The Market Statsville Group (MSG) publishes the new report on the “Global Metaverse Market segmented by component (Hardware (Displays; eXtended Reality (XR) Hardware (Haptic Sensors & Devices, Smart Glasses, Omni Treadmills); and AR/VR Headsets), and Software (Asset Creation Tools; Programming Engines), by Platform (Desktop and Mobile), by Offerings (Virtual Platform, Asset Marketplaces, Avatars, Financial Services), by Technology (Blockchain, Virtual Reality (VR) & Augmented Reality (AR), Mixed Reality (MR)), by Application (Gaming, Online Shopping, Content Creation, Social Media, Conference, Virtual Runway Shows, Aircraft Maintenance, and Others), by End-use (Fashion, Media & Entertainment, Education, Aerospace & Defence, and Other), and by Region – Global Trends, Market Share, and Forecast to 2027”.
The global Metaverse market is estimated to grow from USD 45.6 billion in 2020 to USD 344.8 billion by 2027, at a CAGR of 40.1% from 2021 to 2027. The market of the metaverse is highly emerging and being adopted in various segments. The metaverse is a hypothetical iteration of the Internet, which supports persistent online 3D virtual environments through conventional personal computing, additionally with virtual and augmented reality headsets. The metaverse is described as a means of producing immersive digital spaces for a range of human activities. The market is aspected to grow during the forecasting period due to the rise in digitalization. Virtual reality adoption for various purposes will boom the metaverse market across the globe.
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Data security, psychological, and health are some major issues that will hinder the global growth of the metaverse market.
Global Metaverse Market Segmentation
The global metaverse market has been segmented into components, platform, offerings, technology, application, end-user, and region.
By component (Hardware (Displays; eXtended Reality (XR) Hardware (Haptic Sensors & Devices, Smart Glasses, Omni Treadmills); and AR/VR Headsets), and Software (Asset Creation Tools; Programming Engines)
By Platform (Desktop and Mobile)
By Offerings (Virtual Platform, Asset Marketplaces, Avatars, Financial Services)
By Technology (Blockchain, Virtual Reality (VR) & Augmented Reality (AR), Mixed Reality (MR))
By Application (Gaming, Online Shopping, Content Creation, Social Media, Conference, Virtual Runway Shows, Aircraft Maintenance, and Others)
By End-use (Fashion, Media & Entertainment, Education, Aerospace & Defence, and Other)
By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)
Gaming, by application, is estimated to hold the largest market share during the forecast period in the metaverse Market
Based on the application, the global metaverse market is segmented into games, online shopping, content creation, social media, conferences, virtual parades, aircraft maintenance, and others. The gaming segment is expected to hold a major market share during the forecast period, owing to the rapid development and continuous progress of game developers and the growing focus on improving immersion and rendering games more realistic. In addition, the growing focus by companies on strengthening their corporate image through gaming is expected to drive revenue growth in this segment.
For instance, in June 2021, Hyundai Motor Co. announced that it is offering a unique experience in driving its high-performance brand, N Line, in a metaverse environment created by Zepeto. Naver Z Corp., a subsidiary of Naver Corp. that runs the internet giant’s AR business, created and operates Zepeto, a 3D avatar app service. The platform’s partnership with Zepeto allows customers to drive the company’s Sonata N Line in areas of downtown Zepeto and additional driving zones set up online. This will enhance the brand image of Hyundai Motor as a brand that promotes cutting-edge technological advancements and extends the immersive experience of customers in the virtual space. Such factors will amplify the demand for virtual reality and contribute to the growth of the metaverse market during the forecasting period across the globe.
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North America accounts for the highest market share during the forecast period in the Metaverse market
Based on the region, the metaverse market is segmented into North America, Europe, the Asia Pacific, and the RoW. North America holds the largest share of the global metaverse market. North America is anticipated to account for a large sales percentage amongst other markets for the duration of the forecast period. North America metaverse marketplace is predicted to continue dominating. It holds a relatively large share compared to that of other nations due to the presence of consumers and users in nations that are highly acceptive of the latest and advanced technologies. Additionally, a growing number of start-ups introducing metaverse systems for the motive of commercialization in other components will enhance the metaverse market in North America. Furthermore, the sturdy presence of gaming organizations in the region, specializing in introducing metaverse withinside the video games, is accelerating the growth of the metaverse market during the forecasting period.
Followed by Asia-Pacific and Europe, these regions are expected to provide a huge market for the growth of the metaverse market during the forecasting period in the region.
This research report includes a study on the development and marketing strategies, product portfolios, and winning design of the leading metaverse companies. It also consists of the profiles of leading companies such as Facebook, Inc., Nvidia Corporation, Epic Games, Inc., Nextech AR Solutions Corp., Tencent Holdings Ltd., ByteDance Ltd., NetEase, Inc., Roblox Corporation, Unity Technologies, Inc., Lilith Games, and Microsoft, among others. These market players have focused on acquisitions and expansion to gain a larger market share in the metaverse market.
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