At 39.5% Global CAGR of Metaverse Market Size Worth $400.5 Billion by 2028: Zion Market Research
NEW YORK , May 2, 2022 /PRNewswire/ -- As per Zion Market Research study, Metaverse Market accrued ROI of approximately around US$ 47.49 billion in 2021 and is expected to gain income of almost US$ 400.5 billion in 2028. Apparently, Metaverse Industry is set to record humongous gains of about 39.5% in timespan of 2022 to 2028. With 5G, cloud computing, and edge computing becoming a citadel of modern technological domain, the market for metaverse is expected to expand leaps & bounds in coming decade. Apart from this, large-scale implementation of metaverse technology in video gaming and virtual reality is likely to expand scope of growth of metaverse market in upcoming years. In addition to this, other slew of applications of metaverse tools include Online Shopping, social media, events & conferences, digital marketing, and testing & inspection activities. This, in turn, is slated to generate new growth avenues for metaverse market in near future. Nonetheless, cyber-attack threat is the key concern that will impede growth of metaverse market.
Key Industry Insights & Finding of the Metaverse Market Reports:
- As per the analysis shared by our research analyst, the Metaverse Market is expected to grow annually at a CAGR of around 39.5% (2022-2028).
- Through the primary research, it was established that the Metaverse Market was valued approximately USD 47.49 Billion in 2021 and is projected to reach to roughly USD 400.5 Billion by 2028.
- Rise in use of metaverse into gaming industry in countries such as the U.S. will proliferate size of metaverse industry in North America.
- North America over forecasting years can be credited to rise in acceptance of new technology in countries such as the U.S. and Canada.
Zion Market Research published the latest report titled as "Metaverse Market- By Product (Hardware, Software, and Services) By Platform (Desktop and Mobile), By Technology (Blockchain, Virtual Reality (VR) & Augmented Reality (AR), and Mixed Reality (MR)), By Offering (Virtual Platforms, Asset Marketplace, Avatars, and Financial Services), By Application (Gaming, Online Shopping, Content Creation & Social Media, Events & Conferences, Digital Marketing (advertising), Testing & Inspection, and Others), By End Use (Fashion, Manufacturing, Media & Entertainment, Aerospace & Defense, Education, Automotive, Travel & Tourism, Manufacturing, and Finance): Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends And Forecast, 2022 – 2028." into their research database.
Metaverse Market: Overview
Metaverse is termed as a graphically enhanced virtual space having some amount of verisimilitude where individuals can work, shop, play, and socialize. Furthermore, metaverse components focus on 'presence' concept. In addition to this, metaverse is a network of 3D virtual spaces focusing on social links. Reportedly, the term is also described as hypothecation by internet as a single & universal world enabled through utilization of virtual reality & augmented reality. Many kinds of metaverses have been developed for popular utilization. For instance, virtual world tools such as Second Life.
Furthermore, metaverse is one of the buzzords in domain of technology and this insight will bring a paradigm shift in internet era with whole ecosystem of firms making it a future reality. In addition to this, 5G networks, cloud computing, and edge computing will help metaverse concept a reality in near future.
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Industry Dynamics:
Metaverse Market: Growth Dynamics
- Rise in use of metaverse into gaming industry in countries such as the U.S. will proliferate size of metaverse industry in North America.
Surge in expansion of metaverse industry over forecasting timeline is subject to rise in focus on integration of physical & digital worlds through use of internet. In addition to this, rise in popularity of augmented reality, virtual reality, and mixed reality has prompted expansion of metaverse market. Furthermore, metaverse tool has enhanced web experience through setting up of virtual world in which customers are engaged into different activities such as immersive gaming, socializing, carrying out business, purchasing & selling virtual real estate along with enjoying immersive entertainment. All these aforementioned aspects will drive expansion of metaverse industry over ensuing years.
Furthermore, rise in purchase of digital assets with use of cryptocurrencies will culminate into humungous demand for metaverse over years ahead. In addition to this, rise in business to business and business to consumer activities has opened new growth avenues for metaverse market. However, rise in cyber-terrorist activities can put brakes on expansion of metaverse industry..
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Recent Developments
- In January 2022, The Sandbox declared that it has entered into business alliance with Warner Music Group for introducing first music themed world in metaverse
- In April 2022, Mid-Cap IT company Mindtree announced that it is raising allocation of funds in creating solutions that can reinforce consulting-led offerings to customers. The CEO of firm stated that Metaverse offering will facilitate customers in accelerating & optimizing its transfer into meta economy.
Global Metaverse Market: Segmentation
- Virtual Reality (VR) & Augmented Reality (AR) Segment To Lead Technology Landscape By 2028
Growth of this technology segment in 2022-2028 can be credited to use of metaverse technology in 3D virtual environments in synchronization with AR & VR tools. Apart from this, AR and VR integrate with metaverse for creating a virtual presence. Furthermore, AR as well as VR are projected to be next-gen technologies and hence segment will gain traction over coming years.
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List of Key Players of Metaverse Market:
- Meta Platforms, Inc.
- Nvidia Corporation
- Tencent Holdings Ltd.
- Roblox Corporation
- Unity Technologies Inc.
- ByteDance Ltd.
- Nextech AR Solutions Corp.
- The Sandbox
- Microsoft Corporation
- NetEase Inc.
- Epic Games Inc.
Key questions answered in this report:
- What are the growth rate forecast and market size for Metaverse Market?
- What are the key driving factors propelling the Metaverse Market forward?
- What are the most important companies in the Metaverse Market Industry?
- What segments does the Metaverse Market cover?
- How can I receive a free copy of the Metaverse Market sample report and company profiles?
Report Scope:
Free Brochure: https://www.zionmarketresearch.com/requestbrochure/metaverse-market
Regional Dominance:
- North American Metaverse Market To Account Lucratively Towards Regional Market Size By 2028
Growth of metaverse market in North America over forecasting years can be credited to rise in acceptance of new technology in countries such as the U.S. and Canada. Apart from this, rise in number of startup firms set up in sub-continent will further contribute towards regional market surge in ensuing years. In addition to this, huge presence of gaming as well as metaverse businesses in region including Epic Games, Inc., The Sandbox, and Nvidia Corporation will pave a way for expansion of metaverse industry in sub-continent. Rise in use of metaverse into gaming industry in countries such as the U.S. will proliferate size of metaverse industry in North America.
Global Metaverse Market is segmented as follows:
Metaverse Market: By Product Outlook (2022-2028)
- Hardware
- Software
- Services
Metaverse Market: By Platform Outlook (2022-2028)
- Desktop
- Mobile
Metaverse Market: By Technology Outlook (2022-2028)
- Blockchain
- Virtual Reality (VR) & Augmented Reality (AR)
- Mixed Reality (MR)
Metaverse Market: By Offering Outlook (2022-2028)
- Virtual Platforms
- Asset Marketplace
- Avatars
- Financial Services
Metaverse Market: By Application Outlook (2022-2028)
- Gaming
- Online Shopping
- Content Creation & Social Media
- Events & Conferences, Digital Marketing (advertising)
- Testing & Inspection
- Others
Metaverse Market: By End Use Outlook (2022-2028)
- Fashion
- Manufacturing
- Media & Entertainment
- Aerospace & Defense
- Education
- Automotive
- Travel & Tourism
- Manufacturing
- Finance
Metaverse Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Press Release For Metaverse Market: https://www.zionmarketresearch.com/news/metaverse-market
Browse Other Related Research Reports from Zion Market Research
- Online Gaming Industry Market - Global Industry Analysis: The global Online Gaming Industry accrued earnings worth approximately 10.09(USD Billion) in 2021 and is predicted to gain revenue of about 27.31(USD Billion) by 2028, is set to record a CAGR of nearly 10.1% over the period from 2022 to 2028.
- Ecommerce Industry Market - Global Industry Analysis: The global Ecommerce Industry accrued earnings worth approximately 11.04 (USD Trillion) in 2021 and is predicted to gain revenue of about 28.02(USD Trillion) by 2028, is set to record a CAGR of nearly 14.8% over the period from 2022 to 2028.
- Smart Mirror Market - Global Industry Analysis: The prospective CAGR value of the global smart mirrors market stands at 11% for the period 2022 – 2028. The value is believed to reach a market value of USD 7300 billion by the end of 2028. This report will be a thorough analysis on what are the growth factors, obstacles, and challenges of the global market in the stipulated forecast period of 2022 - 2028.
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