“The global Metaverse Market was valued at USD 62.1 Billion in 2021 and it is estimated to be valued over USD 1637.4 Billion by 2030, at a CAGR of over 45.01% during the forecast period from 2022 to 2030., North America was valued USD 19.2 Billion in 2021.”
Pune, May 06, 2022 (GLOBE NEWSWIRE) — Market Data Center has published a new report titled “Global Metaverse Market, 2022-2030”. The global metaverse market is set to expand at a CAGR of nearly ~45.00% in terms of revenue owing to onset of new technologies such as 3D construction, AR/VR, AI/ML, IoT, 5G, cloud computing, cryptography, Web 3.0 and blockchain.
In recent years, metaverse has become a buzzword for gaming firms, startups, social media and automotive companies. Apparently, metaverse is a concept of parallel virtual world facilitating individuals to mimic as well as extend their physical presence in virtual universe. Furthermore, it has been predicted that metaverse will offer persistent, collaborative, decentralized and interoperable avenues to firms, thereby assisting them in expanding their digital business. Reportedly, metaverse has ability to create an autonomous virtual economy aided by non-fungible tokens and cryptocurrencies and driven by new business models. In addition to this, metaverse possesses huge potential in power & utilities industry.
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Necessity of boosting energy efficiency and need for real-time monitoring of assets in power & utilities sector have enhanced demand for virtual power plants & virtual streamlining of its operations made possible due to IoT & AR/VR technologies. This has driven growth of metaverse market. Onset of COVID pandemic has led to rise in real-time monitoring of assets from distant locations, virtual site visits, and remote assistance to workforce in various sectors. Supported by advanced analytics, these activities are projected to enhance operational efficacy & workforce productivity in coming years. All these factors are set to boost emergence of metaverse industry in upcoming years.
Key-Findings from the Study
- The global metaverse market is anticipated to add USD 1.6 Tr value by 2030 as compared to 2021
- Game engine as sub-segment of computer game technology segment in Metaverse market is expected to register impressive growth rate of nearly 55% during forecast timeline (2022-2030)
- Gaming as end use vertical is poised to dominate throughout the forecast period
- East Asia is expected to dominate global metaverse market by 2030 end.
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Metaverse Market: Competitive Landscape
The industry is in a nascent stage and hence firms are trying to acquire first mover advantage with key players trying to establish a leading position in market through technological innovations. Government laws will play a key role in leveraging growth of market. Apart from this, firms are adopting new strategies that are likely to prompt expansion of metaverse market. Metaverse market is oligopoly in nature with only few players contributing towards large portion of market share.
Some of key players in the market include Tencent Holdings Ltd., Meta Platforms, Inc., Huawei Technologies Co., Ltd., Baidu, Inc., ByteDance Ltd., Xiaomi Inc., ZTE Corporation, miHoYo Co., Ltd., Meten Holding Group Ltd., Xmov, AT&T Inc., Verizon Communications Inc., T-Mobile U.S. Inc., Nippon Telegraph & Telephone Corp., Vodafone Group PLC, America Movil SAB de CV, and Telefonica SA.
Some players have adopted new business strategies that will help market explore new avenues of growth. Let us discuss them
- In April 2022, Xmov, a China-based metaverse infrastructure company, declared that it had received Series B and Series C funding cumulating nearly US$ 130 million. Reportedly, the firm established in 2018 is a computer vision & computer graphics firm which has created virtual avatars for L’Oreal, Tencent, Xiaomi, and Alibaba. These kinds of strategic moves are likely to boost growth of metaverse market.
- Meta, earlier referred as Facebook, is planning to manufacture four high-end virtual reality and mixed reality headsets by 2024 under project Cambria. For the uninitiated, the production of these headsets is aimed at enhancing metaverse experiences of end-users.
- The Meta firm is also planning to introduce web version of Horizon World Social Metaverse tool at end of the 2024. This will help individuals leap into metaverse experiences from large number of platforms without any headset requirement.
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Vendor assessment includes a deep analysis of how vendors are addressing the demand in the Metaverse Market. The MDC Competetive Scape model was used to assess qualitative and quantitative insights in this assessment. MDC’s Competitive Scape is a structured method for identifying key players and outlining their strengths, relevant characteristics, and outreach strategy. MDC’s Competitive Scape allows organizations to analyze the environmental factors that influence their business, set goals, and identify new marketing strategies. MDC Research analysts conduct a thorough investigation of vendors’ solutions, services, programs, marketing, organization size, geographic focus, type of organization and strategies.
Technology dramatically impacts business productivity, growth and efficiency. Technologies can help companies develop competitive advantages, but choosing them can be one of the most demanding decisions for businesses. Technology assessment helps organizations to understand their current situation with respect to technology and offer a roadmap where they might want to go and scale their business. A well-defined process to assess and select technology solutions can help organizations reduce risk, achieve objectives, identify the problem, and solve it in the right way. Technology assessment can help businesses identify which technologies to invest in, meet industry standards, compete against competitors.
Business Ecosystem Analysis
Advancements in technology and digitalization have changed the way companies do business; the concept of a business ecosystem helps businesses understand how to thrive in this changing environment. Business ecosystems provide organizations with opportunities to integrate technology in their daily business operations and improve research and business competency. The business ecosystem includes a network of interlinked companies that compete and cooperate to increase sales, improve profitability, and succeed in their markets. An ecosystem analysis is a business network analysis that includes the relationships amongst suppliers, distributors, and end-users in delivering a product or service.
Regions and Countries Covered
North America (US, Canada), Europe (Germany, UK, France, Spain, Italy, and Rest of Europe), Asia-Pacific (Japan, China, Australia, India, Rest of Asia-Pacific), and Rest of the World (RoW)
Metaverse Market Dynamics, Covid-19 Impact on the Metaverse Market, Vendor Profiles, Vendor Assessment, Strategies, Technology Assessment, Product Mapping, Industry Outlook, Economic Analysis, Segmental Analysis, Metaverse Market Sizing, Analysis Tables.
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Vendor Profiles Covered
All Major Tier-1, Tier-2, and Tier-3 companies are covered in this Metaverse Market report (25 Vendor Profiles)
Key Questions Answered in This Report:
- What is the potential of the Metaverse Market?
- What is the impact of COVID-19 on the global Metaverse Market?
- What are the top strategies that companies adopting in Metaverse Market?
- What are the challenges faced by SME’s and prominent vendors in Metaverse Market?
- Which region has the highest investments in Metaverse Market?
- What are the latest research and activities in Metaverse Market?
- Who are the prominent players in Metaverse Market?
- What is the potential of the Metaverse Market?
Additional vendors profiles can be added based on client business requirements
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