metaverse industry analysis

According to a CNBC (Consumer News and Business Channel) survey, one in ten people invests in cryptocurrencies, which are commonly used in trading various commodities, including NFTs. [CDATA[ The content creation & social media segment is also expected to grow significantly during the forecast period. The metaverse industry greatly benefits from the growing usage of new technologies, including mixed reality (MR), extended reality, artificial intelligence (AI), and blockchain. For Instance, Nvidia Corporation declared partnerships with Blender and Adobe that will allow NVIDIA Omniverse, the first collaboration and simulation platform in the world, to reach millions more users. Grand View Research is registered in the State of California at Grand View Research, Inc. 201 Spear Street 1100, San Francisco, CA 94105, United States. Companies looking to play need to first understand how their strategy and sustainable advantage may have to change as the competition develops. A strong management capability can define the target path, highlight dependencies across teams, and de-risk the overall plan. At this early stage, companies should set a broad vision for what they want to achieve, including clear definitions of what to do and what not to do. Virtual reality training can help airlines and ground handlers learn and improve their aircraft inspection skills in a safe setting. Computers used to be the primary portal into the metaverse, but with the introduction of smartphones and wireless networks, that has changed. The demand for VR and AR devices is expected to rise owing to the rising gaming industry. Global Metaverse Market: Segment Analysis. Although this is the existing market for online game makers, those that are successful in capturing a higher share of users and engagement through the elevation of existing games into virtual worlds can garner a higher share of sector sales. The immersive potential of the metaverse can be experienced in different ways, through AR or VR goggles or the rich data sets produced by AI or machine-learning algorithms. Furthermore, in December 2021, Meta introduced a closed beta for a streamlined AR creation tool called 'Spark AR Go.' BCG consultants offer metaverse services to help companies develop strategies to operate and interact with customers in transformative ways. Please check with your bank for further details. However, the demand for VR and AR devices is expected to exhibit substantial growth in the coming years. Games that successfully pivot towards virtual 3D worlds can capture a greater share of engagement and user growth, accelerating sales growth. Assess internal talent capabilities (the right engineering teams, for example) and identify gaps. 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". 6. 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. While campus digital twins have substantially improved the remote education experience, it is projected that the metaverse will organically promote spatial patterns throughout the education business in the years to come. The software segment is sub-segmented as asset creation tools and programming engines. Companies can engage employees in the metaverse journey and enhance the employee experience by using the metaverse in hiring, onboarding, coaching, and training. But for both B2C and B2B enterprises, it really represents a new way to do business and an opportunity to reinvent everything from customer journeys to operational processes. By submitting my information, I agree to the privacy policy and to learn more about products and services from Bloomberg. We can point to dozens of use cases for companies in all sectors and industriesand the technology underlying these applications is still only in its infancy. It appeared first on the Bloomberg Terminal. The base year considered for the study is 2021, and the forecast has been provided for the period 2023 to 2032. The rising desire for devices that improve users' experiences encourages market expansion. The combination of the metaverse and AI enable segment-of-one offerings that can be a powerful differentiator in increasingly competitive sectors. Were we able to define its boundaries today, some future technological advance would almost certainly cause us to reassess. Comparable laws named for George Gilder and Martin Cooper are driving increases in bandwidth and spectrum, respectively, fueling faster and better connectivity and providing higher-fidelity renderings that better mimic real-world latency. While the physical world, and the economic possibilities connected to it, are constrained by the laws of physics, the metaverse is a universe of interacting physical and digital worlds, and its associated economic potential is correspondingly amplified and infinite. Virtual reality in the . (See Exhibit 3.). Pursue metaverse customer discovery. Who are the key players in the metaverse market? The country currently accounts for a 41.2% share in the global market. Although cloud gaming is a niche segment, it has the potential to . However, since many users are unaware of the service and security alternatives available, the expansion of the metaverse market may be constrained. Free trial, before you make a purchase decision. 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. Please do not hesitate to contact me. If employees experience the metaverse firsthand, they will be more likely to accelerate change. These technologies are used to develop places for a rich virtual space user experience. These technologies have the potential to merge and synchronize the physical and digital worlds. Much of the action to date has been in B2C, especially gaming and, increasingly, providing immersive virtual experiences, such as concerts. Another factor anticipated to boost the regional market's revenue growth is the rising number of start-ups concentrating on creating metaverse platforms for commercialization in the region. Clicking on the following button will update the content below. In the year 2020, tech corporations began developing this technology and announced their investments. February 2022 - Electronic Arts Company released GRID Legends to facilitate smooth action, organize the ideal multiplayer session, and build stories with other racers. Designing interfaces that allow people to access 3D content on a variety of devices, such as next-generation TVs, smartphones, and mixed-reality smart glasses called HoloLens, is also predicted to drive revenue growth in this segment. Roblox, Microsofts Minecraft and Epic Games Fortnite appear to be early leaders in the race for Metaverse leadership but theres ample time for other game makers and social networking companies to tweak existing services or launch new ones to capitalize on the markets growth. Additionally, the region has adapted metaverse technologies in healthcare, consumer products, aerospace and defense, and business applications for education and training. We value your investment and offer free customization with every report to fulfil your exact research needs. Metaverse market is split by Type and by Application for the period 2018-2029, the growth among segments provides accurate calculations and forecasts for . Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 70m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. Find your information in our database containing over 20,000 reports. Report 5: Video Games - Thematic Research. In September 2022, NEOM Tech & Digital, a part of Saudi Arabias $500 billion NEOM project, announced that it had invested $1 billion in AI, including a metaverse infrastructure. 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. Choose reports from a database of more than 10,000 reports. The growing entry of new communities from emerging regions, with growing demand for various niche services like. In the third phase, now underway, a broader ecosystem is developing thanks to continually expanding and faster connections. Additionally, due to its technological development and advancement, North America leads all other markets in the creation of advanced technology for use in display devices. Build metaverse customer trust. (See Exhibit 2.) 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. BCG helps company leaders understand how to invest in emerging business technologies. We reviewed forecasts from consulting companies such as McKinsey and BCG as well as generalist "research" companies. Online game makers and existing social networks may vie for leadership of the burgeoning $800 billion Metaverse economy, on the convergence of megatrends of games, social and user-generated content. "If you only look at what hype topics are . 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. It's the digital twin of an electrical grid that highlights maintenance needs or security vulnerabilities. During the COVID-19 pandemic, the internet and social media became more important than ever before in daily life. The most important key figures provide you with a compact summary of the topic of "Metaverse" and take you straight to the corresponding statistics. The COVID-19 pandemic played a significant role in stimulating interest in the metaverse concept. The company would be dedicated to the creation of the metaverse, an immersive digital environment. Metaverse market growth would be driven by primary elements such as a change in the gaming industry and media & entertainment, also developing prospects from additional needs such as augmented reality, mixed reality, virtual reality, and digitalization in the retail & fashion domain. Our sales representative will reach you shortly with the details. BCG was the pioneer in business strategy when it was founded in 1963. The Metaverse Market report sheds light on industry statistics, business opportunities, structural analysis, and challenges. Cryptocurrencies are used to connect the physical and virtual worlds. 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. Try creating dashboards of transparent, real-time metrics, including Web 3.0 forward-looking frameworks, to monitor and assess product, team, customer, and operations performance. Facebook Reality Labs is the division of Meta Platforms, Inc, which was formerly known as Facebook, Inc. 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. 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 team at Metaverse Insider decided to analyze the various forecasts being shared. Click here. 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. Provide personalized attention with AI. The report on metaverse market is a comprehensive study and . The new use cases can lead not just to quicker and easier ways of doing things but to whole new industries and business models. Metaverse digital asset marketplaces will be a $224.9 billion opportunity by 2027. Bloomberg Professional Services connect decision makers to a dynamic network of information, people and ideas. Companies can use this to grow their traditional consumer bases while avoiding corporate traditions. We are always looking to hire talented individuals with equal and extraordinary proportions of industry Free upgrade to enterprise license (allows to share across all company locations), 5. These technologies are used to create areas for a rich user experience of the virtual space. Users can build, own, and exchange independent digital assets and virtual territories using cryptocurrencies such as Bitcoin and Ethereum as well as NFTs on metaverse platforms supported by blockchain end-use. But to build these capabilities, companies must develop the ability to continuously update their understanding of evolving customer needs in order to deliver ongoing personalized attention and engagement. Regardless of their level of immersion, users could simply interact with the metaverse using a keyboard. 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. Meta means, "beyond," and verse means "universe.". The data layers and connections include: The metaverse is present today in our everyday lives. A growing number of start-ups and organizations such as The Sandbox (Hong Kong), Bolly Heroes (India), Axie Infinity (Singapore), NextMeet (India), GuildFi (Thailand) as well as Shenzhen Zhongqingbaowang Interaction Network Co., Ltd. (ZQGame Global), and miHoYo Co., Ltd. in China, are projected to drive the regional market expansion. It is seeing monetization through crypto ecosystems, including the birth and rapid growth of cryptocurrencies (both governance tokens and utility tokens) and economic systems and virtual assets (such as decentralized finance and nonfungible tokens). After tech giants including Meta, Microsoft, and Google . Metaverse market size meta analysis. Concerns about data security and privacy in metaverse environments, issues about user identity, and challenges of persuading users to use payment services in these settings are some key factors that are expected to stifle global metaverse market revenue growth to some extent during the forecast period. Other musicians and media content firms collaborating with musicians are more likely to experiment with virtual reality and broadcast content online instead of attending live concerts because of the endless possibilities. Key factors that are driving the metaverse market growth include rising demand for virtual assets, increasing usage of Non-Fungible Tokens (NFTs) to trade digital assets, growing focus on developing metaverse platforms for diverse applications by tech giants, and rapid development of Decentralized Finance (DeFi) applications. Even as crypto currencies undergo a period of turbulence, these instrumentswhich can still be owned, bought, and soldbridge virtual reality and the real world and promote the use of the metaverse for an increasing variety of purposes, such as in work and health care. As video game makers continue to elevate existing titles into 3D online worlds that better resemble social networks, their market opportunity can expand to encapsulate live entertainment such as concerts and sports events as well as fighting for a share of social-media advertising revenue. 2023. 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. PTC, Magic Leap, Microsoft, and Google are just a few of the international firms in the US that offer AR devices and solutions. Within this primary market opportunity that may reach $412.9 billion in 2024 vs. $274.9 billion in 2020, software and services revenue as well as in-game advertising revenue accounts for about 70% of the total market size. The global metaverse market size was estimated at USD 65.51 billion in 2022. They will, however, provide new opportunities for cybercriminals to attack businesses and individuals. Digital content or data, such as digital twins in B2B andgaming and movies inB2C, Technology connecting the layers of digital data, such as machine-to-machine learning, AI, machine learning, and blockchain capabilities to enhance, link, translate, and optimize data for specific use cases and ensure that users trust the security and privacy of their experience, Connections between digital layers and the physical world via all kinds of devices (these connections are what make the metaverse useful to human beings), Most important, owningor otherwise ensuring ready access to and control ofdata and content and the surrounding geography on the app, Providing robust linkages between digital layers and the physical and virtual worlds (human-machine interface), including IoT sensors to enable human-to-metaverse connectivity and blockchain technology to create authentic and unalterable ledgers for purposes of trust, Providing the tools needed for both consumers and businesses to spend more time in the metaverse, such as computing power; low latency to ensure timely access to information; AI to provide continuous learning, fault tolerance, and enhanced contextualization; and privacy and permissions to ensure proper controls. 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