At 44.8% CAGR, Metaverse Market Size to hit USD 596.47 Billion by 2027, says Brandessence Market Research
LONDON, Nov. 16, 2021 /PRNewswire/ -- Brandessence Market Research has published a new report title " Metaverse Market Size, Share & Trends Analysis Report By Component (Hardware {Display, Extended Reality (XR)Hardware, AR/VR Headsets}, Software {Asset Creation Tools, Programming Engines}), By Type (Desktop, Mobile), By Offerings (Virtual Platforms, Avatars, Asset Marketplaces, Financial Services), By Technology (Blockchain, Virtual Reality (AR) & Augmented Reality (AR), Mixed Reality (MR)), By Application (Online Shopping, Gaming, Social Media, Content Creation, Conferences, Others), By End-User (Education, Fashion, Media & Entertainment, Aerospace & Defense, Other) Based On Region, And Segment Forecasts, 2021 – 2027"
The metaverse market size reached USD 44.69 billion in 2020. and Predicted to reach USD 596.47 Billion by 2027. The metaverse market size is likely to grow at robust 44.8% CAGR during the 2021-2027 period. Increasing focus on conveying digital & physical worlds through internet, growing Covid-19 cases and rising traction & popularity of mixed reality (MR), Growing demand for online education, mass course academies like Coursera, Udemy, among others remain promising drivers for key commercial opportunities in the metaverse market.
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Metaverse Market: An Overview
The emergence of metaverse as global marketplaces for advertisers and increasing drive of consumers towards the digital world remain key drivers of metaverse market. In simple terms, metaverses are just digital universes similar to Facebook, where real people meet virtually, and interact. However, in reality these places are often far more than. Its place where individuals meet to share their intimate selves in many forms including identity, aspirations, passions, meets their potential partners, and many more. The growing demand for all-encompassing online communities for dating, education, online gaming, entertainment, news, networking, and more remains key opportunities for growth. Metaverses promise an access to millions of users for advertises to lower costs, and gain promising entry into the rich world of social interaction.
What is a Metaverse? Metaverses, or alternative universes where daily functions take an unprecedented unique, and explorative form are in high-demand for a wide variety of reasons. Alternative universe remain in key demand as global consumers see digital world as an emerging opportunity for universal, democratic, and legitimate access to their key aspirations. These include gaining knowledge, meeting potential partners, seeking knowledge, and many such basic functions. Furthermore, there is a growing awareness among entrepreneurs that umbrella platforms like Facebook hold an undeniable sway over advertisers. Platforms like Facebook provide access to advertisers to millions of users. These advertisers can gain personalize their advertisements with key access to their most innermost thoughts, financial history, and more. Recently, the rising adoption of digital information networks and consensus on collaboration have opened new opportunities for growth. The growing demand for information, and personalized advertising revenue remain key drivers of growth for metaverse market.
Metaverse Market: Competitive Analysis
The metaverse market is a competitive, fragmented, and competitive landscape. The growing entry of new communities from emerging regions, with growing demand for various niche services like education, dating, knowledge sharing, networking, among others remain key drivers of the metaverse market. Key players in the metaverse market continue to focus on expansion of their online universe with cost-effective, universal acceptance, and largely democratic approach to their growth. The growing focus on universal acceptance, cost-effective approach to basis services like education, and promising growth factors like increasing appeal of digitalization to new regions remain promising growth drivers for the metaverse market. Some key metaverse companies are Tencent Holdings Ltd., Facebook, Inc., NetEase, Inc., ByteDance Ltd., Epic Games, Inc., Nvidia Corporation, Unity Technologies, Inc, Roblox Corporation. Lilith Games, Roblox Corporation, NetEase, ZQGame, Nextech AR Solution Cop., Nvidia Corporation
News: TaleCraft Launched Medieval NFT Gaming Metaverse
On November 11th, 2021; TaleCraft Majuro announced the launch of its medieval-themed NFT gaming metaverse. The medieval game settings and created NFTs for gaming can be used by gamers. The new grounds presented by TaleCraft, where users can craft cards of their choice rather than minting pre-produced cards and NFTs from gaming publishers. Around 150 Alchemist card are present in Tale Craft's gaming which will be used to craft NFTs. Each card has different levels determined by the problem and rarity of the card's production. The gaming metaverse also incorporated cross-chain capabilities and where players can public sale their crafted NFTs.
Metaverse Market: Key Trends
$1.8 billion were spent between Christmas and New Year in 2021 on Apple's online digital marketplace. The spending witnessed an increased shift of consumers towards NFTs, Blockchains, and other new technologies. The growing demand for new digital commodities, the increased viability of the technology, and growing interest in new niches like blocktechnology remain promising new opportunities. The growing demand for digital products like on Apple's online store has made technology companies some of the best stocks for the future globally.
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XR or Extended Reality, with convergence of 3D technology, Artificial Intelligence, Virtual Reality remains a promising driver of metaverse market. The increased promise of high-end graphics, lowering costs of technology like Virtual Reality, and promising conversion with established commercial promises like online gaming, entertainment, education, among others remain promising commercial opportunities. It remains to be seen of these technologies remain the future of technology. However, it is clear that they have a promising commercial application in many unexplored areas, and their commercial advancement is critical to growth of many industries like online learning. Augmented reality stocks 2021 today include major social networks, and tech giants including Snap, Apple, Nintendo, NVidia, Qualcomm, among others.
Open internet, open standards for media, and programming remain defining features of development in the metaverse market. Many key technology companies have tried to capture a userbase with limited access to internet, or restrictive practices like ownership of their own. However, despite such restrictive forces, the demand for open access continue to rule supreme, both among individual users, and key stakeholders like technology enthusiast who support open development. This includes development of open standards for 3D items, audio, video, geometry, procedures, and many more. Example of such development are NVIDIA's MDL, and Pixar's USD. These promise a major growth of interoperability of 3D applications for the future. Furthermore, development of languages including WebXR, HTML, Web Assembly, Shader Language, JavaScript, among others also remain key drivers of open access to the internet, with more user-centric focus, and universal appeal for aspirations.
Growing development of smart contracts for financial transactions like sales of digital arts, games, memes, digital artwork, movies, among others remain promising opportunities. For example, the NBA has adopted a digital card game, which lets fan savour treasured moments from games. The digital art is similar to what Twitter CEO used to promote his first tweet as memorabilia, which was eventually sold for over a million dollar. The growing entry of smart contracts with transparent, censorship-resistant, and permission less contracts promise major growth opportunities for players in the metaverse market.
Metaverse Market: Regional Analysis
The metaverse market report is divided into key regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the North America region is expected to hold highest share of total revenues during the forecast period. The region is home to major tech companies, which continue to experiment with innovative technologies like Bluetooth sensors, advanced connectivity through hardware to expand applications for metaverse. For example, Facebook is planning to lay down fiber cable connecting North America to Europe, with speeds reaching terabytes. Google also launched Bluetooth-based beacons to help retail shoppers find the items they are looking for in superchains, with increased demand for connectivity in retail chains. Amazon has opened retail stores which promise a completely self-serving experience for customers. The growing demand for tech products, with expanding benefits in real-world applications promise a major growth prospect for players in the North America region. Metaverse investing also remains a key driver among investors in the North America region.
The Asia Pacific region promises to remain the fastest-growing region in the global metaverse market. The region home to a large population has increasingly become the hub for tech-device manufacturing, and online communities, mostly taken a stronghold in China. The growing development in China's online communities, with increased manufacturing for IoT devices in the Asia Pacific region, and increasing disposable income for players in the metaverse market remain key commercial opportunities.
North America
- U.S.
- Canada
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Sweden
- Netherland
- Turkey
- Switzerland
- Belgium
- Rest of Europe
Asia-Pacific
- South Korea
- Japan
- China
- India
- Australia
- Philippines
- Singapore
- Malaysia
- Thailand
- Indonesia
- Rest Of APAC
Latin America
- Mexico
- Colombia
- Brazil
- Argentina
- Peru
- Rest of South America
Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest Of MEA
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