The Global Metaverse Technology Market report includes a global opportunity analysis and industry forecasts for the period 2023-2032.The global market was estimated at USD 32.56 Billion in 2022, registering a CAGR of 45.78% from 2023 to 2032. Moreover, in July 2021, Virtex declared that it intends to introduce a virtual reality stadium, "Virtex Stadium," allowing fans to watch games with their friends from the center of the field. Join the conversation with the Bloomberg Intelligence podcast: Into the Metaverse, Bloomberg Multilateral Trading Facility (BMTF & BTFE). expertise, problem solving ability and inclination. Its importance to both consumers and businesses increased because of the pandemic. Its the technology that enables emergency services to respond when a phone or watch belonging to an injured person automatically sends an SOS. The global metaverse market size is expected to reach USD 1,615.32 Billion in 2030 and register a revenue CAGR of 43.3% during the forecast period. According to industry experts, the metaverse is expected to infiltrate a multitude of industries in numerous ways in the coming years, with the potential market opportunity or the total addressable market estimated at more than USD 1 trillion in yearly revenues. b. The Metaverse market in the U.S. is estimated at US$58.5 Billion in the year 2021. Additionally, a crucial factor that points to a promising future for VR technology in gaming is the rising comfort levels of customers in situational uses, such as VR calls and VR gaming. Demonstrating good Web 3.0 data stewardship and showing how the company is leveraging blockchain technology to ensure privacy and security are just the beginning. Furthermore, the growing number of start-ups focusing on the establishment of metaverse platforms for commercialization is another factor projected to support the revenue growth of the regional market. According to C-level executives of the leading metaverse solution providers, depending on the percentage share of the digital economy shifting to the metaverse and the percentage of total addressable market expansion, the potential market opportunity for the metaverse is estimated to be between USD 3.75 trillion and USD 12.46 trillion. These top seven DLT trends make the leading-edge possibilities accessible. Meta Platforms, Inc.; Tencent Holdings Ltd; Epic Games, Inc.; Nvidia Corporation; Unity Technologies, Inc. Free report customization (equivalent up to 8 analysts working days) with purchase. Monitor and measure progress. In November 2021, Tencent Holdings, Ltd announced that it has partnered with The Asian Institute of Digital Finance. Start with a technology audit across the metaverse stack to identify gaps that could hinder achievement of goals. The design and management of integrated virtual and typically three-dimensional simulations, settings, and surroundings in which people and businesses can discover, create, socialize, and engage in a wide variety of activities while also running a business are referred to as virtual platforms. How the Metaverse Will Remake Your Strategy, Technology, Media, and Telecommunications, The always-on connectivity of the metaverse's component systems makes it persistently available, which, in turn, is making it a. b. Many companies already see the metaverse as an opportunity to connect with consumers in new ways. The companies will collaborate in the areas of education, research, and entrepreneurship to support Asia's fintech industry, In November 2021, Epic Games, Inc acquired Harmonix Music Systems, Inc. The base year considered for the study is 2021, and the forecast has been provided for the period 2023 to 2032. Retail, fashion, and apparel companies have been among the first movers, but a growing list of major companies in the technology, telecommunications, health care, and automotive industries, among others, have become active in the metaverse. There will be many opportunities for BAs to contribute to metaverse-based projects. The metaverse can be viewed as a digital representation of the physical world organized into layers. Establish a mission control office. Online game makers including Roblox, Microsoft, Activision Blizzard, Electronic Arts, Take-Two, Tencent, NetEase and Nexon may boost engagement and sales by capitalizing on the growth of 3D virtual worlds. The demand for VR and AR devices is expected to rise owing to the rising gaming industry. If employees experience the metaverse firsthand, they will be more likely to accelerate change. Metaverse technology encompasses nine major critical: Networking equipment and cloud infrastructure, Data governance and security, Blockchain and cryptocurrencies/NFTs, AI/ML, AR and VR, AdTech (Internet advertising), Gaming, Enterprise applications, and Payments Platforms. Metaverse is a simulated digital environment that is enabled with augmented reality (AR), virtual reality (VR), mixed reality, Blockchain, and others. Based on platform, the desktop segment accounted for the largest revenue share of 42.14% in 2022. The global accessibility of cryptocurrency exchange allows investors to use this asset to offer products directly to customers on the Metaverse, thus favorably altering the market patterns. Request a demo. If we think of the metaverse as a digital representation of the physical world organized into layers, similar to a technology stack, we can see how companies will participate at the different layers. Which segment accounted for the largest metaverse market share? Furthermore, in December 2021, Meta introduced a closed beta for a streamlined AR creation tool called 'Spark AR Go.' The pandemic has accelerated the creation of virtual online communities as key lifestyle areas for users who were confined due to the lockdowns and closures, including interactive game landscapes and the expanding use of mixed reality. Smartphone popularity is increasing, and it is rapidly becoming the most prominent way to connect to the metaverse. Theres plenty of debate about the definition of the metaverse, but we find it more useful to take a practical view and focus on the productive use cases that it enables. These virtual metaverse marketplaces and gaming platforms offer an immersive experience where users can participate in live and concurrent activities powered by their chosen third-party apps. The Metaverse market in North America is expanding due to the wide application of AR technology in consumer devices. Thus, the segment is predicted to contribute significantly to the overall Metaverse industry. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: In the following 8 chapters, you will quickly find the 70 most important statistics relating to "Metaverse". High visual fidelity and improved trackers are added in VR2. Metaverse market size meta analysis. The metaverse now has the power to drastically modify each of these things. As per the 2022 SonicWall Cyber Threat Report data, the first half of 2022 saw 2.8 billion malware attacks, an 11% rise over 2021. 2023. The highest-quality data scrubbed, verified and continually updated. For example, at an operational level, we estimate that a Fortune 500 retailer could realize 1.5 to 2 percentage points in margin improvement from improved staff onboarding and training, $200 million to $400 million from increased store traffic and customer loyalty owing to improved in-store experience, and $500 million to $750 million from streamlined operations and improved control of inventory. The global metaverse market is expected to grow at a compound annual growth rate of 39.9% from 2023 to 2030 to reach USD 936.57 billion by 2030. b. Much of the action to date has been in B2C, especially gaming and, increasingly, providing immersive virtual experiences, such as concerts. Are you interested in testing our business solutions? Companies can engage employees in the metaverse journey and enhance the employee experience by using the metaverse in hiring, onboarding, coaching, and training. Based on application, the market is divided into gaming, online shopping, content creation & social media, events & conferences, content creation, digital marketing (advertising), testing and inspection, and others. //]]>. And investors appear to welcome Zuckerberg's shift in focus from the metaverse to . As digital technologies move to the next stage of advancementthe metaversethere are two questions companies should ask: How will the metaverse change our business? With the help of "Spark AR Go," AR content producers can create, test, and post immersive experiences on Meta's social media platforms, monitor user performance metrics and get user feedback. Some of the established vendors in the market include Qualcomm Technologies Inc., AWS, and Cloudflare, among others. But B2B applications are catching up fast and may ultimately be where much of the business value is generated. Forward-looking companies may want to experiment with the new technologies at work. Games that successfully pivot towards virtual 3D worlds can capture a greater share of engagement and user growth, accelerating sales growth. It's the digital twin of an electrical grid that highlights maintenance needs or security vulnerabilities. In addition, the main reason propelling the expansion of the metaverse market in North America has been the rising acceptance of metaverse technologies by businesses to sell their products in a modern way. Establish a plan to hire or otherwise acquire the necessary skills to ensure success. Technology is only as good as its weakest link. The COVID-19 pandemic played a significant role in stimulating interest in the metaverse concept. The Metaverse Market is segmented by Type (AR & VR Hardware, Social Media Engagement (Ads), Virtual Live Entertainment - Epic, Games and Roblox Gaming Services), by End-User Industry (Gaming, Media & Entertainment, Commercial, Retail), and Geography, *Disclaimer: Major Players sorted in no particular order. Do you want to check out a section wise price list? The key reasons propelling the growth of the Metaverse Market globally are rising demand in the worldwide media, entertainment, and gaming industries, primarily due to the increased usage of Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR) technologies. It allows users to browse for live events that meet their preferences, enter events in real-time, open design races using the Race Creator, or create a private lobby for users' parties. It is mainly because North American users and consumers adopt new and sophisticated technologies at a very rapid pace. Warner Music Group has announced the launch of the virtual music theme park through The Sandbox platform. This potent tool enables webAR effects and 3D content on its social media sites, including Facebook and Instagram. As virtual assets become more portable and exchangeable across different metaverse platforms, the metaverse will develop into a more integrated, interconnected ecosystem with more diverse functions. This may result in increased customer satisfaction and loyalty while products can understand an issue before the actual breakdown. Theyre used to paying for everything from NFTs to virtual real estate to avatar shoes. The metaverse is the next big technology platform, attracting online game makers, social networks and other technology leaders to capture a slice of what we calculate to be a nearly $800 billion market opportunity. Metaverse is one of the trending technology platforms attracting various social networks and technology leaders, and online game makers to enter and establish its presence within the market. The Metaverse Market is studied from 2018 - 2028. Companies need to answer two questions: How will the metaverse change our business? The cabin crew can learn how to handle severe real-life circumstances like medical problems, an impending disaster, or a hijacking by substituting virtual reality training for classroom training. Additionally, the region has adapted metaverse technologies in healthcare, consumer products, aerospace and defense, and business applications for education and training. The numbers get big fast. The metaverse is an immersive social communications and gaming platform with an estimated global market value of $344.7 billion by 2027. Some will be active in the bottom layers, building the digital infrastructure, providing financing, and delivering connectivity or key services. While playing online multiplayer games, users can also converse with one another. The Metaverse market may reach $783.3 billion in 2024 vs. $478.7 billion in 2020 representing a compound annual growth rate of 13.1%, based on our analysis and Newzoo, IDC, PWC, Statista and Two Circles data. To improve the realism of virtual worlds, companies are also working to develop more advanced hardware, such as VR/AR headsets, haptic devices, and sensors. Metaverse market overview. North America dominated the metaverse market with a share of 44.6% in 2022. Moreover, the integration of metaverse in. The metaverse industry greatly benefits from the growing usage of new technologies, including mixed reality (MR), extended reality, artificial intelligence (AI), and blockchain. Provide personalized attention with AI. To obtain a competitive advantage, many organizations are now employing content creation to market their brand and product portfolio. PTC, Magic Leap, Microsoft, and Google are just a few of the international firms in the US that offer AR devices and solutions. It presents an opportunity for leading online entertainment and social media companies to capitalize on new revenue streams. Learn more about emerging technology consulting with BCG. It might have been touted as the year of the metaverse within the marketing industry, but we feel we are just getting started in 2023 and beyond." Hironaga Yai, senior strategy director, MediaMonks Tokyo, believes the metaverse is a platform that has, and will, evolve gradually as technology advances. The Metaverse Market research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. The introduction coincides with the rise in e-sports' popularity and the growing improvement in consumer VR hardware's performance and accessibility. Computers used to be the primary portal into the metaverse, but with the introduction of smartphones and wireless networks, that has changed. The COVID-19 pandemic has positively impacted the metaverse industry, which has potentially improved many industries. 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