The global metaverse market size in 2022 was valued at USD 54.09 billion with a growth rate of 45.22% CAGR to a valuation of USD 789.52 billion by 2032. North America comprehensively accounted for 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 applications like healthcare, real estate, education, military, gaming, etc. The metaverse is increasingly used by individuals, mostly for work, art, or investments. According to a study published in PC Magazine, 52% of worldwide internet users join the metaverse for work possibilities, 48% for art and live entertainment, 44% for money investment, 40% for education, 32% for online dating and socializing, and 29% for gaming.
Metaverse allows its users to meet others by negating physical distances. It provides a platform with an immersive experience to the user having improved online social interactions and much more that are beyond social media. Newer business and financial growth opportunities are available in the metaverse. It improves online learning, education, gaming, and the use of cryptocurrencies, NFTs and the working environment in various ways, which in turn is expediting 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 through Cryptocurrency
The rising adoption of new technologies, like artificial intelligence (AI), mixed reality (MR), and blockchain, in the metaverse industry helps foster market growth. Companies like Facebook, Roblox, Fortnite, NVidia, Microsoft, epic, USM, Google, RTFKT Akira, and Oculus have incorporated metaverse extended reality (XR) systems and other new technologies or are in the process of incorporating them. According to a study, LG Group filed for 688 extended reality patents across 455 patent families, Sony filed for 87 XR patents across 78 patent families, while Qualcomm Incorporated filed for 80 patents across 28 patent families for the metaverse.
The metaverse uses cryptocurrency as its mode of transaction. 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 survey, 1 in 10 people invests in cryptocurrencies, which are used mostly in trading different commodities such as NFTs. As cryptocurrency exchanges are accessible worldwide, investors can use this currency to directly sell to purchasers on the metaverse, positively changing the metaverse market trends.
Restraints – Lack of Awareness of Service and Security Options
The industry can face restraints to its growth due to its users’ lack of awareness of service and security options. Organisations operating in the market have been subject to cyber-attacks, which raises high sensitivity and security concerns. According to SonicWall, nearly 500 million cyber-attacks were reported through September 2021, with more than 1700 attacks reported per organisation.
Market Opportunities – Expansion of Opportunities for Business-to-Business (B2B), and Business-to-Consumer (B2C), Career Opportunities in the Metaverse
Access to the metaverse’s marketplace for consumers is rapidly increasing in frontier and emerging economies. In the metaverse, the differences between B2C and B2B marketing are not visible that companies can leverage to grow their consumer bases while avoiding corporate trends. For example, a Gucci bag was worth more in the metaverse than in real life when it was resold for 350,000 Robux or USD 4115 in the Roblox metaverse. The same bag’s price in real life is approximately USD 3400. The expansion of opportunities can help boost the metaverse market size.
The career opportunities in the metaverse are growing. More jobs are being created due to the increasing demands for different products and services in the metaverse, which could ultimately increase market growth. According to a study, about 10,000 jobs across different sectors like research, planning, development, safety, world-building, storytelling, ad-blocking, and cybersecurity are expected to be created soon in the metaverse.
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Market Analysis Of Different Segments Covered in the Report
Based on Components
Based on Platform
Based on Technology
Metaverse in Blockchain
Metaverse in Virtual Reality (VR) and Augmented Reality (AR)
Metaverse in Mixed Reality (MR)
Metaverse in Internet of Things (IoT)
Based on Offering
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 in social media
Metaverse in Conferences
Metaverse in Content Creation
Metaverse in Digital Twin Operations
Metaverse in Blockchain Applications
Metaverse in Virtualisation Tools
Metaverse in NFT
Metaverse in Payments
Based on End-Use
Metaverse in Healthcare
Metaverse in Real Estate
Metaverse in Customer Experience
Metaverse in Media and Entertainment
Metaverse in Manufacturing
Metaverse in Education
Metaverse in Military
Metaverse in Technology
Metaverse in Fashion
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