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Global Metaverse Market Report to 2030: Surging Deployment in the Education Sector and Industrial Training Drives Growth
DUBLIN, April 3, 2023 /PRNewswire/ -- The "Metaverse Market Size, Share, Trends, By Components, By Platform, By Application, By End-Use, and By Region, Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The current dynamics of the market indicate that the global metaverse market is set to grow substantially, with a projected size of USD 1,615.32 Billion by 2030 and a revenue CAGR of 43.3% during the forecast period.
This growth is driven by the increasing popularity of Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR) .
The interest in the metaverse was piqued when tech giants such as Meta, Microsoft, and Google, as well as VR platforms like gear VR, PlayStation VR, and stream VR, began investing billions in this new space and virtual worlds.
With the metaverse being broadly defined as the use of innovative technologies such as virtual and augmented reality to create a limitless virtual reality, people across the globe began investing in blockchain-based digital play-to-earn platforms. This rise in popularity has also led to the mainstream adoption of cryptocurrencies .
The metaverse's popularity has also created new investment opportunities in a variety of industries, including digital design products and digital real estate, and has raised the sophistication of the crypto sphere. This growth is also fueled by the rising development by major key players in the market, such as the addition of metaverse token Decentraland to the cryptocurrency platform Public .
For various companies engaged in several markets and industries, the metaverse offers a profitable potential. Art galleries are one of the most prevalent marketing strategies in the metaverse, and Non-Fungible Tokens (NFTs) can be used to buy works of art, providing options to make revenue.
Leasing, purchasing, and selling digital property, as seen in ideas like MetaEstate and Voxel Architects, is also gaining popularity. Landowners with plans for building or operating in the metaverse can rent out their unused parcels to others. Finally, there is potential for both established players and new competitors in the end-use markets for data analytics.
Market Dynamics:
Driver:
Growing Popularity of Cryptocurrency Gaming
The market for cryptocurrency gaming is expanding and contributing to the growth of the metaverse market. A growing number of investors are also investing in this space. Game creators are exploring the play-to-earn model, where players earn tokens or ites that have real-world value, which is adding to the market growth. Players can exchange these tokens for real-world money or use them to purchase in-game items.
For example, in November 2021, U.S.-based bitcoin rewards startup Fold partnered with software development company Niantic to create a new augmented reality game that allows users to earn Bitcoin in the metaverse. However, only a small percentage of users currently have access to this game, called 'Fold AR,' for a brief period each day to test it out.
Restraint:
Challenges in Creating a Unified System to Verify Owners of Virtual Assets
Developing a unified virtual world where users can interact with real-world people and avatars, as well as buy and own different goods and assets, poses several challenges. NFTs are gaining popularity, and users and investors are increasingly owning tokens and digital assets.
However, one significant challenge is creating a uniform mechanism to authenticate the owners of virtual assets in the metaverse, similar to how NFTs represent real-world objects and issue and verify ownership rights for art, music, films, and other media. This hurdle is expected to restrain the revenue growth of the market.
Competitive Landscape
The global metaverse market is dominated by a small number of key players operating at both global and regional levels. These players are focused on developing new products and forming strategic alliances in order to expand their product portfolios and strengthen their position in the global market. Major players in the market include Meta, Microsoft, NetEase, Inc., Electronic Arts Inc., Take-Two Interactive Software, Inc., Epic Games, Inc., Unity Technologies, Valve Corporation, Accenture, and Adobe .
These market players are driving market growth through various initiatives. For example, in September 2021, Meta partnered with Ray-Ban to develop the first-generation smart glasses called Ray-Ban Stories. These glasses have dual embedded 5MP cameras, allowing users to record live events from a first-person perspective. Meta also announced that it would spend USD 150.0 million on training the next generation of content producers to create more immersive learning materials .
Key Topics Covered:
Chapter 1. Market Synopsis
Chapter 2. Executive Summary
Chapter 3. Indicative Metrics
Chapter 4. Metaverse Market Segmentation & Impact Analysis
4.1. Metaverse Market Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market driver's analysis
4.2.2.1. Increasing demand for virtual assets.
4.2.2.2. Virtualization in fashion, art, and retail industries
4.2.2.3. Surging deployment in education sector and industrial training
4.2.2.4. Increasing adoption of extended reality in healthcare sector
4.2.2.5. Increasing focus on developing metaverse platforms for diverse applications
4.2.2.6. Increasing traction and popularity of mixed reality
4.2.3. Market restraints analysis
4.2.3.1. Challenges in creating unified system to verify possessors of virtual assets
4.2.3.2. Challenges in identifying jurisdiction to ensure safe and secure virtual space
4.2.3.3. High installation and maintenance costs of high-end metaverse components
4.2.3.4. Health and mental issues from excessive use
4.2.3.5. Regulating the metaverse with respect to cybersecurity, privacy, and usage standards
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Price trend Analysis
4.6. Customer Mapping
4.7. COVID-19 Impact Analysis
4.8. Global Recession Influence
Chapter 5. Metaverse Market By Component Insights & Trends
Chapter 6. Metaverse Market By Platform Insights & Trends
Chapter 7. Metaverse Market By Application Insights & Trends
Chapter 8. Metaverse Market By End-use Insights & Trends
Chapter 9. Metaverse Market Regional Outlook
Chapter 10. Competitive Landscape
10.1. Market Revenue Share by Manufacturers
10.2. Manufacturing Cost Breakdown Analysis
10.3. Mergers & Acquisitions
10.4. Market positioning
10.5. Strategy Benchmarking
10.6. Vendor Landscape
Chapter 11. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/ol75f5
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