Metaverse Market Set to Witness an Uptick during 2022 to 2030Posted by Mrudula Anil Karmarkar on July 26th, 2022 The global metaverse market size is predicted to attain USD 678.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to witness a CAGR of 39.4% over the forecast period, owing to increasing demand from end-use industries, which prominently include media and entertainment, education, and aerospace and defense is anticipated to propel the industry growth over the forecast period. The metaverse market is also growing due to the steady adoption of XR technologies to enhance user experience on various platforms. The growing demand for metaverse to purchase digital assets using cryptocurrencies is expected to drive the market significantly. The development and distribution of Augmented reality (AR), Virtual Reality (VR), and Mixed Reality (MR) devices are anticipated to spur market growth in years to come. The prefix "meta" is commonly used in Greek to denote "after" or "beyond." The metaverse is a three-dimensional interactive and immersive environment where several people can interact through avatars. The usage of the metaverse to purchase digital assets using bitcoin is becoming more popular around the world. Gaming websites, messaging applications, and social media platforms such as Facebook are being used to communicate with one another online. The metaverse is the advent of new online environments in which people's interactions are more multidimensional and they can engage more deeply with digital content rather than merely reading it. The metaverse is widely used as a real-time virtual world to build and leverage vast opportunities for brand connection. It would also set the stage for the next phase of post-COVID-19 digital activity, namely the emergence of digital social experiences. On Metaverse platforms that allow blockchain technology to be utilized, users can create, own, and trade autonomous digital assets and virtual regions using cryptocurrencies like Bitcoin and Ethereum, as well as nonfungible tokens (NFTs). During the forecast period, rising demand for blockchain-based metaverse networks and platforms for trading digital assets is expected to drive considerable market revenue growth. One of the major factors driving the future expansion of the metaverse business is the rise of the gaming industry. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/metaverse-market-report/request/rs1 Major factors expected to drive the revenue growth include a growing focus on integrating digital and physical worlds using the Internet, increasing momentum and popularity of Mixed Reality (MR), Augmented Reality (AR), and Virtual Reality (VR), and the outbreak of COVID-19, as well as the situation’s subsequent developments and outcomes.The metaverse is a term used to describe a highly immersive 3D virtual world experience obtained through the use of a mixture of technologies such as AR, VR, and MR. The metaverse platform elevates the internet experience by establishing a virtual world in which users can engage in immersive gaming, conduct business, socialize, buy and sell virtual real estate, and enjoy immersive entertainment, among other things. Recent Developments:
Metaverse is one of the trending technology platforms attracting various social networks and technology leaders, and online game makers to enter and establish its presence within the market. The metaverse is a fast-growing trend with a considerate penetration rate of users for various applications such as gaming, content creation, social interaction, learning and training, and online virtual shopping. According to industry experts, the metaverse is expected to infiltrate a multitude of industries in numerous ways in the coming years, with the potential market opportunity or the total addressable market estimated at more than USD 1 trillion in yearly revenues. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/452513/ibb Metaverse Market Dynamics: Drivers & Opportunity: Growing demand for metaverse to purchase digital assets using cryptocurrencies The metaverse’s currency is a cryptocurrency and every metaverse has its collection of coins. They’re used to paying for everything from NFTs to virtual real estate to avatar shoes. Cryptocurrencies are used to connect the physical and virtual worlds. They allow us to calculate the worth of digital assets in the government-issued currency as well as the returns on those assets over time. The use of the metaverse to buy digital assets using cryptocurrency is gaining traction around the world. Individuals now communicate with one another digitally via websites, messaging apps, and social media platforms such as Facebook. The metaverse is the emergence of fresh online settings in which people’s interactions are highly multidimensional, and they can participate more meaningfully with digital content rather than simply reading information. Because of the accessibility of crypto on exchanges all around the world, investors can make money by selling metaverse coins and NFTs directly to purchasers. Expanded opportunities for Business-to-Consumer (B2C) and Business-to-Business (B2B) enterprises One of the metaverse’s promising prospects is that it is vastly increasing access to the marketplace for consumers in emerging and frontier economies. The Internet has already opened up access to previously unavailable goods and services. Workers from low-income countries, for example, may now be able to find work in western corporations without emigrating. Virtual reality environments will help enhance educational options, as they are a low-cost and effective way to learn. There will need to be clear governance as a result of these developments. Business-to-business (B2B) marketing includes trade exhibitions, product demos, client meetings, customer service, and commercials. The metaverse now has the power to drastically modify each of these things. Because many B2B products are commodities, excellent customer service can make all the difference. The Metaverse has an interesting side effect of blurring the distinctions between B2B and B2C. Companies can use this to grow their traditional consumer bases while avoiding corporate traditions. Challenge: The threat of cyber-based attacks targeting the metaverse is a primary concern Even if the final implementation of the metaverse differs from today’s vision, technologies such as Virtual Reality (VR), Augmented Reality (AR), the Internet of Things (IoT), and cryptocurrencies will certainly be used. These technologies have the potential to merge and synchronize the physical and digital worlds. They will, however, provide new opportunities for cybercriminals to attack businesses and individuals. Concerns about data security and privacy in metaverse environments, issues about user identity, and challenges of persuading users to use payment services in these settings are some key factors that are expected to stifle global metaverse market revenue growth to some extent during the forecast period. Like it? Share it!More by this author |