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Metaverse Market Growth to See Competition Rise $1,237.0 Billion by 2030
Metaverse Market
The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
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Metaverse platform provides a virtual world that can incorporate elements of social networking, online gaming, augmented reality (AR), virtual reality (VR), and cryptocurrency. Augmented reality (AR) and virtual reality (VR) enhances user experience by superimposing visual components, music, and other sensory input into real-world environments, which enables them to provide users with a more engaging and immersive experience. Such applications enable growth of the global metaverse market.
Furthermore, key factors that drive growth of the metaverse market size include rise in demand for work from home and remote working tools during the period of the COVID-19 pandemic. Moreover, growth in popularity of cryptocurrencies and non-fungible tokens (NFTs) positively impact growth of the metaverse market size. However, complex security and privacy challenges on the metaverse platform hamper the metaverse market forecast. On the contrary, a positive drive toward decentralized network technology is expected to offer remunerative opportunities for expansion of the metaverse market during the forecast period.
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On the basis of application, the gaming segment dominated the overall metaverse market share in 2020, and is expected to continue this trend during the forecast period. This is attributed to rise in demand for advanced video games that offer next-level immersion. However, the content creation & social media segments is expected to witness highest growth as demand for non-conventional social media platforms is anticipated to grow in the coming years, which is expected to further fuel growth of the global metaverse industry.
Region-wise, the metaverse market size was dominated by North America in 2020, and is expected to retain its position during the forecast period, owing to high concentration of metaverse technology vendors in the region. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to its ongoing rapid digital transformation trends that are expected to increase the scope for the metaverse industry in the region.
The key market players analyzed in the global metaverse industry report include ByteDance Ltd, Facebook, Inc., Huawei Technologies Co. Ltd., Nextech AR Solutions Inc., Unity Technologies, NVIDIA Corporation, Roblox Corporation, Alibaba Group Holding Limited, Shenzhen Zqgame Co., Ltd, and Tencent. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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