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The global metaverse market is expected to grow from USD 45.6 billion in 2020 to USD 344.8 billion by 2027, at a CAGR of 40.1% from 2021 to 2027. The metaverse is a mixed reality or digital reality platform that collectively features social media, online gaming, virtual reality (VR), augmented reality (AR), and cryptocurrencies to enable users to interact virtually. Augmented reality overlays sounds, visuals, and other sensory input in a real–world scenario to improve the user interactions and interface. On the contrary, virtual reality is entirely virtual and values fictitious realities, and metaverse uses a complex platform to integrate mixed realities; such factors will drive the market’s growth.
Moreover, some other factors, such as the growing demand for online education, mass course academies such as Udemy, Coursera, among others, remain a promising driver for major business opportunities in the Metaverse market, with more emphasis on the convergence of the digital and physical world across the Internet and the increasing demand for metaverse for the purchase of digital assets using cryptocurrencies. Such factors will escalate the growth of the metaverse market over the forecasting period.
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Metaverse is a technology set to change the face of gaming, artificial intelligence, and virtual technology. The metaverse is a term for the hypothetical iteration of the Internet. This platform supports the online 3D virtual environment through conventional personal computing and augmented reality. It is a virtual world for immersive experiences where people from all over the world can meet, play, watch and chat online using IoT. Most of the data is stored on a cloud platform which offers more cybersecurity and safety. Companies are investing in the development and programming of new innovative techniques to bring the real world into a 3D reality that benefits the general population for entertainment, gaming, and investing in the business, and various other benefits. Additionally, develop metaverse platforms for the education sector to help open up avenues for the market. Hence, it will promote the growth of the metaverse market over the forecasting period across the globe.
The metaverse has a negative impact on an individual’s psychological and overall health, which will hamper the market’s growth across the globe. Metaverse offers virtual reality as a real–life event that will retard mental health in the long term. It will also affect the psychology of an individual. It may initiate delusions or hallucinations events for the users, which reduces the adoption of metaverse at a high pace in various regions and hinders the market growth. Excessive virtual reality use will also cause Schizotypal personality traits, including impulsive nonconformity, unusual experiences, and cognitive disorganization. Such factors will impede the growth of the metaverse market across the globe.
The major market players and start–ups under the metaverse market focus on developing innovative and advanced technology–based platforms to cater to the needs of the end–users. They are using various marketing strategies coupled with rewards to spread awareness regarding metaverse and its vast implementation. Such a factor will seek the potential users’ attention and fuel the growth of the metaverse market in upcoming years. Integration of cryptocurrency will also lure the attention of gamers, traders, app developers, and others.
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The study categorizes the metaverse market–based components, platform, offerings, technology, application, end–users at the regional and global levels.
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Based on technology, the global metaverse market is segmented into the blockchain, virtual reality (VR) and augmented reality (AR), and mixed reality (MR). The Mixed Reality (MR) segment among technology is anticipated to register a significantly high share of the revenue contribution to the global market over the forecast period due to the increasing use of MR to engage in the metaverse more effectively. When users can directly interact with metaverse environments in a physical location, it’s called mixed reality. Users don’t need a VR headset to interact with the metaverse. Users could interact with the metaverse using a keyboard, regardless of the level of immersion. This will promote the growth of the metaverse market across the globe during the forecasting period.
Based on the regions, the global metaverse market has been segmented across North America, Asia–Pacific, Europe, South America, and the Middle East & Africa. Four main countries, namely, China, India, Japan, and the Rest of Asia–Pacific, are analyzed. Asia–Pacific region is expected to experience a considerably robust revenue growth rate over the forecast period. Market growth is expected to be driven by many start–ups such as Bolly Heroes, OneRare, LOKA, Cope. Studio, Interality, Zippy, and NextMeet in India, and miHoYo Co., Ltd. and Shenzhen Zhongqingbaowang Interaction Network Co., Ltd. (ZQGame), are among others in China with an acute focus on the development of metaverse platforms. For example, LOKA is a gamified multiplayer platform with a virtual metaverse built on 3D maps of real–world cities and locations. Users can participate in live and simultaneous activities driven by their favorite third–party apps. Similarly, Zippy is a runner’s metaverse, and the platform provides users with an on–demand, engaging, safe, and enjoyable environment and connects users with other runners around the world.
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The metaverses market is emerging and evolving in nature with few numbers global players operating in the market such as Facebook, Inc., Nvidia Corporation, Epic Games, Inc., Nextech AR Solutions Corp., Tencent Holdings Ltd., ByteDance Ltd., NetEase, Inc., Roblox Corporation, Unity Technologies, Inc., Lilith Games, and Microsoft, and others. These players have been adopting various winning strategies to gain higher shares or retain leading positions globally
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