Metaverse Market Is Highly Growing in Industry with Good Revenue:
The global metaverse market size reached USD 47.69 Billion in 2020 and is expected to register a revenue CAGR of 43.3% during the forecast period, according to latest analysis by Emergen Research. Rising focus on converging digital and physical worlds through internet and the recent COVID-19 outbreak are expected to support market revenue growth between 2021 and 2028. In addition, increasing emphasis on developing metaverse platforms for education industry will continue to boost revenue growth of the market.
Korea Advanced Institute of Science and Technology (KAIST) intends to develop a virtual campus in Kenya, which will start in September 2023 in Konza Technopolis in nearby Nairobi. The university desires to develop a metaverse that will run classrooms and provide an immersive learning opportunity on campus through the use of augmented reality, virtual reality, and eye tracking technology. Soonchunhyang University in Korea arranged a virtual welcoming event for freshers to participate as avatars.
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The research study presents an industry-wide summary of the Metaverse market including drivers, constraints, technological advancements, product developments, limitations, growth strategies, growth prospects, etc. among others. The global Metaverse research report is an investigative study of the market that offers key statistical data with regards to market size, market share, revenue growth, and CAGR over the forecast period 2021-2028.
Key Highlights From the Report
· Software segment is expected to register a substantially rapid revenue CAGR during the forecast period as companies are investing considerable efforts into developing developer-focused gaming platforms that enable users to create games or 3D environments. AI-powered 3D engines enable creation of gaming content in real-time, allowing for an diverse range of situations and making games highly engaging.
· Fashion segment is expected to register a significantly robust revenue growth rate over the forecast period due to rising development of virtual runway shows platforms like IMVU. From partnering with online community artists to buying avatar clothing, IMVU’s virtual runway has received much interest as more fashion businesses identify immersive experiences as an important part of the business strategy. Animal Crossing, which is a game from Nintendo Co., Ltd., has brands such as Anna Sui, Valentino, and Sandy Liang design exclusive garments for metaverse.
· North America is expected to register a substantially robust revenue growth rate over the forecast period due to major presence of companies such as Facebook, Inc., Nvidia Corporation, Epic Games, Inc., and Nextech AR Solutions Corp. in the US and Canada focusing on develop metaverse platforms.
The research report offers in-depth insights into company profiles along with their production values, production capacity, product portfolio, strategic plans such as mergers and acquisitions, joint ventures, collaborations, product launches and brand promotions, government and corporate deals, among others. The report, additionally, offers a comprehensive SWOT analysis and Porter’s Five Forces analysis to offer a better understanding of the competitive landscape of the industry.
Leading Players Profiled in the Report:
Facebook, Inc., Tencent Holdings Ltd., ByteDance Ltd., NetEase, Inc., Nvidia Corporation, Epic Games, Inc., Roblox Corporation, Unity Technologies, Inc., Lilith Games, and Nextech AR Solutions Corp.
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The report analyzes the market based on different categories such as product types, end-user applications, and leading geographical regions. It offers key insights into the factors that are expected to influence the growth of the segments and sub-segments.
Emergen Research has segmented global metaverse on the basis of component, platform, offerings, technology, application, end-use, and region:
· Component Outlook (Revenue, USD Billion; 2018–2028)
2. eXtended Reality (XR) Hardware
1. Haptic Sensors & Devices
2. Smart Glasses
3. Omni Treadmills
3. AR/VR Headsets
1. Asset Creation Tools
2. Programming Engines
· Platform Outlook (Revenue, USD Billion; 2018–2028)
· Offerings Outlook (Revenue, USD Billion; 2018–2028)
o Virtual Platforms
o Asset Marketplaces
o Financial Services
· Technology Outlook (Revenue, USD Billion; 2018–2028)
o Virtual Reality (VR) & Augmented Reality (AR)
o Mixed Reality (MR)
· Application Outlook (Revenue, USD Billion; 2018–2028)
o Online Shopping
o Content Creation
o Social Media
o Virtual Runway Shows
o Aircraft Maintenance
· End-use Outlook (Revenue, USD Billion; 2018–2028)
o Media & Entertainment
o Aerospace & Defence
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Major regions include North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. The report studies the market in these regions on the basis of demand and trends, consumer behavior and preferences, government initiatives and regulatory framework, economic growth, technological developments, supply and demand, production and consumption patterns, import/export, and presence of key players in each region.
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About Emergen Research
Emergen Research 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 make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.