Global Metaverse Technology Market Size Is Expected To Reach Value Of Around USD 225 Billion By 2028

18-May-2022 | Facts and Factors

According to the Facts & Factors report, the global metaverse technology market was worth about 33 (USD billion) in 2021 and is predicted to grow to around 225 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 37.8%.

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.

Browse the full “Metaverse Technology Market By Application (Social Media & Content Creation, Digital Marketing, Online Shopping, Testing & Inspection, Conferences & Events, and Gaming), By End-User (Education, Media & Entertainment, Banking, Financial Services, & Insurance, Aerospace & Defense, Automotive, and Others), and By Region - Global Industry Insights, Growth, Size, Share, Comparative Analysis, Trends and Forecast Report 2022 – 2028"  report at https://www.fnfresearch.com/metaverse-technology-market

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.

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

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.

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.

Report Scope

Some of the key global metaverse technology market players are Epic Games, NetEase, Microsoft, Unity, Netmarble, RRoblox, MiHoYo, Lilith, Tencent, ByteDance, Baidu, Nexon, Meta (formerly Facebook), and ZQGame.

Recent Development

• 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.

The global metaverse technology market is segmented as follows;

By Application

• Social Media & Content Creation
• Digital Marketing
• Online Shopping
• Testing & Inspection
• Conferences & Events
• Gaming

By End-User

• Education
• Media & Entertainment
• Banking, Financial Services, & Insurance
• Aerospace & Defense
• Automotive
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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