Metaverse Market will reach at $ 123.43 billion by 2032,

Report Overview
The global metaverse market size was estimated at USD 45.23 billion in 2021. It is expected to expand at a compound annual growth rate (CAGR) of 56.4% from 2022 to 2032. Major factors expected to drive the revenue growth include a growing focus on integrating digital and physical worlds using the Internet, increasing momentum and popularity of Mixed Reality (MR), Augmented Reality (AR), and Virtual Reality (VR), and the outbreak of COVID-19, as well as the situation's subsequent developments and outcomes.

The metaverse is a term used to describe a highly immersive 3D virtual world experience obtained through the use of a mixture of technologies such as AR, VR, and MR. The metaverse platform elevates the internet experience by establishing a virtual world in which users can engage in immersive gaming, conduct business, socialize, buy and sell virtual real estate, and enjoy immersive entertainment, among other things.

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Drivers & Opportunity:
Growing demand for metaverse to purchase digital assets using cryptocurrencies
The metaverse's currency is a cryptocurrency and every metaverse has its collection of coins. They're used to paying for everything from NFTs to virtual real estate to avatar shoes. Cryptocurrencies are used to connect the physical and virtual worlds. They allow us to calculate the worth of digital assets in the government-issued currency as well as the returns on those assets over time. The use of the metaverse to buy digital assets using cryptocurrency is gaining traction around the world.

Individuals now communicate with one another digitally via websites, messaging apps, and social media platforms such as Facebook. The metaverse is the emergence of fresh online settings in which people's interactions are highly multidimensional, and they can participate more meaningfully with digital content rather than simply reading information. Because of the accessibility of crypto on exchanges all around the world, investors can make money by selling metaverse coins and NFTs directly to purchasers.

Expanded opportunities for Business-to-Consumer (B2C) and Business-to-Business (B2B) enterprises
One of the metaverse's promising prospects is that it is vastly increasing access to the marketplace for consumers in emerging and frontier economies. The Internet has already opened up access to previously unavailable goods and services. Workers from low-income countries, for example, may now be able to find work in western corporations without emigrating. Virtual reality environments will help enhance educational options, as they are a low-cost and effective way to learn.

There will need to be clear governance as a result of these developments. Business-to-business (B2B) marketing includes trade exhibitions, product demos, client meetings, customer service, and commercials. The metaverse now has the power to drastically modify each of these things. Because many B2B products are commodities, excellent customer service can make all the difference. The Metaverse has an interesting side effect of blurring the distinctions between B2B and B2C. Companies can use this to grow their traditional consumer bases while avoiding corporate traditions.

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Key Players & Market Share Insights
Key industry participants include Meta Platforms, Inc.; Epic Games, Inc.; Nvidia Corporation; Tencent Holdings Ltd; ByteDance Ltd.; Lilith Games; Unity Technologies, Inc.; Roblox Corporations; NetEase, Inc.; Nextech AR Solutions Corp. The introduction of innovative hardware solutions supporting the virtual world metaverse is anticipated to propel the business in the future.

In January 2022, The Sandbox announced a partnership with Warner Music Group to launch the first music-themed world in The Sandbox metaverse. Warner Music Group (WMG) would be taking its initial steps into the metaverse and NFT sector with this alliance

In November 2021, Tencent Holdings, Ltd announced that it has partnered with The Asian Institute of Digital Finance. The companies will collaborate in the areas of education, research, and entrepreneurship to support Asia's fintech industry

In November 2021, Epic Games, Inc acquired Harmonix Music Systems, Inc. While continuing to support existing products such as Rock Band 4; the Harmonix team will work closely with Epic Games, Inc to develop musical adventures and gameplay for Fortnite

In October 2021, Facebook Reality Labs was estimated to spend at least USD 10 billion on the development of Augmented Reality (AR) and Virtual Reality (VR) hardware, software, and content. Facebook Reality Labs is the division of Meta Platforms, Inc, which was formerly known as Facebook, Inc.

In August 2021, Nvidia Corporation announced partnerships with Blender and Adobe that will enable NVIDIA Omniverse, the world's first collaboration, and simulation platform, to reach millions more users

In July 2021, Epic Games, Inc acquired Sketchfab, Inc. Sketchfab is a 3D asset marketplace where users can publish, download, view, share, sell, and buy 3D models

In June 2021, Tencent's game division, TiMi Studios had announced a new agreement with SNK CORPORATION to produce a new, unnamed mobile game based on the famous arcade franchise Metal Slug

In March 2021, NetEase, Inc's NetEase Cloud Music, and Merlin Network expanded their strategic alliance in China to embrace a broader range of collaboration. The original partnership between Merlin Network and NetEase Cloud Music was signed in 2018

In December 2017, ByteDance Ltd. and EQUALS formed a partnership. EQUALS is a global network of CEOs, governments, non-profit organizations, communities, and individuals working to close the digital gender gap. The formal agreement was revealed at a ceremony hosted by Bytedance in Beijing during the Global Festival of AI, which included representatives from both organizations

Some of the prominent players operating in the global metaverse market are:

Meta Platforms, Inc.

Tencent Holdings Ltd.

ByteDance Ltd.

NetEase, Inc.

Nvidia Corporation

Epic Games, Inc.

Roblox Corporation

Unity Technologies, Inc.

Lilith Games

Nextech AR Solutions Corp.

The Sandbox

Active Theory

Decentraland

Microsoft Corporation

Antier Solutions Pvt. Ltd.

Key Developments

In January 2022, The Sandbox announced a partnership with Warner Music Group to launch the first music-themed world in The Sandbox metaverse. Warner Music Group (WMG) would be taking its initial steps into the metaverse and NFT sector with this alliance.
In November 2021, Tencent Holdings, Ltd announced that it has partnered with The Asian Institute of Digital Finance. The companies will collaborate in the areas of education, research, and entrepreneurship to support Asia's fintech industry.
In November 2021, Epic Games, Inc acquired Harmonix Music Systems, Inc. While continuing to support existing products such as Rock Band 4; the Harmonix team will work closely with Epic Games, Inc to develop musical adventures and gameplay for Fortnite.

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