Selbyville, Delaware, April 27, 2022 (GLOBE NEWSWIRE) —
The metaverse market is expected to surpass USD 500 billion by 2028, as reported in a research study by Global Market Insights Inc. Increasing penetration of the internet is one of the major industry growth drivers.
The increasing investments in metaverse technology are driving metaverse market growth. Various companies, such as Meta Platform Inc. and Amazon.com Inc., are extensively investing in metaverse to enhance customer experiences. For instance, in October 2021, Meta Platform Inc. (Facebook) invested USD 10 billion in its Facebook reality lab, a metaverse division. Through this investment, the company has expanded its AR/VR offerings and improved its customers’ experience.
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Programming engine held a market share of over 70% in 2021 driven by increasing interest toward online gaming. Programming engine has an essential function in the developing digital world. The most widely used programming engines are unreal engine, unity, etc., that help in providing improved digital experiences to the customers. These engines are used in operating systems as they help in coordinating the overall operation.
The headset segment is likely to grow at a CAGR of around 35% from 2022 to 2028 due to the increasing demand for smart wearable devices and extensively growing gaming industry. The gaming industry has increased the adoption of smart wearable devices to get enhanced gaming experiences. Moreover, increasing technological advancements, such as near-filed magnetic technology and bone conduction, are creating ample growth opportunities for the market.
The avatar offerings segment captured more than 20% of the metaverse market share in 2021 owing to growing adoption of digital avatars across various sectors. The retail sector is increasingly using avatars to provide improved services and enhanced customer satisfaction. Avatars consist of the capability to efficiently handle customers and offer relevant product recommendations. Moreover, healthcare and education sectors are also extensively using avatars with the help of conventional AI technology.
The online shopping is projected to register about 35% gains through 2028 led by increasing digitalization across the retail sector. AR, VR, and MR technologies are drastically transforming the retail sector by revising the space of retail stores. The growing trend of online shopping has increased the adoption of metaverse across the retail industry, which helps in providing customized and personalized experiences to the customers. Various retail companies are taking steps toward the adoption of metaverse to transform the way of interacting with customers.
Europe is projected to grow exponentially in the global metaverse market on account of the rising adoption of advanced technologies and increasing demand for 5G network. The number of individuals working remotely in the countries, such as France, Germany, and the UK, are relatively high, enabling enterprises to adopt advanced virtual platforms. Moreover, the increasing adoption of cloud computing services is driving leading vendors, such as Amazon Web Services and Microsoft Corporation, to serve their requirements.
The companies operating in the market are focusing on developing advanced metaverse games and platforms. For instance, in November 2021, Microsoft launched the iteration of its corporate metaverse. The company is expanding metaverse concept into its existing software and applications. Microsoft Team’s software is also planning to develop AI-powered avatars and immersive workspace.
Some major findings of the metaverse market report include:
- Advancements in technologies, such as IoT, cloud computing, data analytics, and 5G, are anticipated to support market growth.
- The rapidly growing trend of cryptocurrencies and NFT across the fintech sector is providing significant growth opportunities.
- The Europe metaverse market is propelled by the growing adoption of MR, AR, and VR technology-based solutions.
- Major players operating in the metaverse market are Active Theory, Apple Inc, Alibaba Group, Amazon.com Inc., Decentraland, Epic Games, Inc. Immersion Corporation, Lilith Games, Meta Platform Inc. (Facebook), and Microsoft Corp.
- The companies are developing metaverse platforms and games to enhance customer experiences.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Metaverse industry 360º synopsis, 2018 – 2028
2.2 Business trends
2.3 Regional trends
2.4 Component trends
2.5 Platform trends
2.6 Offerings trends
2.7 Application trends
Chapter 3 Metaverse Industry Insights
3.2 Industry segmentation
3.3 COVID-19 impact
3.4 Industry evolution
3.5 Metaverse industry ecosystem analysis
3.6 Technology & innovation landscape
3.7 Regulatory landscape
3.8 Industry impact forces
3.8.1 Growth drivers
220.127.116.11 Rising trend of online gaming
18.104.22.168 Increasing investment in metaverse technology
22.214.171.124 Increasing adoption of advanced AR/VR devices
126.96.36.199 Growing adoption of blockchain and AI technology
3.8.2 Industry pitfalls & challenges
188.8.131.52 Lack of awareness towards metaverse technology
184.108.40.206 Increasing threat of cyberattacks
3.9 Growth potential analysis
3.10 Investment portfolio
3.11 Patent analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.