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The global metaverse market size is projected to grow from USD 61.8 billion in 2022 to USD 426.9 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 47.2%

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during the forecast period. Major factors expected to drive the growth of the metaverse market include strong growth opportunities in adjacent technology markets such as Virtual Reality (VR), Augmented Reality (AR) and Mixed Reality (MR), Blockchain, cryptocurrency, virtualization, 5G, Internet of Things (IoT) and others.

New York, May 18, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Metaverse Market by Component, Vertical and Region – Global Forecast to 2027” – https://www.reportlinker.com/p06277917/?utm_source =GNW
Retail companies have changed their brand promotion strategies using gamification and virtual world simulators. In addition, extended reality technology has been a future-oriented technology, enhancing student learning experiences through highly realistic presentation of information, enhanced interaction with simulated environments which ultimately led to the skyrocketing deployment of metaverses in the industrial education and training vertical. The use of extended reality technology in the healthcare industry reduces costs and improves outcomes for individuals without risking the lives of patients, and the aforementioned key factors are expected to create many opportunities for metaverse providers.
The COVID-19 pandemic negatively impacted the market in 2020 causing the metaverse market growth rate to decline by 1.0-1.5% in 2020-2021 from the pre-COVID-19 scenario . However, companies in the market have adopted various strategies to improve their business. The nascent technology market, coupled with a lot of extended reality research and development, has driven companies to improvise and improve their metaverse platform even further. They enhance their existing products through partnerships, collaborations and product developments. Additionally, continued digital transformation and an increase in demand for secure, user-friendly, and interactive collaboration solutions during the COVID-19 pandemic has provided ample opportunities for vendors in this market.

The hardware segment is expected to grow significantly over the forecast period
The hardware segment is expected to make a major contribution to the market. This growth of the hardware segment is supported by several factors such as the usage of HUD in the media and entertainment sector, which is expected to directly fuel the growth of the AR devices segment of the market. .

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The ability of AR devices to combine the real world with virtual objects has increased their demand in various applications. Moreover, the surge in the usage of mobile HMDs which have high resolution and 360° viewing angle, has resulted in the many offerings from vendors in the AR and VR market, due to the growing demand for hassle-free and proper deployment and integration of metaverse solutions as well as organizations need to understand changing business conditions, customer information, market trends, external factors, global disruptions or inconveniences services.
• By vertical segment, consumer to register the largest market size during the forecast period

The consumer vertical is expected to hold the largest market size in the metaverse market. The consumer vertical is supported by several entertainment applications, including archaeological museums, theme parks, amusement parks, science parks, art galleries, various types of mega fairs) and exhibitions.

Metaverse, especially with extended reality technology, delivers remarkable results in terms of visual effects, 3D environment, user interaction and engagement when used in game and sports broadcasts . The gaming industry has been an early adopter of critical, crucial and newer technologies such as 3D, AR, VR and MR.

These technologies aim to enhance players’ gaming experience by creating virtual objects and characters (avatars), which are linked to defined locations in the real world. This industry also has significant contributions to the masses relating to its content and delivery module and hence holds the largest market size.

Asia-Pacific will register the highest growth rate during the forecast period
Asia-Pacific is expected to be the fastest growing region in the metaverse market, achieving the highest growth rate with a CAGR of 49.6% during the forecast period. The increasing adoption of metaverse technologies in consumer, commercial and healthcare applications is driving the growth of the overall market. The increasing adoption of emerging technologies, such as AR, VR, MR, AI, ML, advanced analytics and the transition of enterprises to cloud environments in Asia-Pacific countries such as China, Japan, South Korea, is fueling and driving the growth of the metaverse market in this high growth region.
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, in-depth primary interviews were conducted with Chief Executive Officers (CEOs), Chief Marketing Officers (CMOs), Vice Presidents (VPs), Managing Directors (MDs), Chief Technology and Innovation Officers, and senior associate leaders of various key companies and organizations operating in the METAVERSE market.
• By business type: Level 1: 29%, Level 2: 45% and Level 3: 26%
• By designation: C-level executives – 30%, director-level – 25% and other – 45%
• By region: North America – 40%, Europe – 30%, Asia-Pacific – 25%, Rest of the World (RoW) – 5%

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The report profiles the following major vendors:
Meta (US), Microsoft (US), NetEase (China), Electronic Arts (US), Take-Two (US), Tencent (China), Nexon (Japan), Epic Games (US United States), Unity (US), Valve (US), Accenture (Ireland), Adobe (US), HPE (US), Deloitte (UK), Ansys (US) , Autodesk (US), Intel (US), Tech Mahindra (India), ByteDance (China), Nvidia (US), Activision Blizzard (US), Samsung (South Korea), Google ( USA), Sony (Japan), HTC (Taiwan), Seiko Epson (Japan), Apple (USA), Qualcomm (USA), Panasonic (Japan), Eon Reality (USA), Roblox ( US), Lenovo (Hong Kong), Razer (US), Nextech AR Solutions (Canada), ZQGame (China), Talecraft (Marshall Islands), VR Chat (US), Decentraland (Argentina), Somnium Space (UK) and Sandbox VR (US)

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Research coverage
The market study covers the metaverse market size across all segments. It aims to estimate the market size and growth potential of the market across segments by component, vertical and region.

Components are sub-segmented into hardware, software and professional services. screens (3D, holographic and virtual mirrors).

The software includes extended reality software, game engines, mapping, 3D modeling and reconstruction tools, volumetric video tools, metaverse platforms, financial platforms and others. Metaverse platforms include centralized and decentralized gateways, avatar identity creators, games to win games, virtual worlds, and metaverse-based social media.

Based on the vertical, the metaverse market has been segmented into consumer (gaming, social media, live entertainment and events), commercial (retail and e-commerce, travel and tourism, real estate, education, enterprise), industrial manufacturing, healthcare and other verticals (automotive, aerospace and defense, energy and utilities, transportation and logistics). The study also includes an in-depth competitive analysis of key market players along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Purchasing the Report
The report will assist market leaders/new entrants with information on the closest approximations of revenue figures for the overall Metaverse market and its sub-segments. The report will help stakeholders understand the competitive landscape and acquire more information to better position their businesses and plan appropriate go-to-market strategies.

The report will also help stakeholders understand the pulse of the market and provide them with insights into key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p06277917/?utm_source=GNW

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