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Metaverse Market Poised for Rapid Expansion, Expected Size Exceeds $548.18 Billion by 2033 with Virtual Reality and Digital Economies Reshaping Industries
Metaverse Market
As per the report, the metaverse market size has grown exponentially in recent years. It will grow from $86.99 billion in 2023 to $126.33 billion in 2024 at a compound annual growth rate (CAGR) of 45.2%. The metaverse market size is expected to see exponential growth in the next few years. It will grow to $548.18 billion in 2028 at a compound annual growth rate (CAGR) of 44.3%.
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Metaverse Market Surge Driven By Escalating Demand For Digital Asset Acquisition
The growing demand for the metaverse to purchase digital assets is expected to propel the growth of the metaverse market going forward. Digital assets are virtual or electronic resources that hold economic value and can be owned or traded within digital environments. In the metaverse, users leverage virtual environments to acquire, own, and sell a range of digital assets, engaging in activities such as procuring virtual real estate, obtaining non-fungible tokens (NFTs) representing digital art or collectibles, and participating in cryptocurrency transactions, thus solidifying the metaverse as a dynamic hub for the commerce and exchange of diverse digital items. For instance, in February 2023, according to ETC Group, a UK-based financial services company, sales of non-fungible tokens (NFTs) on major blockchains reached nearly $1 billion in January 2023, reflecting an average increase of 33.83% across the top 12 chains from January 2022. Therefore, the growing demand for the metaverse to purchase digital assets is driving the growth of the metaverse market.
Empowering Enterprises in the Evolving Metaverse Landscape
Major companies operating in the metaverse market are developing advanced technological solutions, such as HCLTech Metafinity, to better serve customers with advanced features. The HCLTech Metafinity is a metaverse-based platform that allows marketers to leverage their existing marketing technology stack for delivering brand messaging, personalized experiences, and campaigns across emerging digital channels. For instance, in April 2023, HCL Technologies Limited (HCLTech), an India-based information technology company, launched HCLTech Metafinity, designed to support businesses entering the metaverse. This offering combines HCLTech's proficiency in augmented, virtual, and mixed reality with metaverse technologies, providing a comprehensive solution for enterprises seeking to capitalize on the rapidly expanding metaverse landscape. The development of HCLTech Metafinity stems from the demand to offer enterprises expertise and accelerated development capabilities, particularly during a period of heightened industry interest in the metaverse with continuous exploration of new use cases.
The metaverse market covered in this report is segmented -
1) By Product: Infrastructure, Hardware, Software, Services
2) By Platform: Desktop, Mobile, Headset
3) By Technology: Blockchain, Virtual Reality (VR) And Augmented Reality (AR), Mixed Reality (MR), Other Technologies
4) By Application: Gaming, Online Shopping, Content Creation and Social Media, Events and Conference, Digital Marketing (Advertising), Testing and Inspection, Other Applications
5) By End User: Aerospace And Defense, Education, Healthcare, Tourism And Hospitality, Banking, Financial Services And Insurance (BFSI), Retail, Media And Entertainment, Automotive, Other End Users
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Major companies operating in the metaverse market are Apple Inc., Alphabet Inc., Samsung Electronics Co. Ltd., Microsoft Corporation, Alibaba Group Holding Ltd., Meta Platforms Inc., Tencent Holdings Ltd, ByteDance Ltd., Amazon Web Services Inc., Sony Corporation, Qualcomm Technologies Inc., Qualcomm Technologies Inc., NVIDIA Corporation, NetEase Inc., Electronic Arts Inc., Naver Corp, Epic Games Inc., Snap Inc., Roblox Corporation, Unity Software Inc, Cloudflare Inc., Niantic Inc, The Sandbox, Decentraland, Nextech AR Solutions Corp., Antier Solutions Pvt. Ltd., Lilith Games
Contents of the report:
1. Executive Summary
2. Metaverse Market Report Structure
3. Metaverse Market Trends And Strategies
4. Metaverse Market - Macro Economic Scenario
5. Metaverse Market Size And Growth
…..
27. Metaverse Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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