Market Analysis
The global Metaverse Industry was valued in 2020 at USD 21.91 billion at a whopping 41.7% CAGR by 2030, states the latest Market Research Future report.
Drivers
Growing Focus on Converging Physical and Digital Worlds Using Internet to Boost Market Growth
The growing focus on converging physical and digital worlds using internet will boost market growth over the forecast period.
Opportunities
Burgeoning Need for Online Communities for Networking to offer Robust Opportunities
The burgeoning requirement for all-encompassing online communities for news, networking, entertainment, education, online gaming, and dating will offer robust opportunities for the metaverse market in the forecast period.
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Restraints
Concerns about Security and Data Privacy in Metaverse Environments to act as Market Restraint
The concerns about security and data privacy in metaverse environments and issues regarding identity of users may act as metaverse market restraints in the forecast period.
Challenges
Challenges of Convincing Users to Use Payment Systems to act as Market Challenge
The challenges of convincing users to use payment systems may act as a market challenge over the forecast period.
Market Segmentation
The global metaverse market is bifurcated based on end users, application, technology, platform, and component.
By end users, media and entertainment will lead the market over the forecast period.
By application, the gaming application will dominate the market over the forecast period.
By technology, the VR & AR technology will spearhead the market over the forecast period.
By platform, the mobile platform will have the lions share in the market over the forecast period.
By component, the hardware will have the largest share in the market over the forecast period.
COVID-19 Analysis
The COVID-19 outbreak was instrumental to drive the increasing interest in the metaverse concept. People began to work from home & students shifted to attend classes virtually, and need & demand for convenient channels or approaches to make online interaction more realistic emerged. The outbreak has speeded up the emergence of virtual communities as key lifestyle areas for the locked-down users that include the interactive gaming landscapes and increasing adoption of mixed reality. The current advances in digital social experience will set the context for the next stage of post-COVID digital activity, the emergence of metaverse that is being utilized effectively as real-time virtual world for opening up and leveraging key prospective for brand engagement.
Regional Analysis
North America to Dominate Metaverse Market
North America will dominate the metaverse market in the forecast period. Quicker adoption of innovative technologies in Mexico, Canada, & the US, the region being highly technologically advanced, the presence of key market players, users and consumers accepting new and advanced technologies, increase in start-ups focusing on the creation of metaverse platforms for commercialization, and robust presence of gaming companies in countries, and the region focusing to introduce metaverse in the games are adding to the global metaverse market growth in the region.
Key Players
Eminent players profiled in the global metaverse market report include Facebook, Inc, Tencent Holdings Ltd, ByteDance Ltd, NetEase Inc, Nvidia Corporation, Epic Games, Inc, Roblo Corporation, Unity Technologies, Inc, Lilith games, and Nextech AR Solution Corp.
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