Global Metaverse Market By Geography
The Global Metaverse market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. North America is expected to dominate the global metaverse market during the forecasted period owing to the presence of major companies such as Nvidia Corporation, Microsoft, Meta Platforms, and Unity Games. The Metaverse is expected to be primarily derived from North America. Virtual Reality, Augmented Reality, and 3D simulation is being used by several companies in North America to enhance their operations.
North America is increasing market share as a result of increased investment in Metaverse by leading players such as Meta Platforms, Nvidia Corporation, Roblox Corporation, and others. For Instance, NVIDIA expands the omniverse platform in August 2021 in order to draw millions more players to the metaverse.
Competition Scenario In Global Metaverse Market
The metaverse market is highly competitive with ~500 players which include globally diversified players, regional players as well as a large number of country-niche players having their niche in metaverse advancement for multiple industries. most of the country-niche players are metaverse developers.
Global players control about 10% of the market, while regional players hold the second largest share. Some of the major players in the market include Meta Platforms, Microsoft, Nvidia, Tencent Holdings Ltd, Roblox Corporation, Nextech AR Solutions Inc, Unity Software Inc, Bytedance, Epic Games, Inc., Decentraland, Antier Solutions, and Alibaba Group Holding Limited.
What is the Expected Future Outlook for the Overall Global Metaverse Market Across the globe?
The Global Metaverse market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2028F, witnessing a CAGR of ~% during the forecast period 2022-2028F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Global Metaverse market is driven the increase in popularity of virtual Reality, augmented reality, and mixed reality the metaverse is gaining momentum as it helps in connecting the physical world with the virtual environment. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
With the increasing acquisition and emergence of new products, the Global Metaverse market is changing rapidly. For instance, In September 2022, Meta is collaborating with Qualcomm to design a customized chipset for extended reality platforms to deliver the next-generation platforms and core technologies to accelerate a fully immersive metaverse.
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In January 2022, Microsoft is acquiring Activision Blizzard which will bring experience and community of Gaming to everyone. Activision Blizzard Inc. is a leader in gaming development and interactive entertainment content publisher and this acquisition will help the company to accelerate growth in Microsoft’s gaming business and will provide building blocks for the metaverse. Furthermore, In April 2022, Epic Games, an American video game and software developer, announced a US$2 billion round of funding to promote the company’s aim of building the metaverse and support its ongoing expansion.
The gaming industry is a leader in adopting cutting-edge technology like VR, and AR. These technologies can improve gaming experiences by developing virtual characters and things that are connected to particular real-world locations. The Global Metaverse Market is forecasted to continue at an exponential growth rate that it has been witnessing since 2019, primarily driven by rise in demand for three-dimensional (3D) environment as remote working tool during the time of COVID-19 pandemic. Though the market is highly competitive with ~500 participants, few global players control the dominant share and regional players also hold a significant share.
Market Taxonomy
By Component
- Hardware
- Software
- Professional Services
By Platform
- Desktop
- Mobile
- Wearable
- Others
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By Offerings
- Virtual Platforms
- Asset Marketplace
- Avatars
- Financial Services
By Technology
- Augmented Reality (AR) & Virtual Reality (VR)
- Mixed Reality
- Blockchain
- Others (IoT, etc)
By End-User
- Gaming
- Social Media & Live Events
- Online Shopping
- Industrial Manufacturing
- Aerospace and Defense
- Education
- Healthcare
- Others (Content Creation, Virtual Runway Shows, Fashion, Testing & Application)
By Geography
- North America (USA Canada, Mexico)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Australia, Rest of Asia-Pacific
- Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
- Latin America, Middle East & Africa (LAMEA)
Key Competitors
- Meta Platforms Inc.
- NVIDIA Corporation
- Microsoft
- Nextech AR Solutions Inc.
- Decentraland
- Roblox Corporation
- Tencent Holdings Ltd.
- Bytedance
- Unity Software Inc.
- Antier Solutions
- Alibaba group holding limited
- Epic Games, Inc.
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