Rising demand for virtual assets and increasing usage of NFTs to trade digital assets are some key factors driving market revenue growth
Market Size – USD 48.12 Billion in 2020, Market Growth – at a CAGR of 44.1%, Market Trends – Presence of number of tech giants and start-ups in North America
The global metaverse market size is expected to reach USD 872.35 Billion in 2028 and register a revenue CAGR of 44.1% over the forecast period, according to a latest report by Reports and Data. Rising demand for Mixed Reality (MR) for use in the metaverse is expected to drive market revenue growth to a significant extent during the forecast period. In addition, increasing demand for virtual assets and usage of Non-fungible Tokens (NFTs) to trade digital assets is expected to boost market revenue growth going ahead.
Physical and virtual worlds are merged in a mixed-reality setting. What was previously only feasible in imaginations in terms of interaction of imaginary items and reality, has today become feasible due to advancements in graphic processing power, computer vision, as well as other technologies. Wearable devices provide a mixed-reality experience that can begin in the actual world or a completely virtual realm. In contrast to augmented reality, individuals in mixed reality may engage with virtual items. There are various MR uses in education that can help students learn in aa more immersive way whenever they engage with virtual items. Teachers can remotely educate students utilizing 3D projections as well as simulations. For instance, Case Western Reserve University in Ohio utilized Microsoft HoloLens for teaching anatomy to medical students. Such approaches are expected to gain rapid traction in other countries and regions and boost revenue growth of the global metaverse market during the forecast period.
However, challenges in identifying jurisdictions to ensure safe and secure virtual space are expected to hamper revenue growth of the market. Metaverse will raise the issue of legislation and jurisdiction, thus prompting governments to explore more into virtual legal realms. It will be crucial to know the mechanism by which the issue of jurisdiction will be applied owing to increasing availability of virtual space to users across the globe. The metaverse is bound to bring together a large number of users, rendering it an area of vast potential to communicate and trade, but it also makes people vulnerable if there are no rules that control the limits. It would be very difficult to establish jurisdiction and a set of laws that can assure the virtual environment is safe and protected for users.
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Some major companies included in the global market report are Facebook, Inc., Tencent Holdings Ltd., ByteDance Ltd., NetEase, Inc., Nvidia Corporation, Epic Games, Inc., Unity Technologies, Inc., Roblox Corporation, Lilith Games, and Nextech AR Solutions Corp.
Some Key Highlights From the Report
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For the purpose of this report, Reports and Data has segmented global metaverse market based on platform, component, technology, offerings, application, end-use, and region:
Platform Outlook (Revenue, USD Billion; 2018-2028)
Component Outlook (Revenue, USD Billion; 2018-2028)
Technology Outlook (Revenue, USD Billion; 2018-2028)
Offerings Outlook (Revenue, USD Billion; 2018-2028)
Application Outlook (Revenue, USD Billion; 2018-2028)
End-use Outlook (Revenue, USD Billion; 2018-2028)
Regional Outlook (Revenue, USD Billion; 2018-2028)
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Market Report includes major TOC points:
Conclusively, all aspects of the Metaverse market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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