NEW YORK, NY – Facts and Factors has published a new research report titled “Metaverse Technology Market – Global Industry Insights, Growth, Size, Share, Comparative Analysis, Trends and Forecast 2022 – 2028” in its research database.

“According to the latest research study, the demand of global Metaverse Technology Market size & share was worth about USD 33 billion in 2021 and it is expected to surpass around USD 225 billion Mark, by 2028, at a compound annual growth rate (CAGR) of about 37.8% during the forecast period 2022 to 2028.”

What is Metaverse Technology? How big is the Metaverse Technology Industry?

Market Overview:

Metaverse technology is a hypothetical internet iteration that incorporates augmented and virtual reality, mixed reality, and blockchain. Metaverse technologies are positioning themselves as a next-generation computing platform. Metaverse technologies have ushered in a new era of e-commerce, online gaming, entertainment, social media, and content creation. The metaverse, which combines all of the aforementioned technologies, creates a virtual experience that splits the difference between physical and virtual reality.

Global Metaverse Technology Market: Dynamics

The global gaming industry has redefined itself in order to maximize global consumer engagement and sales growth. Gaming has been completely transformed in the last decade, both organizationally and commercially, regardless of the devices used. These days, games enable people to actually participate in and enjoy their enthusiasm for gaming in a way that suits their mood, lifestyle, interests, location, and budget. Old gaming techniques are giving way to newer technologies such as motion control, voice & facial recognition, and high-definition (HD) displays; consumers can choose from a wide range of games, such as action games, sports video games, and role-playing video games, based on their preferences.

Metaverse technology provides players with a three-dimensional and 360-degree experience. Playing online games based on metaverse technology can provide players with an immersive experience that allows for interplay, virtual meetings, earning money, and even attending concerts.

Metaverse technology gives players the impression that they are in a completely different world. More and more tech behemoths are introducing new platforms for online gaming. The global metaverse technology market is thriving as a result of such high demand for online gaming. However, the growing use of technologies such as IoT (Internet of Things), VR, AR, MR, and others in metaverse platforms have opened up new avenues for cyber attackers to attack individuals and businesses. As a result, consumer concerns about data privacy and security, as well as their identity, are growing, potentially impeding the market growth.

Metaverse Technology Market: COVID-19 Impact Analysis

A key driver of interest in the metaverse technology concept was the COVID-19 pandemic. Individuals began to work from home, and students began to take online classes, necessitating the creation of practical channels or procedures to make online communication more realistic. Both consumers and companies became more aware of the epidemic as a result. In 2020, tech corporations will divulge their investments in this technology. Because of the billion dollars invested by metaverse, the year 2021 was a wonderful one for investment prospects in metaverse technology (Facebook). The COVID-19 pandemic has hastened metaverse technology development, and the post-pandemic atmosphere is likely to pique client interest.

Virtual internet communities, such as interactive game landscapes and the expanding use of mixed reality, have grown in popularity as crucial lifestyle places for customers who have been constrained due to lockdowns and closures. The COVID-19 epidemic has had a favourable impact on the worldwide metaverse technology market, with numerous industries potentially benefiting from it. The popularity of the metaverse is growing thanks to the rise of digital investments, blockchain, and nonfungible tokens (NFTs).

Metaverse Technology Market: Segmentation Analysis

The global metaverse technology market is segmented on the basis of application, end-user, and region.

On the basis of application, the market is segmented into:

  • By application, the market is divided into social media & content creation, digital marketing, online shopping, testing & inspection, conferences & events, and gaming.
  • The most important contributions to the expansion of the global metaverse technology market are social media, gaming, and content creation.
  • Online gaming is the most popular application in the world. VR, AR, Mixed Reality, Blockchain, and other technologies are increasingly being used in the gaming industry to provide users with 3D and 360-degree experiences.

On the basis of end-user, the market is segmented into:

  • By end-user, the market is divided into education, media & entertainment, banking, financial services, & insurance, aerospace & defense, automotive, and others.
  • The media & entertainment segment has the largest market share, owing to companies’ increasing focus on improving social interactions through metaverse platforms, providing advanced immersive experiences, and driving media consumption.

Competitive Landscape

Some of the main competitors dominating the global metaverse technology market include –

  • Epic Games
  • NetEase
  • Microsoft
  • Unity
  • Netmarble
  • RRoblox
  • MiHoYo
  • Lilith
  • Tencent
  • ByteDance
  • Baidu
  • Nexon
  • Meta (formerly Facebook)
  • ZQGame

Key Insights from Primary Research:

  • As per the analysis shared by our research analyst, the Metaverse Technology market is estimated to grow at a CAGR of around 37.8% during the forecast period.
  • In term of revenue, the Metaverse Technology market was valued at around US$ 33 billion in 2021 and is projected to reach US$ 225 billion, by 2028.
  • AR & VR are becoming more widely used in a variety of industries around the world stimulating the market growth.
  • Metaverse-powered online games promise interactive interactions, meetings, concerts, and income. Tech leaders are launching new online gaming platforms, which will enhance the use of metaverse technology in the gaming sector in the coming years.
  • By region, The presence of technology behemoths and their huge investment in the development of cutting-edge technologies such as metaverse technology is fueling the expansion of North America’s metaverse technology business.

Have Any Query? Ask Our Experts: https://www.fnfresearch.com/inquiry/metaverse-technology-market

Key questions answered in this report:

  • What is the market size and growth rate forecast for Metaverse Technology industry?
  • What are the main driving factors propelling the Metaverse Technology Market forward?
  • What are the leading companies in the Metaverse Technology Industry?
  • What segments does the Metaverse Technology Market cover?
  • How can I receive a free copy of the Metaverse Technology Market sample report and company profiles?

Regional Dominance:

The North American region clearly dominates the global metaverse technology market among all regions, and this trend is expected to continue during the forecast period. It reflects the widespread presence of companies (in the world of games and metaverse) such as The Sandbox, Nvidia Corporation, Epic Games, Inc., Meta Platforms, Inc. (formerly Facebook, Inc.), and others in the United States and Canada, as well as their huge investments in creating metaverse platforms to provide consumers with more interactive gaming and entertainment experiences.

Furthermore, various research centers and educational institutions in these countries are actively working to explore the potential of the metaverse and related virtual environments, which are contributing to regional market growth.

Recent Developments

  • April 2021: Meta (formerly Facebook) has released a new VR remote work app called ‘Horizon Workrooms,’ which enables users to make a VR office space that is far more immersive than a typical video conference.
  • August 2020: Microsoft launched Together Mode in its Teams app. It allows meeting participants to be in a solitary virtual space.

Source: Facts & Factors