Global Players Dominate the Metaverse Market Holding ~60% of Revenue Share Despite Presence of ~500 Competitors Comprising a Large Number of Regional Players and Country-Niche Players, finds a recent market study on Global Metaverse Market by Ken Research
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. Ken Research shares 3 key insights on the competitive landscape of this dynamic market from its latest research study.
1. Global Players Who Comprise 10% in Terms of Number of Competitors Hold Dominant Revenue Share
Competitive Analysis by the Ken Research Study found that the Global Metaverse market is highly competitive with ~500 players which include globally diversified players, country-niche players as well as a large number of regional players having their own niche in metaverse development and execution for specific segments. The global players comprise just about 10% in terms of the number of companies, followed by regional players accounting for ~30% in terms of the number of companies.
2. Global Players Ongoing Efforts to Offer Metaverse Solutions to A Variety Of End-Users Drives The Growth Of Market
Detailed comparative analysis of key competitors available within the Research Study shows that key players such as Unity, and Epic Games are highly focused on offering advanced metaverse technology such as virtual reality, augmented reality, mixed reality, and advanced techniques that can be used across multiple industries, including gaming, aerospace and defense, industrial manufacturing, education, healthcare and many more. Furthermore, several companies and organizations are aggressively investing in R&D to provide users with the best Metaverse Technology.
- In 2021, Meta Platforms, an operator of social media technology, invested US$10 Billion to start the Metaverse, and as per the study, the metaverse market is expected to increase over the coming years. Meta Platform seems to take a big step toward monetizing the Metaverse through its social platform called Horizon Worlds Virtual Reality (V.R).
3. The COVID-19 Pandemic Led to Significant Growth of Metaverse Platforms as There Was a Rise in Investment from Companies
COVID-19 pandemic has increased the need of Metaverse as it substitutes actual human interaction with the digital world where user can interact with each other. This provoked many companies to grab this opportunity to expand their products and service into the metaverse platform. For instance, in November 2020, Roblox an online gaming platform host its first virtual concert during the pandemic which attracted 12.3 million concurrent players.
Moreover, the increase in work-from-home culture and social distancing norms that were incorporated during COVID-19 helped in promoting for demand Metaverse Platforms.
Increased Adoption of Metaverse Around The Globe Led To Major Industry-Wide Developments, Acquisitions, Collaborations, And Deal-Wins
- In February 2022, Spire Animation raised a US$ 20 million funding round, for the investment in Epic Games to collaborate and build a Metaverse experience. Epic Games a three-dimensional creation tool Unreal Engine will integrate with the Spire feature animation pipeline to build the metaverse.
- In October 2021, Facebook changed its name to Meta Platform Inc to show its interest in Metaverse. The company have announced US$150 million to train creators in building immersive content for the people and also working with game engine developer Unity to create Virtual Reality and Augmented Reality Content.
In January 2022, Tencent acquired the Xiaomi-backed gaming smartphone brand Black Shark. The company is one of the largest gaming smartphone manufacturers in China. Tencent will acquire Black Shark for USD 420 million as it will provide games and content to the hardware mark
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