Research. Rising demand for online gaming solutions, increasing popularity of Non-Fungible Tokens (NFTs) and crypto tokens, concept of virtual economy, and growing concept of crypto gaming are some key factors expected to drive global metaverse market revenue growth over the forecast period.
Steady implementation of 5G and Internet of Things (IoT) and digital twins, increased use of Artificial Intelligence (AI) to interact in the metaverse, advent of industrial metaverse for manpower training and continuous simulation, and rising inclination of fashion brands toward metaverse and engagement in metaverse fashion week are major trends expected to open up major growth opportunities for various companies across a variety of sectors going ahead.
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Building highly interactive 3D metaverses, replete with rich media from video and immersive music, requires the use of substantial number of digital files, which can be much denser than those necessary for video and other digital content. 5G is capable of handling such large files as these require maximum upload and download rates and this needs to be substantially faster than 4G speeds. Access to 5G networks can help to support growth of metaverse platforms as this will open up use of faster speed and agility required for digital worlds to function more seamlessly.
Mobile hardware manufacturers are working on 5G-ready devices that can run software that is more advanced than what presently is available so that devices can support the metaverse concept and function. 5G deployment is expected to continue to open up steady growth prospects for metaverse platforms.
For instance, in March 2022, Bharti Airtel, which is one of India's largest telecom operators, announced that the company is planning to leverage opportunities on metaverse platforms with its planned 5G network and would build strong collaborations with content creators and Over-The-Top (OTT) companies to allow emergence of a range of applications.
People can easily engage with the metaverse with the usage of AI. Natural languages, including English, could be broken down by AI and converted into a machine-readable format. After that, an analysis can be done, and an output (or response) generated, which can then be transformed back into English and given to the user. Additionally, AI aids in the creation of better digital avatars for usage in the metaverse. This is expected to increase application of AI for metaverse platforms, which in turn will boost market growth.
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Rising use of AI for creating more immersive digital worlds is also expected to boost revenue growth of the market. NVIDIA's Omniverse is one of the best instances of this set of technologies. This platform's bundle of components for creating digital worlds and simulating actual ones is remarkable. NVIDIA illustrated how AI is crucial in developing digital environments wherein social interactions will take place in the metaverse, including from major world developments and simulations, to virtual settings to test autonomous robots/AIs to AI speech technologies.
Non-fungible tokens are gaining traction, attracting more investors and consumers to use cryptocurrencies and purchase digital assets. Creating a single system that can be used to authenticate the owners of virtual assets in the metaverse is a significant challenge. This would be similar to how NFTs are already used to represent physical objects, granting and verifying rights of ownership for art, videos, and music among other assets. Thus, challenges in creating a unified system to authenticate owners of virtual assets could hamper market growth to some extent going ahead.
The global metaverse market is expected to register a CAGR of 43.3% over the forecast period and revenue is projected to increase from USD 63.08 Billion in 2021 to USD 1,607.12 Billion in 2030. Rapid implementation of 5G and Internet of Things (IoT) and digital twins, increasing use of Artificial Intelligence (AI) to interact in the metaverse are major factors boosting revenue growth of the market.
COVID-19 Impact Analysis:
The COVID-19 pandemic had a negative impact on numerous businesses, including supply chain disruptions, but not on the metaverse market instead COVID-19 outbreak has boosted metaverse adoption. People have become increasingly aware of the metaverse as a result of the COVID-19 outbreak. Before the COVID-19 outbreak, individuals regarded the metaverse as the future of entertainment activities. Nevertheless, metaverse has transformed into a conceptual revolution in fashion, media & entertainment, aerospace & defence, education, and others. This is expected to increase metaverse adoption in the near future and contribute to market growth.
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Current Trends and Innovations:
Major fashion brands shifting toward metaverse platforms and participation in metaverse fashion week is another trend expected to open up lucrative growth opportunities in the near future. The fashion industry is steadily becoming more integrated into the metaverse as the real and digital worlds continue to integrate and merge. High-end fashion houses are capitalizing on this technological revolution, and designing digital clothing that is entirely for the online personas. Because Generation Z is the major demographic driving and influencing digital fashion, the metaverse is also providing newer opportunities and potential for companies to interact with a younger generation. As a result, various luxury fashion firms are increasingly focusing on offering items on metaverse platforms.
Luxury fashion brands and small businesses are leveraging increasing traction of virtual environments to stage fashion shows and build storefronts, selling simultaneously, physical, and digital products accompanied by NFTs, which are digital assets. Metaverse Fashion Week is an opportunity to provide customers with a unique type of experience, and possibly establish relationships with customers. Forever 21, DKNY, and Estée Lauder are among the brands that participated in the first Metaverse Fashion Week, which took place in the virtual world of Decentraland from 24 to 27 March 2022. This implies that the fashion brands are inclined to leverage metaverse platforms to sell their products, which is expected to boost market revenue growth in the near future.
A digital twin is a virtual version of a real asset, equipment, vehicle, or device on an IoT platform. It digitally reflects the asset's data, processes, phases of operation, and lifespan. The notion of digital twins can boost global metaverse infrastructure. It will be able to analyze and anticipate the existing and future state of any physical asset by analyzing its virtual or digital equivalent. By integrating digital twins in the metaverse, organizations can gain a better comprehension of product performance and improve services provided to customers. The concept of a digital twin has been around for almost two decades; nevertheless, emergence of the industrial metaverse for workforce training and continuous stimulation will increase focus on digital twin strategy among enterprises across various industries. For example, digital twins could add real-world data to otherwise static VR training sessions for a more practical experience.
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Metaverse market in Europe is expected to register a steady revenue growth rate over the forecast period due to robust presence of start-ups such as Zash, Union, Varjo, WiV, and Crucible among others placing rising focus on developing metaverse platforms. In addition, rapid growth of the online gaming industry in countries in the region is projected to increase demand for online gaming solutions, which in turn will boost Europe metaverse market revenue growth.
Some Key Highlights from the Report
- Online shopping segment revenue is expected to register a steady CAGR over the forecast period, driven by increasing use of metaverse technology for marketplaces by e-Commerce companies. In March 2022 for instance, Amazon, which is the world's largest C-commerce company, integrated initial metaverse technology into its marketplace. Room Decorator, which is the company's newest AR shopping application, allows users to use their phone or tablet to preview how furniture and other home décor will appear in their settings or surroundings. Users may view many goods simultaneously and even store AR photos of the area for further viewing. E-commerce in the metaverse is expected to grow rapidly in the near future. As technology advances and adoption increases, more unique features that combine physical and online shopping will become more available.
- Education segment is expected to register a steady revenue growth rate over the forecast period. Increasing focus among various universities on developing and using metaverse platforms for virtual education is a key factor expected to drive growth of this segment. Universities can create and record lectures to be offered by a range of animated and avatar-based learning and teaching (A-BL&T) content for academics and education platforms and distribute the content repetitively in the metaverse. This is expected to increase adoption of metaverse platforms across different educational globally in future.
- Some of the major companies included in the global market report are Meta Platforms, Inc. (formerly Facebook, Inc.), Tencent Holdings Ltd., ByteDance Ltd., NetEase, Inc., Nvidia Corporation, Epic Games, Inc., Roblox Corporation, Unity Technologies, Inc., Lilith Games, and Nextech AR Solutions Corp.
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In March 2022, Roblox and Sony announced that music artist 24kGoldn would play a virtual performance within the user-generated content platform. It's just one more indication that brands and artists are attracted to Roblox's platform, which receives more than 55 million visitors every day. And, as part of its objective to offer a metaverse for fans, Roblox intends to extend beyond gaming into other entertainment.
Emergen Research has segmented the global metaverse market on the basis of component, platform, offering, technology, application, end-use, and region:
- Components Outlook (Revenue, USD Billion; 2019 - 2030)
- Platform Outlook (Revenue, USD Billion; 2019 - 2030)
- Offerings Outlook (Revenue, USD Billion; 2019 - 2030)
- Virtual Platforms
- Asset Marketplace
- Financial Services
- Technology Outlook (Revenue, USD Billion; 2019 - 2030)
- VR and AR
- Application Outlook (Revenue, USD Billion; 2019 - 2030)
- Online Shopping
- Content Creation
- Social Media
- Virtual Runway Shows
- Aircraft Maintenance
- End-Use Outlook (Revenue, USD Billion; 2019 - 2030)
- Media & Entertainment
- Aerospace & Defense
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- Regional Outlook (Revenue, USD Billion; 2019 - 2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
- North America
Read Latest Reports Published by Emergen Research:
Metaverse in Gaming Market By Component (Hardware, Software), By Device (Mobile, VR Headsets, PCs, Gaming Consoles), By Technology (NFT, Blockchain, Virtual Reality, Augmented Reality, Mixed Reality, Extended Reality), and By Region Forecast to 2028.
Metaverse in Automotive Market By Component (Hardware, Software), By Technology (NFT, Blockchain, Virtual Reality, Augmented Reality, Mixed Reality, Extended Reality), By Application (Advertising, Online Car Purchasing, Designing, In-car Entertainment, Others), and By Region Forecast to 2028.
Metaverse in Healthcare Market By Component (Software, Hardware), By Technology (AR, VR, AI, MR), By Device (VR Headsets, AR Devices, Mixed Reality Platforms), By End Use (Medical Training & Education Modules, Diagnosis, Treatment, Designing ORs, Surgical Training, Remote Monitoring, Others), By Region Forecast to 2028.
Non fungible Token Market By Type (Physical Asset, Digital Asset), By Application (Collectibles, Art, Gaming, Utilities, Metaverse, Sport, Others), By End-Use, and By Region Forecast to 2030.
Metaverse in Finance Market By Component (Hardware, Software), Technology (Blockchain, Metaverse Wallets, Virtual Assistants, NFT), End Use (Brokerage Firms, Investment Banks, Financial Institutions, Fintech Companies, Digital Asset Management Companies, Financial Advisory Companies, Commercial Banks), and By Region Forecast.
Metaverse in Manufacturing Market By Component (Hardware, Software), By Technology (AR, VR, MR, IoT, AI), By Application (Supply Chain Management, Product Designing and Development, Factory Landscape, Virtual Warehouse, Others), By End Use Industries (Automotive, Electronics, Manufacturing, Design Companies, Textile, Logistics Providers, Others), and by Region Forecast to 2028.
Metaverse in Travel and Tourism Market By Component (Software, Hardware), By Technology (Blockchain, AR, VR, MR, XR), By End Use (Room Tours, Destination Tours, Theme Parks and Museums, Natural Attractions, Trade Shows & Expos, Others), and By Region Forecast to 2030.
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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