Metaverse Market – The Futurism and Science Fiction

Posted in Information Technology by Adolf on Aug 30,2022 810

Metaverse is a network of three-dimensional virtual worlds where individuals may interact, do business and form social bonds using their virtual identities. Users may communicate with friends, work, travel, buy and sell products and services, and attend events. Virtual reality (VR)-based devices transfer individuals to a virtual world from the comfort of their own homes. Virtual reality platforms such as, gaming, machine learning, blockchain, 3-D graphics, digital currencies, sensors and VR-enabled headgear are among the technologies used in the metaverse.

Artificial Intelligence (AI) filling the gap between people and machines, AI will enhance the Metaverse in a multitude of ways. Moreover, Artificial intelligence might assist in the construction of Metaverse features like as people, landscapes, buildings, character routines, and other assets. The metaverse is the advent of new online environments in which people's interactions are more multidimensional and they may engage more meaningfully with digital content rather than merely reading it.

The Metaverse Market is expected to surpass US$ 1431.7 billion by 2031 from US$ 32.5 billion in 2021 at a CAGR of 46% in the coming years, i.e., 2021-2031. The increased focus on integrating digital and real worlds utilising the Internet is one of the primary drivers propelling the metaverse market's rise. Over the projection period, the industry is expected to rise due to increased demand from media and entertainment sector, education sector, and aerospace and military sector.

The market growth can be attributed to the rising demand for online education and the growing popularity of mixed reality. Besides, the increasing need for converging physical and digital world for concerts, film showings, and sports to elevate the online experience of viewers is also fueling the growth of the global metaverse market. Advances in novel technologies like blockchain, Augmented Reality, Virtual Reality, etc., are also driving the global metaverse market. Market players are constantly looking for innovative solutions to enhance user experience, adopting cutting-edge technology and investing in R&D activities, which are expected to boost the global metaverse market. Some of the key players include Tencent Holdings Ltd., NVIDIA Corporation, Meta (Facebook Inc.), Roblox Corporation, Microsoft Corporation, Globant, Queppelin, Alibaba Cloud, Netease Inc., Magic Leap, Inc., among others.

In 2021, Facebook announced to invest US$10 billion in building metaverse and changed the company's name to Meta. The platform would allow users to communicate with friends, families, or colleagues using their digital avatars. Furthermore, huge investments, collaborations, and partnerships in the metaverse industry are expected to create massive opportunities for industries across the globe. Enterprises are looking for modern solutions to upgrade their existing structure and improve the productivity of employees, which is expected to propel the growth of the global metaverse market. The rapidly expanding gaming industry and increasing adoption of NFTs are also accelerating the growth of the global metaverse market.

Based on Platform, the Global Metaverse Market is fragmented into Desktop/ Laptops, Mobiles, and Wearables. Over the projection period, the Desktop segment is expected to develop faster. Virtual desktop is a tool that allows HTC Vive, Oculus Rift / Rift S, WMR headsets, and Valve Index users to use their computer in virtual reality. Users may surf the web, watch Netflix movies, and even play games on a big virtual screen. Virtual desktops are gaining popularity as a way to use VR devices. Access to the metaverse has become unparalleled and near-constant due to smartphones and mobile networks. Large volumes of data are progressively being downloaded, uploaded, and shared in networked cyberspace.

By Application, the Global Metaverse Market is divided into Gaming, Online Shopping, Content Creation, Social Media, and Others. Gaming segment accounted for the largest market share of the global Metaverse market, due to the continual developer inventions and advances, as well as a greater emphasis on increasing immersion and making games more realistic. Additionally, organizations' increased emphasis on using games to enhance their corporate image is anticipated to drive revenue growth.

Cryptocurrency is the metaverse's currency and each metaverse has its own collection of coins. They're used to buying for NFTs, virtual real estate, and avatar shoes. Cryptocurrencies serve as a bridge between the actual and virtual worlds. They enable us to determine the value of digital assets in government-issued money, as well as their returns over time. The usage of the metaverse to purchase digital assets using bitcoin is becoming more popular throughout the world.

When it comes to regional analysis, the market is segmented into 5 major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. During the projected period, North America is expected to develop at the fastest CAGR. The most significant driver of metaverse market development is the growing emphasis on merging digital and physical worlds via the internet, as well as the growing traction and popularity of mixed reality.

Looking at the impact of COVID-19 on Global Metaverse Market, the COVID-19 epidemic has accelerated the development and implementation of Metaverses technologies. With the spread of this fatal illness over the world, organizations, institutions, and governments are increasingly focused on cleanliness. Metaverses technology is critical for verifying personal identities and giving access restrictions to users without requiring physical touch with the security infrastructure. Aside from that, governments all around the world have stepped up efforts to implement Metaverses technology in order to respond quickly to the COVID-19 situation.

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