DUBLIN, May 13, 2022 / PRNewswire / – The “Metaverse Technology Market Outlook” report has been added to ResearchAndMarkets.com’s offering.
As per this latest market study, the 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.
Metaverse Technology Market – Highlights
- In augmented reality (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, Japanand 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
Metaverse vs Digital Twin
Digital twins enable the creation of rich digital models of physical or logical assets that can be products or complex environments. Such models can be brought to life and synchronized with the physical world that acts as a foundation for enabling the metaverse platform. Anheuser-Busch InBev, one of the largest brewers in the world, uses metaverse application. AB InBev uses Microsoft Azure Digital Twins to create a comprehensive digital model of its breweries and supply chain. AB InBev uses mixed reality over its digital twin for remote assistance, fostering effectiveness sharing across geographies.
Virtually scanned objects in the metaverse are not digital twins. A scanned object, once incorporated with real metadata and live data feeds from overlaid sensors simultaneously, makes it a digital twin. According to David-Weir McCall of Epic Games, the metaverse is the digital world that lives alongside the physical world and allows people to live, work, and play alongside each other, and digital twin are the foundations of which the metaverse will be built. Digital twin in the metaverse allows the creation of a virtual world where live data is fed, and it will operate exactly the way it would in the real world. Examples include retail store where the shopping experience is optimized in real time and shelves are always stocked.
- The metaverse need not be tied to any existing physical asset
- The metaverse does not need sensor data to exist. However, real time can be utilized for various applications
- The metaverse requires a level of immersion where a user must immerse in a virtual world
- Digital twin requires an object or process that can be represented. Any change in the physical world is reflected in the digital representation
- Digital twin depends on data integration. Sensors attached to a real-world asset are utilized where real-time data forms the bridge connecting to its virtual counterpart
- The digital twin can be accessed by anyone, even on a computer, a smartphone, or a tablet
Key Questions to be answered through this study
- What is the market size and forecast of the Global Metaverse Technology Market?
- What are the driving factors and impact of digitalization shaping the Global Metaverse Technology Market during the forecast period?
- Which are the products / segments / applications / areas to invest in over the forecast period in the Global Metaverse Technology Market?
- What is the competitive strategic scenario for opportunities in the Global Metaverse Technology Market?
- What are the technology trends and regulatory frameworks in the Global Metaverse Technology Market?
Covered Key Topics:
2 Executive Summary
3 Metaverse Drivers & Challenges
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
3.2.2 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
7.3.1 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
7.4.1 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
7.5.1 Barbados to become first country to establish an embassy in metaverse
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
7.7.1 Hyundai Motors partnered with Unity to build Meta-Factory
7.7.2 NVIDIA and BMW demonstrated factory of future
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
9 Metaverse market, By Technology
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
- Alibaba Cloud
- Epic Games
- Manticore Games
- Oracle Cloud
- Pico VR
- Sandbox VR
- Somnium Space
- Tencent Cloud
- The Sandbox
- Unity Technologies
For more information about this report visit https://www.researchandmarkets.com/r/bqgkvw
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