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Classified in: Science and technology, Covid-19 virus
Subject: 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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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:

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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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