The Rise of Metaverse Market: A $1,303.4 billion Industry Dominated by Microsoft, Sony, Meta, HTC | MarketsandMarkets™

/EIN News/ -- Delray Beach, FL, Oct. 21, 2024 (GLOBE NEWSWIRE) -- The global Metaverse Market size is expected to grow from USD 83.9 Billion in 2023 to USD 1,303.4 Billion by 2030 at a CAGR of 48.0% during the forecast period, according to new research report by MarketsandMarkets™

Browse in-depth TOC on "Metaverse Market"

291 - Tables
67 - Figures
359 - Pages

Download Report Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=166893905

Metaverse Market Dynamics:

Drivers

• Increase in demand from entertainment and gaming industries
• Emerging opportunities from adjacent markets
• Virtualization in fashion, art, and retail industries

Restraints

• High installation and maintenance costs of high-end metaverse components
• Regulations pertaining to cybersecurity, privacy, and usage standards

Opportunities

• Incorporation of metaverse and adjacent technologies in aerospace & defense sector
• Continuous developments in 5G technology
• Emergence of virtual experiences in corporate and hospitality sectors

List of Key Players in Metaverse Market:

• Microsoft (US)
• Sony (Japan)
• Meta (US)
• HTC (Taiwan)
• Google (US)
• Apple (US)
• Qualcomm (US)
• Samsung (South Korea)
• Activision Blizzard (US)
• NetEase (China)
• Electronic Arts (US)

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=166893905

Metaverse is an online experience of shared 3D virtual worlds created by combining physical and digital worlds. These virtual worlds are created by leveraging AR, VR, real-time 3D, and interactive video. The Metaverse has gained wide popularity in social networking, online video gaming, and live entertainment. With investments towering up for real-time 3D technology development, the market players from the social media industry, online gaming market space, and other technology fields are already foreseeing a vast potential in the metaverse market. Online game makers, such as Activision Blizzard (US), Electronic Arts (US), Microsoft (US), NetEase (China), Nexon (Japan), Roblox (US), Take-Two (US), and Tencent (China), support the metaverse market growth through the in-game 3D virtual worlds. The opportunities in adjacent markets, such as VR, AR, extended reality, cloud gaming, AI in social media, and AR/VR hardware and peripherals, open new revenue prospects for the metaverse market.

The software segment holds the largest market size during the forecast period. The software includes gaming engines, 3D modeling & reconstruction tools, volumetric video tools, geospatial mapping software, metaverse platforms, and financial platforms. A game engine is a software framework or platform that developers use to create and develop video games. It provides a set of tools, libraries, and systems for various aspects of game development, such as rendering graphics, handling physics, managing game assets, and implementing gameplay logic. Game engines help streamline the game development process and enable developers to focus on creating the actual content and gameplay rather than building the underlying technology from scratch.

Game engines play a significant role in the development of the metaverse, which is a virtual, interconnected, and immersive digital universe where users can interact, socialize, work, and play. The few usage of game engine in metaverse are, creating virtual worlds, increasing user interaction, avatar creation and animation, multiplayer networking and many more. In 2023, the software segment held the highest share in the metaverse market during the forecast period as it helps to o create and design the virtual worlds and environments within the metaverse. This includes 3D modeling software, world-building tools, and terrain generation software, it enable users to navigate, interact, and control their experience within the metaverse. This includes menus, HUDs (Heads-Up Displays), and gesture recognition interfaces, it helps to implement networking protocols and multiplayer functionality to enable users to interact with each other in real-time within the metaverse. This would support market growth in the coming years.

Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=166893905

The geographic analysis of the metaverse market includes five regions: North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. As a technology adopter, North America holds the largest market size during the forecast period. Being technologically advanced and developed, North America is the leading market in developing cutting-edge display technology. Further, the rising expenditure of companies and individuals on digital solutions and advanced technologies also boosts market growth. North America has emerged as the largest market for metaverse technology. It accounted for a significant share of the global market in 2023. The use of AR technology in consumer electronics propels the growth of the AR market in the region. Industries such as aerospace and defense, healthcare, consumer, and commercial applications for education and training also use AR. Several global companies providing AR devices and solutions have their presence in the US, including Microsoft, Apple, Meta, and Google. Additionally, enterprises’ increased acceptance of metaverse technologies to market their products in a modern way has been the key factor driving the growth of the metaverse market in North America.

VR and AR technologies are crucial for creating immersive metaverse experiences. VR provides fully immersive digital environments, while AR overlays digital content onto the real world, blending the physical and digital realms. Advances in hardware have made VR and AR more accessible and compelling; this includes better headsets, more powerful GPUs, and more affordable components, making the technology available to a broader range of consumers and industries. The availability of engaging content boosts AR and VR growth. As more developers and creators produce high-quality VR and AR experiences, it encourages user adoption. This content spans from games and entertainment to educational and professional applications. The gaming industry has been a significant driver for VR adoption. Games like “Beat Saber,” “Half-Life: Alyx,” and “Superhot VR” have demonstrated the potential for immersive gaming experiences.

Additionally, businesses use AR for interactive marketing campaigns and location-based entertainment, like the success of Pokémon GO. MR is finding significant traction in the enterprise and industrial sectors. Businesses are adopting MR for remote assistance, training, maintenance and repair, 3D modeling, and data visualization; MR helps improve efficiency, reduce errors, and enhance collaboration in these industries.

Get access to the latest updates on Metaverse Companies and Metaverse Industry

About MarketsandMarkets™
                    
                    MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
                    
                    MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
                    
                    Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
                    
                    The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
                    
                    Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
                    
                    To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
                    
                    Contact:
                    Mr. Rohan Salgarkar
                    MarketsandMarkets Inc.
                    1615 South Congress Ave.
                    Suite 103, Delray Beach, FL 33445
                    USA : 1-888-600-6441
                    UK +44-800-368-9399
                    Email: sales@marketsandmarkets.com
                    Visit Our Website: https://www.marketsandmarkets.com/