Metaverse Market Worth USD 21.91 Billion In 2020 and is Predicted to Grow at 41.7% CAGR by 2030 – Report by Market Research Future (MRFR)
Burgeoning Need for All-Encompassing Online Communities to Boost Metaverse Market Growth
New York, US, Dec. 14, 2021 (GLOBE NEWSWIRE) — Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Global Metaverse Market information by Component, by Platform, by Technology, by Application, by End Users, by Region – forecast to 2030” market touched USD 21.91 billion in 2020 and growing at a whopping CAGR of 41.7% from 2021 to 2030.
Eminent Industry Players Profiled in Metaverse Market Are:
- Facebook, Inc
- Tencent Holdings Ltd
- ByteDance Ltd
- NetEase Inc
- Nvidia Corporation
- Epic Games, Inc
- Roblo Corporation
- Unity Technologies, Inc
- Lilith games
- Nextech AR solution corp.
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Metaverse Market Drivers
Burgeoning Need for All-Encompassing Online Communities to Boost Market Growth
The burgeoning need for all-encompassing online communities for networking, news, entertainment, online gaming, education, and dating will boost market growth in the forecast period.
Opportunities
Converging Physical and Digital Worlds Using Internet to offer Robust Opportunities
The converging physical and digital worlds using internet coupled with burgeoning need for metaverse for purchasing digital assets utilizing cryptocurrencies will offer robust opportunities for the market over the forecast period.
Restraints
Concerns about Personal Privacy to act as Market Restraint
The growing concerns regarding personal privacy, market competition, and misinformation may act as market restraints over the forecast period.
Challenges
Cyber-Threats in Metaverse to act as Market Challenge
The threat of cyber-threats in metaverse may act as a market challenge over the forecast period. Cyber threats are a vital concern for the efficient functioning of the metaverse. Cyber threats are malicious acts that results in damage as well as disruption of software along with data theft, impeding system effectiveness. Unauthorized command and data breach are some forms of cyber-attacks. They cause system failure that results in improper functioning of the metaverse. Thus, metaverse should be designed for preventing cyber-attacks and mitigating their risks. In fact cyber-security plays an imperative part to ensure a reliable and secure network for the right working of a metaverse.
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Market Segmentation
The global metaverse market has been bifurcated based on component, platform, technology, application, and end users.
By component, the hardware segment will lead the market over the forecast period as these are used for operating or creating AR-based or virtual environments. The growing focus among organizations however on developing products to offer more improved user experience is adding to the segmental growth.
By platform, the mobile segment will dominate the market over the forecast period as this allows near-constant, unparalleled accessibility to metaverse.
By technology, the mixed reality segment will spearhead the market over the forecast period for the increasing use of mixed reality for engaging more efficiently in the metaverse. On the other hand, the VR&AR segment overlays the sound, visual elements, and other sensory input into real-world settings for improving the user experience. And in the blockchain segment due to its decentralized structure, metaverse gaming will allow participants in using various tokens.
By application, the gaming segment will have the lions share in the market over the forecast period for the rapid ongoing advancements and developments by developers. On the other hand, in the online shopping segment, metaverse helps to real item feels and looks and needs to purchase it. The social media segment helps to build the next computing platform.
By end users, the media & entertainment segment will have the largest share in the market over the forecast period for the booming gaming industry.
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COVID-19 Analysis
The COVID-19 outbreak possessed a positive impact on the metaverse market. In fact the pandemic was instrumental to drive the increasing interest in the metaverse concept. People began to work remotely while students shifted to online classes and the need and demand for convenient channels or approaches to make online interaction more realistic emerged. The crisis has speeded the emergence of virtual communities as key lifestyle areas for locked-down users which include gaming landscapes and also increasing adoption of mixed reality. The latest advances in digital social experiences will set the context for the succeeding stage of post-COVID digital activity, the concept of metaverse that is being used efficiently as a real-time virtual world for opening up and leveraging key potential for brand engagement.
Regional Analysis
North America to Command Metaverse Market
North America will command the global metaverse market over the forecast period. Faster adoption of advanced technologies in various developed countries in Mexico, Canada, and the US, the region being the most technologically advanced regions, the presence of several key players like Facebook, Inc, Nvidia Corporation, Roblo Corporation, the high acceptance of more advanced and new technologies, and the increasing number of start-ups that are focused on creation of metaverse platforms for the purpose of commercialization are adding to the global metaverse market growth in the region. Besides, the robust presence of gaming companies focusing to introduce metaverse in the games, the growing need in the social media industry, and key players present in the US that are making heavy investments are also adding market growth.
APAC to Have Admirable Growth in Metaverse Market
The APAC region will have admirable growth in the global metaverse market over the forecast period. Growing adoption of modern technologies, increase in SMEs, growing technological adoption, the increasing focus on innovations obtained from technology and R&D, more and more ongoing projects and IT organizations, the expansion of local businesses, and various government programmes aimed towards technology developments are adding to the global metaverse market growth in the region. Besides, the presence of technologically advanced countries coupled with significant income potential and investment, the rise in start-ups like Bolly Heroes, OneRare, LOKA, Cope.Studio, Interality, Zippy, and NextMeet in India as well as miHoYo Co., Ltd. and Shenzhen Zhongqingbaowang Interaction Network Co., Ltd. (ZQGame) in China having keen focus to develop metaverse platforms, increasing young population in the region, and China & India relying heavily on social media platforms for marketing and advertisements are also adding market growth.
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Industry Updates
- Caduceus has recently launched the world’s first ever metaverse protocol in the blockchain space. It incorporates NFTs, gaming, video, 3D holographic avatars, virtual reality, and augmented reality.
- Nextech AR has launched 3D metaverse upgrade to its ARitize Events 3D, its virtual event platform. Through this upgrade the company expects in generating positive revenue for its technology services business in the future.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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