during the forecast period. Key factors expected to drive the growth of the metaverse market include strong growth opportunities in neighboring technology markets such as virtual reality (VR), augmented reality (AR), mixed reality (MR), blockchain, crypto and virtual currencies, 5G, Internet of Things (IoT) and others.
NEW YORK, May 18, 2022 (GLOBE NEWSWIRE) – Reportlinker.com announces the release of the report “Metaverse Market by Component, Column, and Region – Global Outlook to 2027” – https://www.reportlinker.com/p06277917/?utm_source=GNW
Retail companies have changed their brand promotion strategies through the use of games and virtual world simulators Furthermore, extended reality technology has been a future-focused technology, by enhancing students’ learning experiences through the highly realistic presentation of information, enhancing interaction with Simulation environments have ultimately led to the increased prevalence of the metaverse in the industrial education and training sector. The use of extended reality technology in the healthcare sector reduces costs and improves outcomes for individuals without risking patient lives, and the above-mentioned key factors are expected to create significant opportunities for metaverse vendors.
The COVID-19 pandemic negatively impacted the market in 2020, resulting in a 1.0-1.5% lower growth rate of the metaverse market during 2020-2021 compared to the pre-COVID-19 scenario. However, companies in the market have adopted various strategies for business improvement. The emerging technology market coupled with various research and developments in extended reality has been a strong motivation for companies to improvise and enhance their metaverse platform further. They enhance their existing products through partnerships, collaborations and product development. Moreover, the ongoing digital transformation, and the increasing demand for interactive, secure and easy-to-use collaboration solutions during the COVID-19 pandemic have provided great opportunities for vendors in this market.
Significant growth of the hardware sector during the forecast period
The devices segment is expected to contribute significantly to the market, and this growth in the devices segment is supported by several factors such as the use of HUD in the media and entertainment segment which is expected to fuel the growth of the AR devices segment in the market. .
The ability of augmented reality devices to combine the real world with virtual objects has led to increased demand across various applications. In addition, the surge in the use of mobile-based HMDs featuring high-resolution, 360-degree viewing angles has led to numerous offerings by vendors in the AR and VR market, owing to the increasing demand for deployment, hassle-free and proper integration of metaverse solutions along with Organizations’ need to understand changing business conditions, customer insights, market trends, external factors, global disruptions, or service inconveniences.
• By vertical sector, the consumer to record the largest market size during the forecast period
The consumer segment is expected to hold the largest market size in the metaverse market. The consumer sector supports many recreational applications, which include archaeological museums, amusement parks, amusement parks, science parks, art galleries, and various types of mega galleries) and exhibitions.
Metaverse, especially with its extended reality technology, delivers remarkable results in terms of visual effects, 3D environment, user interaction and engagement when used in games and sports broadcasts. 3D, AR, VR, and MR.
These technologies aim to enhance the gaming experience of players by creating virtual objects and characters (avatars), linked to specific locations in the real world. This industry also has significant contributions to audiences related to its content and delivery unit, and therefore has the largest volume in the market.
The Asia Pacific region recorded the highest growth rate during the forecast period
The Asia Pacific region is expected to be the fastest growing region in the metaverse market, with the highest growth rate achieved at a compound annual growth rate of 49.6% during the forecast period. The increasing adoption of metaverse technologies in consumer, commercial and healthcare applications is driving the growth of the market as a whole. The increasing reliance on emerging technologies such as AR, VR, MR, AI, ML, advanced analytics and the move of companies to cloud environments in Asia Pacific countries such as China, Japan and South Korea is fueling and driving the growth of the metaverse market in this high-growth region.
In the process of quantifying and validating the market size of various segments and sub-segments collected through secondary research, extensive primary interviews were conducted with CEOs (CEOs), Chief Marketing Officers (CMOs), Vice Presidents (VPs), Managing Directors (MDs) and CTOs Innovation and related key executives from various major companies and organizations operating in the METAVERSE market.
• By company type: Level 1 – 29%, Level 2 – 45%, Level 3 – 26%
• By designation: C-level executives – 30%, manager level – 25%, others – 45%
• By region: North America – 40%, Europe – 30%, Asia Pacific – 25%, Rest of the World (RoW) – 5%
The report provides an overview of the following major vendors:
Meta (US), Microsoft (US), NetEase (China), Electronic Arts (US), Take-Two (US), Tencent (China), Nexon (Japan), Epic games (US), Unity (US), Valve (US), Accenture (Ireland), Adobe (US), HPE (US), Deloitte (UK), Ansys (US), Autodesk (US), Intel (US) ), Tech Mahindra (India), ByteDance (China), Nvidia (US), Activision Blizzard (US), Samsung (South Korea), Google (US), Sony (Japan), HTC (Taiwan), Seiko Epson (Japan), Apple (US), Qualcomm (US), Panasonic (Japan), Eon Reality (US), Roblox (US), Lenovo (Hong Kong), Razer (US), Nextech AR Solutions (US) Canada), ZQGame (China), Talecraft (Marshall Islands), VR Chat (US), Decentraland (Argentina) and Somnium Space (UK) and Sandbox VR (US .)
The market study covers the metaverse market size across segments, and aims to estimate market size and market growth potential across segments by component, vertical, and region.
Components are divided into hardware, software, and professional services. Devices include AR devices (AR smart glasses, smart helmets, and AR HUD), VR devices (VR HMD, gesture trackers, and touch devices), MR devices, and displays (3D, 3D and virtual mirrors).
The software includes extended reality software, game engines, 3D mapping, modeling, reconstruction tools, volumetric video tools, metaverse and financial platforms, among others. The metaverse platforms include centralized and decentralized portals, token identity makers, play-to-earn games, virtual worlds, and social media based on the metaverse.
Based on vertical, the metaverse market has been segmented into consumer (games, social media, live entertainment, and events), commercial (retail and e-commerce, travel and tourism, real estate, education, and corporate), industrial manufacturing, healthcare, and other vertical (automotive). Aerospace and Defense, Energy and Utilities, Transportation and Logistics). The study also includes an in-depth competitive analysis of the major market players, along with company profiles, key notes regarding product and business offerings, recent developments, and key market strategies.
The main benefits of purchasing the report
The report will assist market leaders / new entrants with information on the closest approximations of revenue figures for the global metaverse market and its sub-sections. The report will help stakeholders to understand the competitive landscape and gain more ideas to better position their business and plan suitable market entry strategies.
The report will also help stakeholders to understand the pulse of the market and provide them with information on the major market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p06277917/?utm_source=GNW
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