Metaverse Market Size & Trends – Increasing emphasis on developing metaverse platforms for education sector

The global metaverse market size reached USD 47.69 Billion in 2020 and is expected to register a revenue CAGR of 43.3% during the forecast period, according to latest analysis by Emergen Research. Rising focus on converging digital and physical worlds through internet and the recent COVID-19 outbreak are expected to support market revenue growth between 2021 and 2028. In addition, increasing emphasis on developing metaverse platforms for education industry will continue to boost revenue growth of the market. 

Korea Advanced Institute of Science and Technology (KAIST) intends to develop a virtual campus in Kenya, which will start in September 2023 in Konza Technopolis in nearby Nairobi. The university desires to develop a metaverse that will run classrooms and provide an immersive learning opportunity on campus through the use of augmented reality, virtual reality, and eye tracking technology. Soonchunhyang University in Korea arranged a virtual welcoming event for freshers to participate as avatars.

However, issues about identity and reputation in metaverse are expected to hamper market revenue growth during the forecast period. When it comes to the real world, the issue of personal identity and representation is quite easy. However, when it comes to virtual worlds, verification of users is quite difficult as another individual or even a bot can attempt to replicate actual identity.

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Key Points of Metaverse Market:

Extensive coverage of the analysis of the Metaverse market

Key insights into the regional spread of the industry in key geographies

Radical insights into the vital market trends; both current and emerging trends, and factors influencing the growth of the market

Comprehensive coverage of the impact of the COVID-19 pandemic on the overall growth of the Metaverse market

Complete data about the key manufacturers and vendors in the Metaverse market

The global Metaverse market is highly consolidated due to the presence of a large number of companies across this industry. These companies are known to make hefty investments in research and development projects. Also, they control a considerable portion of the overall market share, thus limiting the entry of new players into the sector.  The global Metaverse market report studies the prudent tactics undertaken by the leading market players, such as partnerships and collaborations, mergers & acquisitions, new product launches, and joint ventures.

Leading Companies of the Metaverse Industry and Profiled in the Report are:  Facebook, Inc., Tencent Holdings Ltd., ByteDance Ltd., NetEase, Inc., Nvidia Corporation, Epic Games, Inc., Roblox Corporation, Unity Technologies, Inc., Lilith Games, and Nextech AR Solutions Corp.

Some Key Highlights From the Report

Software segment is expected to register a substantially rapid revenue CAGR during the forecast period as companies are investing considerable efforts into developing developer-focused gaming platforms that enable users to create games or 3D environments. AI-powered 3D engines enable creation of gaming content in real-time, allowing for an diverse range of situations and making games highly engaging.

Fashion segment is expected to register a significantly robust revenue growth rate over the forecast period due to rising development of virtual runway shows platforms like IMVU. From partnering with online community artists to buying avatar clothing, IMVU’s virtual runway has received much interest as more fashion businesses identify immersive experiences as an important part of the business strategy. Animal Crossing, which is a game from Nintendo Co., Ltd., has brands such as Anna Sui, Valentino, and Sandy Liang design exclusive garments for metaverse.

North America is expected to register a substantially robust revenue growth rate over the forecast period due to major presence of companies such as Facebook, Inc., Nvidia Corporation, Epic Games, Inc., and Nextech AR Solutions Corp. in the US and Canada focusing on develop metaverse platforms.

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Analysis of the segments and their growth projection is carried out by extensive historical and current analysis of the market scenario. Further, the report offers details about the factors and features of the Metaverse market expected to boost the growth of the industry in the coming years.

Emergen Research has segmented global metaverse on the basis of component, platform, offerings, technology, application, end-use, and region:

Component Outlook (Revenue, USD Billion; 2018–2028)

Hardware

Displays

eXtended Reality (XR) Hardware

Haptic Sensors & Devices

Smart Glasses

Omni Treadmills

AR/VR Headsets

Software

Asset Creation Tools

Programming Engines

Platform Outlook (Revenue, USD Billion; 2018–2028)

Desktop

Mobile

Offerings Outlook (Revenue, USD Billion; 2018–2028)

Virtual Platforms

Asset Marketplaces

Avatars

Financial Services

Technology Outlook (Revenue, USD Billion; 2018–2028)

Blockchain

Virtual Reality (VR) & Augmented Reality (AR)

Mixed Reality (MR)

Application Outlook (Revenue, USD Billion; 2018–2028)

Gaming

Online Shopping

Content Creation

Social Media

Conference

Virtual Runway Shows

Aircraft Maintenance

Others

End-use Outlook (Revenue, USD Billion; 2018–2028)

Fashion

Media & Entertainment

Education

Aerospace & Defence

Others

 Valuable Market Insights:

The report highlights the latest trends observed in the consumption pattern of each regional segment.

Extensive market segmentation included in the report helps better understand the revenue and estimated growth of the individual regions.

The report throws light on the historical and current market scenarios and provides a concise year-on-year growth rate of the global Metaverse market.

The report further entails the current market trends, technological advancements, revenue growth, and other aspects affecting market growth.

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Regional Segmentation

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Table of Contents:

Chapter 1 includes an introduction of the global Metaverse market, along with a comprehensive market overview, market scope, product offerings, and an investigation of the market drivers, growth opportunities, risks, restraints, and other vital factors.

Chapter 2 offers an in-depth analysis of the key manufacturers engaged in this business vertical, along with their sales and revenue estimations.

Chapter 3 elaborates on the highly competitive terrain of the market, highlighting the key manufacturers and vendors.

In Chapter 4, our team has fragmented the market on the basis of regions, underscoring the sales, revenue, and market share of each region over the forecast timeline.

Chapters 5 and 6 have laid emphasis on the market segmentation based on product type and application.

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About Us:

At Emergen Research, we believe in advancing with technology. We are a growing market research and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.

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