Global Metaverse Market Report Analyses projected revenue figures, highest growth rate, Statistics, Regional Economy, Opportunities, Trends, Size, Top Companies

SUITE N202, NEW YORK, UNITED STATES, October 10, 2022 /EINPresswire.com/ -- According to Zion Market Research study, Global Metaverse Market accrued an ROI of approximately US$ 47.49 billion in 2021 and is expected to gain income of almost US$ 400.5 billion in 2028. Apparently, Metaverse Industry is set to record humungous gains of about 39.5% in the timespan of 2022 to 2028. With 5G, cloud computing, and edge computing becoming a citadel of the modern technological domain, the market for metaverse is expected to expand by leaps & bounds in the coming decade. Apart from this, large-scale implementation of metaverse technology in video gaming and virtual reality is likely to expand the scope of growth of the metaverse market in upcoming years. In addition to this, another slew of applications of metaverse tools includes Online Shopping, social media, events & conferences, digital marketing, and testing & inspection activities. This, in turn, is slated to generate new growth avenues for the metaverse market in near future. Nonetheless, the cyber-attack threat is the key concern that will impede the growth of the metaverse market. Some of the major players have strongly leveraged the growth of the metaverse industry and are expected to do so even in foreseeable future. They include Meta Platforms, Inc., Nvidia Corporation, Tencent Holdings Ltd., Roblox Corporation, Unity Technologies, Inc., ByteDance Ltd., Nextech AR Solutions Corp., The Sandbox, Microsoft Corporation, NetEase, Inc., and Epic Games, Inc.

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Metaverse Market: Breakthroughs

- In January 2022, The Sandbox declared that it has entered into a business alliance with Warner Music Group for introducing first music-themed world in metaverse

- In April 2022, Mid-Cap IT company Mindtree announced that it is raising allocation of funds in creating solutions that can reinforce consulting-led offerings to customers. The CEO of the firm stated that Metaverse's offering will facilitate customers in accelerating & optimizing its transfer into the meta economy.

Hardware Segment To Register Highest CAGR Over Forecasting Period

The rapid expansion of the hardware segment over forecasting years can be due to the massive focus of firms on enhancing the end-user experience and the massive use of immersive technology. In addition to this, need for improving hardware quality, companies are focusing on developing improved AR/VR headsets, sensors, and haptic equipment and this will open new vistas of growth for the hardware segment. Apparently, a massive surge in interface design allowing individuals in accessing 3D content on various equipment including smartphones, next-gen televisions, and HoloLens will steer segmental expansion.

Virtual Reality (VR) & Augmented Reality (AR) Segment To Lead Technology Landscape By 2028

Growth of this technology segment in 2022-2028 can be credited to the use of metaverse technology in 3D virtual environments in synchronization with AR & VR tools. Apart from this, AR and VR integrate with the metaverse for creating a virtual presence. Furthermore, AR, as well as VR, are projected to be next-gen technologies and hence segment will gain traction over the coming years.

Media & Entertainment Sector To Contribute Highest Chunk Of Metaverse Market Revenue By 2028

A prominent surge in expansion of media & entertainment segment over the forecasting timeline can be credited to an increase in virtual music concerts organized by giant business houses. In addition to this, rise in acceptance of metaverse technology by various firms operating in media & entertainment sector will push expansion of media & entertainment sector in upcoming years.

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The global Metaverse Market is segmented as follows:

By Product

Hardware
Software
Services

By Platform

Desktop
Mobile

By Technology

Blockchain
Virtual Reality (VR) & Augmented Reality (AR)
Mixed Reality (MR)

By Offering

Virtual Platforms
Asset Marketplace
Avatars
Financial Services

By Application

Gaming
Online Shopping
Content Creation & Social Media
Events & Conferences, Digital Marketing (advertising)
Testing & Inspection
Others

By End Use

Fashion
Manufacturing
Media & Entertainment
Aerospace & Defense
Education
Automotive
Travel & Tourism
Manufacturing
Finance

Global Metaverse Market: Growth Drivers

The surge in the expansion of the metaverse industry over the forecasting timeline is subject to a rise in focus on the integration of physical & digital worlds through the use of the internet. In addition to this, the rise in popularity of augmented reality, virtual reality, and mixed reality have prompted the expansion of the metaverse market.

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Varsharani Lavate
Zion Market Research
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varsha.l@marketresearchstore.com
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