The global metaverse market has expanded as a result of the development in demand for three-dimensional (3D) virtual environments as remote working tools during the COVID-19 period, the Metaverse Market is Forecasted to Cross US$ 700 Bn by 2030 says Ken Research Study.
Metaverse can be defined as an integrated network of a 3D virtual world that allows the users to have virtual interaction. It is the digital reality that combines the aspects of virtual reality, augmented reality, and mixed reality. Some of the major end users of the metaverse include healthcare, gaming, social media & live events, and others.
According to Ken Research estimates, the Global Metaverse Market – which grew from around US$20 Bn in 2019 to nearly US$50 Bn in 2022 – is expected to grow further into a more than US$700 Bn opportunity by 2030. Ken Research shares 5 key insights on this high opportunity market from its latest research study.
1. The COVID-19 Pandemic has aided in the Acceleration of Global Metaverse Market Growth to ~40%.
Due to its ability to replicate a virtual environment that enables technologies like Virtual Reality, Augmented Reality, Mixed Reality, Blockchain, and others, the Global Metaverse Market is anticipated to develop rapidly during the forecast period. In addition, the COVID-19 pandemic was the primary force behind Metaverse since it anticipated increased demand around the world compared to the period before the pandemic. In response to the pandemic and ongoing advancements in 5G technology, sectors like healthcare and education began adopting Metaverse, and workplaces switched from offline to virtual video streaming events. This offers the Metaverse a chance to expand.
2. Rise In Consumer Spending On Virtual Concerts And Remote Working Tools Drives the Metaverse Market Growth.
With the increase in the demand for Metaverse platforms, users have found a new way to socialize themselves with each other across the globe in the virtual world. Enterprises can manage and meet their employees on a platform made available by Metaverse, communicate with them, and retain in-person engagement even when working remotely. It also helps in keeping track of employees inside the virtual work. Such application of the metaverse platform in the modern workplace helps in the growth of the metaverse market.
As the demand for virtual concerts has grown, users in the media and entertainment industries have spent a lot of money on them. The concerts are organized in a virtual environment with the use of VR headsets and AR technology. AmazeVR, a virtual concert platform based in Los Angeles, announced on September 2022, that it has secured a US$ 17 million fundraising round to produce immersive music experiences through VR concerts.
3. Rise in Cyber Attacks is a major concern to Global Metaverse Market.
Technology like virtual reality and augmented reality have the power to combine the real world with the virtual world, opening up new opportunities for hackers to target users of metaverse technology and their businesses. Major leading players have faced a loss of billions of dollars due to these cyber-attacks. An increasing number of cyber-attacks may hinder market growth. The Federal Bureau of Investigation (FBI), Internet crime complaint center reported 2,084 complaints from January to July 2021.
4. Hardware Segment Held The Major Share In Terms of Components and Is Expected To Maintain Dominance During The Forecast Period.
The hardware segment is projected to account for the largest market share during the forecast period. Hardware segment provides devices such as AR/VR headsets & displays, and extended reality hardware. Companies are focusing to develop more advanced hardware, such as VR/AR headsets, haptic devices, and sensors, to enhance the realism of virtual worlds. For instance, in October 2021, Meta Reality Labs, Facebook’s parent company, will invest at least US$ 10 billion in the creation of gear for augmented reality (AR) and virtual reality (VR).
5. With the Majority of the Revenue Share, North America Region Dominated the Global Metaverse Market in 2021.
The industry is anticipated to have significant expansion as a result of the presence of numerous significant players in the North American market. The numerous academic and research institutions in this North America are attempting to investigate the further potentials of the metaverse market. Another factor anticipated to boost the regional market’s revenue growth is the rising number of start-ups focusing on the creation of metaverse platforms for commercialization. In September 2021, Meta platforms announce US$ $50 million investment in global research and program for the development of its Metaverse.
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