BANGALORE, India, June 17, 2022 /PRNewswire/ — The World Metaverse Industry Report is segmented by Type (VR Headsets, Smart Glasses, Software), by Application (Content Creation, Gaming, Social, Conference, Education, Industrial): Opportunity Analysis and Industry Forecast, 2022-2028. It is published in Appreciate the reports under the virtual worlds Category.
The global metaverse market size is expected to reach $28 billion by 2028, $510 Million in 2022, at a CAGR of 95% over the period 2022-2028.
The major factors driving the Metaverse market growth are:
Rising applications in gaming, social conferencing, content creation, education, and industrial sectors are expected to drive the growth of the metaverse market.
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TRENDS AFFECTING THE GROWTH OF METAVERSE MARKET
The game is reported as one of the most popular metaverse apps. Playing in the metaverse allows players to engage in social games, allowing them to meet new people and expand their social circle. Having portable game assets, such as avatars and weapons, that are associated with players and have value in virtual settings. Everything is possible in the virtual world, so content development for games is a big part of what metaverse gaming is all about. They can create content and integrate it into the game. Enjoy an enhanced reality experience with a workflow that closely resembles that of the real world. These factors are expected to boost the growth of the Metaverse market.
The metaverse will be a social media extension that incorporates immersion, providing users with new experiences. The Metaverse will combine common social media features like collaboration, e-commerce, and live events with immersive virtual reality (VR) and augmented reality (AR) experiences. This factor will contribute to the continued expansion of the metaverse market.
Additionally, Metaverse will transform video conferencing by allowing thousands of people to see and hear the presenter at the same time, regardless of the number of computer screens or cameras available. Metaverse creates interactive videoconferences with its consumers by combining telepresence and virtual reality. Its ability to be used in live video conferences makes communication more participatory and engaging.
The potential benefits offered by the metaverse for content creators are expected to drive the market for the metaverse. Due to advances in virtual reality and augmented reality, the metaverse is expected to help artists create more interactive and immersive content. The stakes will be higher than ever, with producers having to create content that is more immersive and interactive than ever. The metaverse will allow creators to connect and interact with a wider range of viewers in our increasingly global and distributed society. Creators will be able to accurately translate their work, including cultural intricacies, using natural language processing and AI-powered translation tools.
The metaverse will encourage learners to think outside the box as there are endless possibilities. They can generate their own content by participating in scavenger hunts, building challenges and other activities. Learners will be able to improve their critical thinking skills and learn to collaborate with others through this form of engagement. Additionally, the Metaverse platform saves academic records using blockchain technology. Transcripts, diplomas and other documents are all private, secure and verifiable in this way. It can also help students and professors evaluate courses by reducing paperwork and providing much-needed data.
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METAVERSE MARKET SHARE
Based on the app, the games segment is expected to be one of the most lucrative. The current evolution of the gaming industry has given rise to metaverse games. In order to participate in next-gen gaming, players travel to the real world of Metaverse. While the Metaverse can be centralized or decentralized, game companies are focusing their efforts on decentralized initiatives since decentralization is the way of the future.
By type, the VR headsets and smart glasses segment is expected to be one of the most lucrative. The market is growing as video game revenue increases and the number of people who play video games increases worldwide. As the number of people playing video games increases, there is a growing need for virtual reality headsets and smart glasses.
Based on the region, North America should be the most lucrative region. This is attributed to the increased emphasis on the development of metaverse platforms for the education industry and the increased emphasis on the convergence of the digital and physical worlds via the Internet, in the region.
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Metaverse Market by Company
- Meta (formerly Facebook)
- epic games
- celestial well
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– The Global virtual reality headset market the size should reach $42100 million by 2027, $9457.7 million in 2020, at a compound annual growth rate (CAGR) of 23.2% over the forecast period 2021-2027.
– The augmented and virtual reality market size was estimated at $14.84 billion in 2020 and is expected to reach $454.73 billion by 2030, registering a compound annual growth rate (CAGR) of 40.7%.
– The Global Mixed reality market the size should reach $2482.9 million by 2028, $331.4 million in 2021, at a CAGR of 28.7% over the period 2022-2028.
– Due to the COVID-19 pandemic, the smart glasses market the size is estimated at the value $6894.5 million in 2022 and is expected to reach a readjusted size of $19090 million by 2028 with a CAGR of 18.5% over the review period.
– The Global Extended reality market the size should reach $67,870 million by 2028, $25,310 million in 2021, at a CAGR of 15.0% over the period 2022-2028.
– Due to the COVID-19 pandemic, the gaming headset market the size is estimated at the value $2,343.5 million in 2022 and is expected to reach a readjusted size of $3616.6 million by 2028 with a CAGR of 7.5% over the review period.
– Due to the COVID-19 pandemic, the gaming laptop market the size is estimated at the value $12210 million in 2022 and is expected to reach a readjusted size of $17,230 million by 2028 with a CAGR of 5.9% over the review period.
– The Global cloud gaming market the size should reach $1169.1 million by 2027, $133.7 million in 2020, at a CAGR of 35.4% over the period 2021-2027.
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– Global Metaverse Game Engines Market Overview, Forecast to 2028
– Global Metaverse Real Estate Market Size, Status and Forecast 2022-2028
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