Metaverse Market will reach at $ 178.34 billion by 2033 at CAGR 13.4 %,Status And Trend Analysis 2022-2032- Meta Platforms, Inc.; Tencent Holdings Ltd; Epic Games, Inc.; Nvidia Corporation; Unity Technologies, Inc.

The global metaverse market size was estimated at USD 39.23 billion in 2021. It is expected to expand at a compound annual growth rate (CAGR) of 44.4% from 2022 to 2033. 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. Metaverse Market will reach at $ 178.34 billion by 2033 at CAGR 13.4 %

Some players are mentioned as below-

Meta Platforms, Inc.; Tencent Holdings Ltd; Epic Games, Inc.; Nvidia Corporation; Unity Technologies, Inc.

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Segments Covered in the Report
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030 For this study, Grand View Research has segmented the global metaverse market report based on product, platform, technology, offering, application, end use, and region:

Metaverse Product Outlook (Revenue, USD Million, 2017 - 2030)

Hardware

Displays

eXtended Reality (XR) Hardware

Haptic Sensors & Devices

Smart Glasses

Omni Treadmills

AR/VR Headsets

Others

Software

Asset Creation Tools

Programming Engines

Services

Metaverse Platform Outlook (Revenue, USD Million, 2017 - 2030)

Desktop

Mobile

Headsets

Metaverse Technology Outlook (Revenue, USD Million, 2017 - 2030)

Blockchain

Virtual Reality (VR) & Augmented Reality (AR)

Mixed Reality (MR)

Others

Metaverse Offering Outlook (Revenue, USD Million, 2017 - 2030)

Virtual Platforms

Asset Marketplaces

Avatars

Financial Services

Metaverse Application Outlook (Revenue, USD Million, 2017 - 2030)

Gaming

Online Shopping

Content Creation & Social Media

Events & Conference

Digital Marketing (Advertising)

Testing and Inspection

Others

Metaverse End-use Outlook (Revenue, USD Million, 2017 - 2030)

BFSI

Retail

Media & Entertainment

Education

Aerospace and Defense

Automotive

Others

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Application Insights
The gaming segment held the leading revenue share of 27.17% in 2021, due to significant ongoing innovations and developments by developers, as well as a growing focus on boosting immersion and making games more realistic. Furthermore, organizations' increasing emphasis on utilizing games to promote their corporate image is likely to boost revenue growth. Based on application, the market is divided into gaming, online shopping, content creation & social media, events & conferences, content creation, digital marketing (advertising), testing and inspection, and others.

The content creation & social media segment is also expected to grow significantly during the forecast period. During the COVID-19 pandemic, the internet and social media became more important than ever before in daily life. With no signs of slowing down to the pandemic, businesses had no choice but to adapt, basing their entire company on these platforms. As a result of this occurrence, a new type of emerged: the content creator. To obtain a competitive advantage, many organizations are now employing content creation to market their brand and product portfolio.

Virtual reality training can help airlines and ground handlers learn and improve their aircraft inspection skills in a safe setting. Virtual Reality (VR) for Aircraft Inspection allows for training in various situations of aircraft inspection on all types of aircraft to minimize any potential failures during operation. The cabin crew can learn how to handle severe real-life circumstances like medical problems, an impending disaster, or a hijacking by substituting virtual reality training for classroom training. Aircraft mechanics and MRO technicians can learn to inspect different elements of the aircraft using virtual reality and augmented reality without ever leaving their desks.

Regional Insights
North America is likely to account for the largest revenue share of over 45.0% in 2021 owing to the customers and users in the region that are adopting the new and more complex technology. Furthermore, the growing number of start-ups focusing on the establishment of metaverse platforms for commercialization is another factor projected to support the revenue growth of the regional market. Furthermore, the strong presence of gaming and metaverse businesses such as The Sandbox, Nvidia Corporation, and Epic Games, Inc. in the region, which is concentrating on incorporating metaverse into games, is creating market growth potential. For Instance, 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.

The Asia Pacific region is expected to register a very strong CAGR over the forecast period. A growing number of start-ups and organizations such as The Sandbox (Hong Kong), Bolly Heroes (India), Axie Infinity (Singapore), NextMeet (India), GuildFi (Thailand) as well as Shenzhen Zhongqingbaowang Interaction Network Co., Ltd. (ZQGame Global), and miHoYo Co., Ltd. in China, are projected to drive market expansion in the Asia Pacific region. These virtual metaverse marketplaces and gaming platforms offer an immersive experience where users can participate in live and concurrent activities powered by their chosen third-party apps.

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 p to support Asia's fintech industry

Opportunity : Incorporation of metaverse and adjacent technologies in aerospace and defense sector
Technologies, such as XR, AI, and analytics in the aerospace and defense sector is expected to be useful for training and simulating applications largely. These technologies coupled with metaverse are expected to be helpful for experiential training by making use of data-driven applications in real-time. Thus, the metaverse is projected to enable the improved and efficient transfer of accurate skills and enhanced knowledge retention by trainees across this vertical/enterprise. Extended reality is used to train the ground crew for pre-flight checks in airlines. It is also used to enable the ground crew to carry out required procedures before the take-off of aircraft. Further, the technologies combined can be used to inspect airplanes, analyze the data, and find out malfunctions, before take-off, thereby ensuring increased safety. The metaverse in integration with XR, can also help in weapon training, flight training, and simulations, thereby boosting the market growth.

Challenge: Global economic slowdown resulting due to COVID-19
The ongoing pandemic has increased the demand for extended reality devices due to the unexpected lockdowns in key regions (Europe, Asia Pacific, and North America). The employees of several organizations are working from home in the wake of the COVID-19, thereby increasing the requirement for virtual meetings, training, and conferences. The pandemic has also affected the global manufacturing of extended reality devices.

A survey conducted by the National Association of Manufacturers (NAM) in 2020 related to the manufacturing industry in the US depicts more than 35% of respondents are of the opinion that the COVID-19 has impacted their supply chain operations, and over 53% expected a change in their operations in the coming months. Some key industrial companies& have closed their facilities and are considering the extent of layoffs to help curb the spread of the virus and for economic reasons. The severe impact of the pandemic on the manufacturing industry has halted the supply of extended reality devices across the world. It has reduced consumer expenditure on non-essential items. This, in turn, is expected to act as a challenge for the growth of the metaverse market in short term.

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