The Global Metaverse Market Size in 2022 has been estimated at US$54.09 billion with a growth rate of 45.22% CAGR to a valuation of US$789.52 billion by 2032. North America had the largest market share with over 46.56% in 2021. A metaverse is a VR space where users can interact with other users in a computer-generated environment. The Metaverse has many uses such as healthcare, real estate, education, military, gaming, etc. The Metaverse is increasingly being used by individuals, primarily for work, art, or investment. According to research published in PC Magazine, 52% of global internet users join the Metaverse for job opportunities, 48% for arts and live entertainment, 44% for investing, 40% for education, 32% for online dating and socializing, and 29% for games.
Metaverse allows its users to meet others by negating physical distances. It offers the user a platform with an immersive experience and enhanced online social interactions and much more that goes beyond social media. Newer opportunities for business and financial growth are available in the Metaverse. It improves online learning, education, gaming and usage of cryptocurrencies, NFTs and work environment in various ways, which in turn accelerates the overall market growth.
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Key Industry Drivers – Increasing adoption of new technologies, growing demand for Metaverse users to purchase digital assets via cryptocurrency
The increasing adoption of new technologies like artificial intelligence (AI), mixed reality (MR) and blockchain in the metaverse industry is helping to boost the market growth. Companies like Facebook, Roblox, Fortnite, NVidia, Microsoft, Epic, USM, Google, RTFKT Akira, and Oculus have integrated or are in the process of integrating Metaverse Extended Reality (XR) systems and other emerging technologies. According to a study, LG Group has filed 688 extended reality patents in 455 patent families, Sony has filed 87 XR patents in 78 patent families, while Qualcomm Incorporated has filed 80 patents in 28 patent families for the Metaverse.
The Metaverse uses cryptocurrency as its transaction mode. Cryptocurrency is used to pay for everything on the Metaverse, from non-fungible tokens (NFT) to avatar shoes. According to a study, 53% of companies invest in cryptocurrencies while 44% invest in NFTs. According to a CNBC poll, 1 in 10 people invest in cryptocurrencies, which are mainly used to trade various commodities such as NFTs. With cryptocurrency exchanges accessible globally, investors can use this currency to sell directly to buyers on the Metaverse, positively changing Metaverse market trends.
Limitations – Lack of awareness of service and security options
The growth of the industry can be constrained due to its users’ lack of awareness of service and security options. Organizations operating in the market have been victims of cyber attacks, raising high sensitivity and security concerns. According to SonicWall, nearly 500 million cyberattacks have been reported as of September 2021, with more than 1700 attacks reported per organization.
Market Opportunities – Expanding business-to-business (B2B) and business-to-consumer (B2C) opportunities, career opportunities in the Metaverse
Consumer access to the Metaverse Marketplace is rapidly increasing in frontier and emerging markets. Not visible in the metaverse are the differences between B2C and B2B marketing, which businesses can use to grow their customer base while avoiding corporate trends. For example, a Gucci bag was worth more in the Metaverse than in real life if it was resold in the Roblox Metaverse for 350,000 Robux, or $4115. The price of the same bag in real life is about $3400. Expanding opportunities can help increase Metaverse market size.
Career opportunities in the Metaverse are growing. Due to the increasing demand for various products and services in the Metaverse, more jobs will be created which could ultimately increase the market growth. According to a study, about 10,000 jobs will soon be created in the Metaverse in various sectors such as research, planning, development, security, world building, storytelling, ad blocking and cybersecurity.
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Market analysis of various segments covered in the report
Based on components
Based on platform
mobile phone, mobile phone
Based on technology
Metaverse on Blockchain
Metaverse in Virtual Reality (VR) and Augmented Reality (AR)
Metaverse in Mixed Reality (MR)
Metaverse in the Internet of Things (IoT)
Based on offer
Metaverse in Virtual Platforms
Metaverse in asset marketplaces
Metaverse in Avatars
Metaverse in Financial Services
Based on application
Metaverse in gaming
Metaverse in Online Education
Metaverse in Advertising
Metaverse in Virtual Goods
Metaverse in Edge Computing
Metaverse in online shopping
Metaverse on social media
Metaverse in conferences
Metaverse in Content Creation
Metaverse in operation of digital twins
Metaverse in Blockchain Applications
Metaverse in virtualization tools
Metaverse in NFT
Metaverse in payment transactions
Based on end use
Metaverse in real estate
Metaverse in Customer Experience
Metaverse in Media and Entertainment
Metaverse in Manufacturing
Metaverse in Education
Metaverse in the military
Metaverse in Technology
Metaverse in fashion
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