Press release
Metaverse Market Emergen Trends & Top Key Players Are: Facebook, Inc., Tencent Holdings Ltd., ByteDance Ltd., NetEase, Inc., Nvidia Corporation, Epic Games, Inc., Roblox Corporation, Etc
Metaverse
metaverse market size reached USD 47.69 Billion in 2020 and is expected to register a revenue CAGR of 43.3% during the forecast period, according to latest analysis by Emergen Research. Rising focus on converging digital and physical worlds through internet and the recent COVID-19 outbreak are expected to support market revenue growth between 2021 and 2028. In addition, increasing emphasis on developing metaverse platforms for education industry will continue to boost revenue growth of the market.
Korea Advanced Institute of Science and Technology (KAIST) intends to develop a virtual campus in Kenya, which will start in September 2023 in Konza Technopolis in nearby Nairobi. The university desires to develop a metaverse that will run classrooms and provide an immersive learning opportunity on campus through the use of augmented reality, virtual reality, and eye tracking technology. Soonchunhyang University in Korea arranged a virtual welcoming event for freshers to participate as avatars.
However, issues about identity and reputation in metaverse are expected to hamper market revenue growth during the forecast period. When it comes to the real world, the issue of personal identity and representation is quite easy. However, when it comes to virtual worlds, verification of users is quite difficult as another individual or even a bot can attempt to replicate actual identity.
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Key Highlights From the Report
Software segment is expected to register a substantially rapid revenue CAGR during the forecast period as companies are investing considerable efforts into developing developer-focused gaming platforms that enable users to create games or 3D environments. AI-powered 3D engines enable creation of gaming content in real-time, allowing for an diverse range of situations and making games highly engaging.
Fashion segment is expected to register a significantly robust revenue growth rate over the forecast period due to rising development of virtual runway shows platforms like IMVU. From partnering with online community artists to buying avatar clothing, IMVU's virtual runway has received much interest as more fashion businesses identify immersive experiences as an important part of the business strategy. Animal Crossing, which is a game from Nintendo Co., Ltd., has brands such as Anna Sui, Valentino, and Sandy Liang design exclusive garments for metaverse.
North America is expected to register a substantially robust revenue growth rate over the forecast period due to major presence of companies such as Facebook, Inc., Nvidia Corporation, Epic Games, Inc., and Nextech AR Solutions Corp. in the US and Canada focusing on develop metaverse platforms.
Major companies in the market report include Facebook, Inc., Tencent Holdings Ltd., ByteDance Ltd., NetEase, Inc., Nvidia Corporation, Epic Games, Inc., Roblox Corporation, Unity Technologies, Inc., Lilith Games, and Nextech AR Solutions Corp.
To get leading market solutions, visit the link below: https://www.emergenresearch.com/industry-report/metaverse-market
Emergen Research has segmented global metaverse on the basis of component, platform, offerings, technology, application, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018-2028)
Hardware
Displays
eXtended Reality (XR) Hardware
Haptic Sensors & Devices
Smart Glasses
Omni Treadmills
AR/VR Headsets
Software
Asset Creation Tools
Programming Engines
Platform Outlook (Revenue, USD Billion; 2018-2028)
Desktop
Mobile
Offerings Outlook (Revenue, USD Billion; 2018-2028)
Virtual Platforms
Asset Marketplaces
Avatars
Financial Services
Technology Outlook (Revenue, USD Billion; 2018-2028)
Blockchain
Virtual Reality (VR) & Augmented Reality (AR)
Mixed Reality (MR)
Application Outlook (Revenue, USD Billion; 2018-2028)
Gaming
Online Shopping
Content Creation
Social Media
Conference
Virtual Runway Shows
Aircraft Maintenance
Others
End-use Outlook (Revenue, USD Billion; 2018-2028)
Fashion
Media & Entertainment
Education
Aerospace & Defence
Others
Regional Outlook (Revenue, USD Billion; 2018-2028)
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of MEA
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Electric Vehicles Market https://www.emergenresearch.com/industry-report/electric-vehicles-market
Optical Waveguide Market https://www.emergenresearch.com/industry-report/optical-waveguide-market
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At Emergen Research, we believe in advancing with technology. We are a growing market research and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.
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At Emergen Research, we believe in advancing with technology. We are a growing market research and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.
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