Metaverse Market size is set to cross USD 500 billion by 2028, according to a new research report by Global Market Insights Inc.
The increasing adoption of virtualization technology is fueling the metaverse industry growth. The increasing need to minimize infrastructural costs and provide an automated & virtualized workplace has driven the acceptance of virtualization technology. Both large enterprises and SMEs are using virtualization solutions to cater to IT, network, and workplace applications. The usage of a virtual platform enables enterprises to reduce the time to market and financial expenditure. Companies are extensively developing advanced virtual platforms.
Growing trend of augmented & virtual reality
AR/VP headsets segment is projected to showcase gains of over 45% through 2028 led by the availability of affordable VR devices. Moreover, the early acceptance of 5G technology in developing countries, such as India, Japan, and China, is creating ample market growth opportunities.
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Increasing penetration of smartphones globally
Mobile platform segment held 35% of the metaverse market share in 2021. Consumers are increasingly using smartphones for online shopping, gaming, and various other activities. Following desktops, mobile is also becoming the most popular medium to connect to metaverse. Furthermore, mobile games have implemented social features, such as activity feeds, in-game chats, push notifications, guilds, and others, to offer an enhanced user experience. Some popular mobile games equipped with social features are Fortnite, Clash of Clans, Minecraft, and others.
Browse key industry insights spread across 275 pages with 406 market data tables and 34 figures & charts from the report, “Metaverse Market Size by Component (Hardware [Extended Reality Hardware, Displays, AR/VR Headsets], Software [Programming Engine and Asset Creation Tools]), By Platform (Desktop, Mobile, Headset), By Offerings (Virtual Platforms, Avatars, Asset Marketplace, Financial Service), By Application (Gaming, Online-Shopping, Social Media, Event& Conference, Digital Marketing), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
The rising adoption of blockchain technology across the fintech industry
The asset marketplace is poised to register a growth rate of about 45% till 2028 on account of the increasing trend of NFTs, bitcoins, and cryptocurrencies. It supports the trading & tokenization of avatars, digital lands, and other components of the digital world. These solutions offer several benefits such as interoperability, personalized UI, offer maintenance, upgrade services, and others.
Growing usage of social media platforms to boost metaverse market revenue
The social media application segment is expected to grow at a CAGR of nearly 40% through 2028. The market demand is attributed to the increasing internet penetration and the growing need to improve customer social interactions. Various social media companies, such as Meta Platform Inc., Snap Inc., and others, are increasingly using metaverse technology to provide & improve customer services.
Growing penetration of 5G networks in Asia Pacific
Asia Pacific metaverse market is predicted to generate a revenue of above USD 145 billion by 2028. Growing technological advancements and the increasing adoption of AR, VR & 5G technologies in the region is driving the industry growth. For instance, according to the report published by Ericsson Mobility, 5G mobile subscriptions in India are estimated to reach more than 500 million by 2027. APAC is a highly lucrative market for IoT technologies due to numerous government initiatives for large-scale digitalization of urban infrastructure in countries including China, South Korea, and India.
Leading players are focusing on developing advanced metaverse platforms
Some of the major metaverse market participants include Active Theory, Apple Inc, Alibaba Group, Amazon.com Inc., Decentraland, Epic Games, Inc. Immersion Corporation, Lilith Games, Meta Platform Inc. (Facebook), Microsoft Corp., Matterport Inc., NetEase, Inc., Nextech AR Solutions Corp., Nvidia Corporation, Roblox Corporation, Snap Inc., The Sandbox, Tencent Holdings Ltd., Unity Software, Inc., and Vuzix Corporation. Companies are focusing on developing advanced metaverse solutions to meet customer demands.