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According to MRFR analysis, the Metaverse market is accounted to register a CAGR of 45.2% during the forecast period and is estimated to reach USD 107.49 Billion by 2030.
The Metaverse is a simulated digital environment that integrates social media, blockchain, augmented reality, and virtual reality to create areas for rich user interaction that resemble the actual world. Online environments created by the metaverse will allow for user interactions that are more multifaceted than is now possible. Users in the Metaverse will have the option to fully immerse themselves in a location where the virtual and real worlds collide, as opposed to simply watching digital information. Without physically leaving their homes, users will be able to socialize with friends, work, play, study, shop, invent, and more.
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Eminent Industry Players Profiled in Metaverse Market Are:
Market Drivers:
The massive popularity of NFTs (non-fungible tokens), 3D avatars, immersive gaming and cryptocurrencies will create lucrative opportunities for the leading firms in the metaverse industry. To illustrate, Roblox lets anyone form their own worlds within its extensive metaverse space as an online gaming platform as well as game creation system. Sony Music, Hot Wheels and Nerf are some of the brands that are Roblox’s partners and are creating their own immersive worlds that helps them elevate customer engagement. Microsoft, Facebook, Google and Zoom are making significant investments in the development of the metaverse technology.
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Metaverse Market Segmentation:
The global metaverse market has been bifurcated based on component, platform, technology, application, and end users.
By component, the hardware segment will lead the market over the forecast period as these are used for operating or creating AR-based or virtual environments. The growing focus among organizations however on developing products to offer more improved user experience is adding to the segmental growth.
By platform, the mobile segment will dominate the market over the forecast period as this allows near-constant, unparalleled accessibility to metaverse.
By technology, the mixed reality segment will spearhead the market over the forecast period for the increasing use of mixed reality for engaging more efficiently in the metaverse. On the other hand, the VR&AR segment overlays the sound, visual elements, and other sensory input into real-world settings for improving the user experience. And in the blockchain segment due to its decentralized structure, metaverse gaming will allow participants in using various tokens.
By application, the gaming segment will have the lions share in the market over the forecast period for the rapid ongoing advancements and developments by developers. On the other hand, in the online shopping segment, metaverse helps to real item feels and looks and needs to purchase it. The social media segment helps to build the next computing platform.
By end users, the media & entertainment segment will have the largest share in the market over the forecast period for the booming gaming industry.
Opportunities:
Converging Physical and Digital Worlds Using Internet to offer Robust Opportunities
The converging physical and digital worlds using internet coupled with burgeoning need for metaverse for purchasing digital assets utilizing cryptocurrencies will offer robust opportunities for the market over the forecast period.
Restraints:
Concerns about Personal Privacy to act as Market Restraint
The growing concerns regarding personal privacy, market competition, and misinformation may act as market restraints over the forecast period.
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Recent Developments in Metaverse Technology:
March 2022
HTC, the Taiwanese consumer electronics firm is working on launching a metaverse-centred smartphone called Viverse in April 2022. Viverse offers a seamless experience, is reachable on any type of device and offers high-speed connectivity, augmented and virtual reality, blockchain and AI technologies that the brand has invested in for numerous years.
March 2022
TerraZero Technologies Inc., a reputed vertically integrated Metaverse technology firm has acquired a substantial estate in Decentraland for building the premiere entertainment spot in the Metaverse. The company claims that this spot will include immersive experiences such as film screenings, shopping, virtual concerts, educational and cultural experiences.
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