Classified in: Science and technology
, Covid-19 virusSubject: MRR
Metaverse Market Growth Driven By Steady Adoption Of XR Technologies To Enhance User Experience On Various Platforms
Development of metaverse platforms for diverse applications by tech giants is among some of the key factors driving market revenue growth
NEW YORK, Dec. 6, 2021 /PRNewswire/ -- The global metaverse market size is expected to reach USD 872.35 Billion in 2028 and register a revenue CAGR of 44.1% during the forecast period, according to a latest report by Reports and Data. Increasing focus on developing metaverse platforms for diverse applications by tech giants and ongoing developments in Decentralized Finance (DeFi) applications are some key factors expected to drive market revenue growth during the forecast period. Increasing development of fintech solutions is also expected to boost revenue growth of the market between 2021 and 2028. Rebranding of Facebook as a metaverse pioneer opens up significantly high potential for companies intending to integrate finance solutions into the next version of the virtual world. Novi, which is Facebook's digital wallet application, for instance, was recently introduced in the United States and Guatemala. Coinbase is assisting with the experiment as a security partner, which indicates that Facebook will use blockchain to power transactions within the metaverse. Major financial firms are also considering developing their own metaverses. For instance, Coinbase's planned NFT marketplace will have individualized feeds focused on each user's preferences to help connect with like-minded creators and users.
Concerns regarding misinformation, marketplace competition, and personal privacy are expected to restrain market revenue growth to some extent over the forecast period. While metaverse provides various economic prospects in the post COVID-19 -pandemic environment, it also brings with it the same basic cybersecurity concerns that existed all along. All of these emphasize on the importance of cutting-edge cybersecurity and data privacy protection that metaverse developers must employ. Up-to-date monitoring of sophisticated cyberattack vulnerabilities, as well as safeguarding of extremely sensitive confidential data, including biometrics, can enable organizations to stay ahead of the competition as opposed to those using standard cybersecurity approaches.
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Some Key Highlights From the Report
- Hardware segment is expected to account for largest revenue share over the forecast period due to rising demand for hardware for Virtual Reality (VR) Headsets and Augmented Reality (AR) headsets, as well as Extended Reality (XR) hardware such as smart glasses and haptic devices and sensors.
- Conference segment is expected to register a significantly steady revenue growth rate over the forecast period, owing to increasing application of AR and VR in conferencing platforms for better engagement.
- Media and entertainment segment is expected to register a significantly high revenue growth rate over the forecast period due to ongoing developments in metaverse platforms for high-end online games.
- The market in Asia Pacific is expected to register a steady revenue CAGR over the forecast period. Growth of the market in this region is expected to be driven by increasing number of gaming companies focusing on developing metaverse platforms in countries such as China and India.
- Some major companies profiled in the global market report are Facebook, Inc., Tencent Holdings Ltd., ByteDance Ltd., NetEase, Inc., Nvidia Corporation, Epic Games, Inc., Unity Technologies, Inc., Roblox Corporation, Lilith Games, and Nextech AR Solutions Corp.
- In April 2021, ByteDance Ltd. acquired Com4Loves, which is a Beijing-based game company that previously collaborated with Tencent Holdings Ltd. in China. This demonstrates that ByteDance has plans to boost operations in the gaming industry.
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For the purpose of this report, Reports and Data has segmented global metaverse market on the basis of platform, component, technology, offerings, application, end-use, and region:
- Platform Outlook (Revenue, USD Billion; 2018-2028)
- Component Outlook (Revenue, USD Billion; 2018-2028)
- Asset Creation Tools
- Programming Engines
- Virtual Reality (VR) Headsets & Augmented Reality (AR) Headsets
- Extended Reality (XR) Hardware
Technology Outlook (Revenue, USD Billion; 2018-2028)
- Omni Treadmills
- Haptic Devices & Sensors
- Smart Glasses
Offerings Outlook (Revenue, USD Billion; 2018-2028)
- Virtual Reality (VR) & Augmented Reality (AR)
- Mixed Reality (MR)
Application Outlook (Revenue, USD Billion; 2018-2028)
- Virtual Platforms
- Asset Marketplaces
- Financial Services
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Social Media
- Aircraft Maintenance
- Content Creation
- Online Shopping
- Virtual Runway Shows
- Media & Entertainment
- Aerospace & Defense
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- Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
Middle East & Africa
- Rest of LATAM
- Saudi Arabia
- South Africa
- Rest of MEA
To identify the key trends in the industry, research study at https://www.reportsanddata.com/report-detail/metaverse-market
Some points on how the report benefits stakeholders:
- The reports include historical (2018?2020) and forecast (2021?2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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