Metaverse Technology Market Outlook – A $ 224 Billion Opportunity by 2030 – ResearchAndMarkets.com

DUBLIN – (BUSINESS WIRE) – The “Metaverse Technology Market Outlook” report has been added to ResearchAndMarkets.com’s offering.

The Metaverse is a virtual space where users are immersed and virtually present in. The metaverse created by the convergence of virtually enhanced physical and digital reality. Technologies contributing to the development of the metaverse include augmented reality (AR), flexible work styles, head-mounted displays (HMDs), the AR cloud, the Internet of Things (IoT), 5G, artificial intelligence (AI) and spatial technologies. The metaverse consists of several key features including real-time persistency, economies, communities, digital avatars, and accessibility across multiple devices.

As per this latest market study, Metaverse Technology market was valued at $ 32 billion in 2021 and is likely to reach $ 224 billion by 2030. Software contributed more than 80% of the market in 2021. The metaverse technology is expected to create revenue opportunities across multiple verticals, particularly for those companies that develop virtual platforms and their components, semiconductors and chips that render ultrarealistic graphics, and the related software.

Key Drivers

The global gaming industry has reinvented itself to derive the maximum consumer engagement and revenue growth on a global level. Gaming has been completely revolutionized in the last 10 years, from organizational and business perspective, regardless of the gadgets used. Nowadays, games allow people to actively participate and enjoy their passion for gaming that suits any mood, interest, lifestyle, location, and budget. Almost all the new games include live events, pro-gamers heroes, and teams with millions of fans. Old gaming techniques are being replaced with upcoming technologies such as gesture control, facial and voice recognition, and high-definition (HD) displays; Consumers have a wide variety of games available in the market, such as racing games, role-playing video games, and sports video games, according to their preferences. Thus, there is a constant increase in the number of gamers worldwide.

Game developers continue to leverage numerous technology trends, which further drive innovation and improvise the gameplay. For instance, more immersive playability through VR and AR supports photorealistic graphics, making it almost indistinguishable from real life. VR / AR gaming platforms also enable players to connect and socially interact with each other in virtual spaces. The launch of the fifth generation of cellular communications or 5G is likely to reflect positively on the metaverse market. This is primarily because 5G networks will go a long way forward towards improving the performance and reliability of connected devices

Metaverse Technology Market – Highlights

  • In AR, head-mounted displays (HMD) and Head-up displays (HUD) are mostly used. Three main types of devices used in virtual reality are HMD, projectors and display walls, and gesture-tracking devices. Standalone AR / VR devices eliminate the requirement of personal computers or smartphones to deliver metaverse experience to users as these devices have in-built displays and processors. In terms of unit shipment, AR devices contributed only 1% of the overall metaverse hardware market in 2020 and is likely to have more than 90% share by 2030.

  • The consumer segment is going to have the largest share (~ 29%) of the market by 2030, including gaming and entertainment applications wherein AR is used to create 3D objects the real world. The flourishing gaming and sports and entertainment sectors fuel the use of metaverse in consumer industry. VR technology also offers remarkable results regarding visual effects when used in gaming and sport broadcasts.

  • The metaverse market in APAC is expected to grow at the highest CAGR of 25% between 2022 and 2030. North America led the market in 2021. Growing use of smartphones, increasing adoption of smart devices, and surging demand for AR / VR in various applications are the key factors fueling the growth of the metaverse market in North America. However, the market in APAC is expected to surpass the metaverse market in North America by 2028. The metaverse market is expected to witness significant growth in the next few years owning to increasing adoption of metaverse in China, Japan, and South Korea.

  • The presence of companies such as Blippar, Inde, Creative Engine, and Holition that are actively involved in AR / VR industry is expected to drive the growth of the metaverse market in the UK. The digital change in the UK is anticipated to fuel the growth of the extended reality market in the country. The UK is becoming a hotbed for AR devices. The demand for metaverse is expected to surge in the UK, mainly from the gaming industry, as the country has one of the largest video gaming industries in the world.

  • In the metaverse, users are connected to their avatars or any other digital representation, and the information collected about their activities is personal data, which is liable to existing privacy and data protection laws. Regulation on privacy may vary based on the physical location of an organization or a user, the type of an organization or a user, the type of data collected, and the type of data collected, and the purpose of data collection. Organizations will be subject to General Data Protection Regulation (GDPR) and the UK data privacy laws

Covered Key Topics:

1 Introduction

2 Executive Summary

3 Metaverse Drivers & Challenges

3.1 Drivers

3.1.1 Rise in Number of Gamers

3.1.2 Upsurge in Immersive and Competitive Gaming on Mobile Devices

3.1.3 Emergence of 5G

3.1.4 Increasing investment in the metaverse

3.2 Risks and Challenges in the Metaverse

3.2.1 Cybersecurity

3.2.2 Currency and payment System

3.2.3 Reputation and Identity in Metaverse

3.2.4 Infrastructure Upgrade

3.3 Risk of Doing Business in Metaverse

4 Legal Issues of Metaverse

5 Layers of the Metaverse

6 Economic Impact of Metaverse

7 Use Cases, By Industry

7.1 Ecommerce & Retail

7.1.1 Gucci expanded its presence on Roblox to develop Gucci Garden

7.1.2 Chipotle hosted virtual restaurant on Roblox to provide its customers with Halloween experience

7.1.3 Fashion brand Gucci partnered with Sandbox

7.1.4 Luxury fashion house Balenciaga collaborated with Fortnite

7.1.5 Ralph Lauren launched digital winter-themed collection on Roblox

7.2 Sports & Entertainment

7.2.1 Vans launched Vans World skatepark experience in Roblox

7.2.2 Nike teamed up with Roblox to create a virtual world called Nikeland

7.2.3 Roblox hosted metaverse dance music festival of EDC

7.2.4 Warner Bros united with Roblox to create virtual movie launch event

7.2.5 Indian couple hosted country’s first metaverse wedding reception

7.2.6 Tennis Australia partnered with Decentraland to host Australian Open

7.3 Music

7.3.1 Pop stars and singers driving metaverse concerts

7.3.2 Muse collaborated with Stageverse for metaverse concerts

7.3.3 Epic Games partnered with BTS

7.4 Enterprise

7.4.1 Accenture collaborated with Microsoft to develop virtual office

7.4.2 TCImage to design buildings in virtual world, using NVIDIA Omniverse

7.4.3 Meta Platforms launched Horizon Workrooms

7.4.4 Arent Fox and PWC purchased land site in metaverse

7.4.5 Marriott Bonvoy unveiled digital art in metaverse

7.5 Government

7.5.1 Barbados to become first country to establish an embassy in metaverse

7.6 Automotive

7.6.1 BMW launched JOYTOPIA virtual world

7.6.2 Toyota Turkey held its annual general meeting in metaverse

7.6.3 Hyundai Motors launched metaverse space-Hyundai Mobility Adventure-on Roblox

7.6.4 Ford’s immersive vehicle environment system to design safer cars

7.7 Manufacturing

7.7.1 Hyundai Motors partnered with Unity to build Meta-Factory

7.7.2 NVIDIA and BMW demonstrated factory of future

7.8 Banking

7.8.1 JP Morgan opened bank branch in metaverse

7.9 Real Estate

7.9.1 Snoop Dogg is building a virtual mansion on a plot of land in the Sandbox

8 Metaverse Applications

8.1 Virtual World

8.2 Sales Platform

8.3 Avatars

8.4 Financial Services

9 Metaverse market, By Technology

9.1 Augmented Reality & Virtual Reality

9.2 Blockchain

9.2.1 Non-fungible tokens

10 Market size & Forecast of Metaverse market, By Offering

11 Market size & Forecast of Metaverse Market, By Industry

12 Regional Analysis of Metaverse Market

13 Competitive Landscape

Company Profiles

  • Alibaba Cloud

  • AMD

  • Apple

  • AWS

  • ClearBlade

  • Decentraland

  • DPVR

  • Edgegap

  • Epic Games

  • Ericsson

  • Google

  • HP

  • HTC

  • Huawei

  • Improbable

  • Intel

  • Manticore Games

  • Meta

  • Microsoft

  • Nokia

  • NVIDIA

  • Oracle Cloud

  • Pico VR

  • Qualcomm

  • Roblox

  • Samsung

  • Sandbox VR

  • Somnium Space

  • Sony

  • Tencent Cloud

  • The Sandbox

  • Unity Technologies

For more information about this report visit https://www.researchandmarkets.com/r/a546zp

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Leave a Comment