Metaverse Market Overview:

The global metaverse market demonstrates significant growth potential. Rising investments in digital assets and rapid digital usage that turned into an established digital dependency, boost the market growth. Moreover, the growing number of cryptocurrency enthusiasts and cloud-based data management platforms worldwide substantiate the Metaverse market demand.

The cryptocurrency trend has been growing continually, giving a true boost to digital asset management uses. Citing the growing digital usage and internet users, Market Research Future (MRFR) expects the global metaverse market to reach a valuation of USD 105,597.5 MN by 2030, registering a 45.2% CAGR throughout the forecast period (2024–2030).

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The proliferation of the internet and communication technologies influences market revenues. The increasing use of social media and digital vaults in banking, insurance, businesses, and education sectors, escalates the market value. Additionally, the immensely growing need for asset management/ data management and rapidly growing numbers of enterprises influence market growth.

Rising demand for solutions that would help to improve customer engagement and the growing penetration of Metaverse to create a virtual world and online shopping spaces impact market revenues positively. The growing penetration of smart & connected devices and cloud-based solutions create substantial market demand.

3D and augmented reality advances would allow Metaverse users to truly engage with products and brands. Furthermore, the increasing adoption of cloud-based solutions for service virtualization & containerization escalates the market growth.

Global Metaverse Market – Segments:

The market is segmented into components, platforms, technologies, applications, end-users, and regions. Of these, the component segment is bifurcated into hardware and software. The platform segment is bifurcated into desktops, mobiles, VR headsets, and others. The technology segment is bifurcated into Blockchain, VR & AR, mixed reality (MR), and others.

Similarly, the application segment is bifurcated into gaming, online shopping, content creation, social media, and others. The end-user segment is bifurcated into BFSI, retail, manufacturing, media & entertainment, education, aerospace & defense, and others. The region segment is bifurcated into the Asia-Pacific, Americas, MEA, Europe, and rest-of-the-world.

Global Metaverse Market – Regional Analysis:

North America accounts for the largest share of the global metaverse market. The wide adoption of metaverse solutions and services, particularly in the industry verticals of BFSI, retail & consumer goods, and healthcare, escalates the market value. North America is considered the most advanced region in terms of the development and adoption of innovative technologies. However, the region also experiences the highest number of cyber security threats every year.

Besides, the large presence of well-established industry players, such as Meta Platforms, Nvidia, and Roblo, and technology development centers in the region influence market revenues. The US, Canada, and Mexico are major metaverse markets in North America. Additionally, the continually rising healthcare and manufacturing industry and the rapid adoption of smart devices push regional market growth.

Metaverse Market – Competitive Analysis:

Fiercely competitive, the metaverse market appears fragmented, with various notable players forming a competitive landscape. These players increasingly focus on product development and incorporate strategic approaches, such as collaboration, mergers & acquisitions, expansion, and product launches, to gain a larger competitive share. They make substantial investments to drive R&D to develop and expand required technologies.

Metaverse Market Major Players:

Active market players are Meta Platforms Inc., Nvidia, Microsoft Corporation, Tencent Holdings Ltd., Bytedance, Epic Games, Netease Inc., Roblox Corporation, Lilith Games, Nextech AR Solutions Inc., Unity Software Inc., Antier Solutions, among others.

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Industry/Innovation/Related News:

Jun. 29, 2022 --- Siemens Digital Industries Software, a leading provider of industrial automation solutions, announced the expansion of its partnership with NVIDIA, a pioneer in AI and accelerated graphics, to enable industrial metaverse usage. This will transform the manufacturing industry and bring industrial automation to a new level, increasing the use of AI-driven digital twin technology.

The industrial Metaverse will help bring immersive experiences across the lifecycle from design through the operation. As the first step of this collaboration, the companies plan to boost full-fidelity digital twins and connect software-defined AI systems from edge to cloud, combining NVIDIA Omniverse and Siemens Xcelerator platforms.

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