We reviewed forecasts from consulting companies such as McKinsey and BCG as well as generalist "research" companies. We zoned into relatively recent reports released after Facebook changed its company name to Meta. Additionally, due to its technological development and advancement, North America leads all other markets in the creation of advanced technology for use in display devices. There has been significant growth in VR and AR gamers globally, broadening the market horizon. This data can come from human users and their digital devices and from myriad other sources. Individuals now communicate with one another digitally via websites, messaging apps, and social media platforms such as Facebook. Metaverse market growth would be driven by primary elements such as a change in the gaming industry and media & entertainment, also developing prospects from additional needs such as augmented reality, mixed reality, virtual reality, and digitalization in the retail & fashion domain. Boston Consulting Group is an Equal Opportunity Employer. Businesses are increasingly focusing on organizing virtual music concerts, and the adoption of this concept by a growing number of businesses is likely to boost this segment's revenue growth. January 2022 - A blockchain-based gaming business, Space Falcon, raised USD 4 million to use blockchain technology in transforming conventional gaming. Blockchain and other distributed ledgers go far beyond cryptocurrencies. (See Exhibit 3.). It's a smartphone app that integrates with an augmented-reality-enabled windshield to serve up driving directions, which it feeds to the cars self-driving algorithms. Additionally, autonomy permits the production structure to efficiently respond to unpredicted events in an intelligent way. The global metaverse market revenue crossed $58.5 billion in 2021, and it is expected to advance at a CAGR of 43.7% during 2021-2030, to reach $1,525.7 billion by 2030. 6. The metaverse represents a broad opportunity that encompasses much more than avatars, gaming, AR and VR, and consumer applications. Developing a clear definition of what winning looks like in the fast-changing metaverse can be difficult. In-depth research into how customer journeys are evolving will lead to important insights that can help define a businesss metaverse roadmap. 1. Metaverse market size meta analysis. The glasses are equipped with dual integrated a 5MP camera which allows the user to take pictures within 30 seconds. These technologies are used to create areas for a rich user experience of the virtual space. As video game makers continue to elevate existing titles into 3D online worlds that better resemble social networks, their market opportunity can expand to encapsulate live entertainment such as concerts and sports events as well as fighting for a share of social-media advertising revenue. The base year considered for the study is 2021, and the forecast has been provided for the period 2023 to 2032. Experience suggests that its critical to push broad alignment through the organization so that teams can act with autonomy as they experiment with potential applications. In November 2021, Tencent Holdings, Ltd announced that it has partnered with The Asian Institute of Digital Finance. Build the technical platforms and tools (such as a data capability) that will facilitate implementation of the strategy and expansion of the effort over time as it generates results. We are happy to help. Report Summary. Many companies already see the metaverse as an opportunity to connect with consumers in new ways. A broad range of game developers worldwide is working on various futuristic game projects for select VR/AR platforms in 2022. The Metaverse market may reach $783.3 billion in 2024 vs. $478.7 billion in 2020 representing a compound annual growth rate of 13.1%, based on our analysis and Newzoo, IDC, PWC, Statista and Two Circles data. Theyre used to paying for everything from NFTs to virtual real estate to avatar shoes. As the metaverse evolves and matures, many more use cases will join the dozens that already exist. Americans also appreciate their metaverse experience, which motivates them to spend money on gadgets that would experience it even better. We are always looking to hire talented individuals with equal and extraordinary proportions of industry North America holds highest share in 2021. Moreover, through metaverse portals, cryptocurrency is frequently used to pay for everything, from avatar shoes to NFT (Non-fungible tokens). Request a demo. Set a broad vision. The market is expected to witness a CAGR of 39.4% over the forecast period, owing to increasing demand from end . Metaverse is a simulated digital environment that is enabled with augmented reality (AR), virtual reality (VR), mixed reality, Blockchain, and others. This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. Based on platform, the desktop segment accounted for the largest revenue share of 42.14% in 2022. These technologies are used to develop places for a rich virtual space user experience. Additionally, the market is growing due to the increased use of advanced technologies in various applications, including blockchain, mixed reality, and artificial intelligence (AI). Aircraft mechanics and MRO technicians can learn to inspect different elements of the aircraft using virtual reality and augmented reality without ever leaving their desks. The highest-quality data scrubbed, verified and continually updated. The . These technologies have the potential to merge and synchronize the physical and digital worlds. Computers used to be the primary portal into the metaverse, but with the introduction of smartphones and wireless networks, that has changed. b. Report, The Metaverse Market is neither consolidated nor fragmented. With the help of "Spark AR Go," AR content producers can create, test, and post immersive experiences on Meta's social media platforms, monitor user performance metrics and get user feedback. Additionally, a crucial factor that points to a promising future for VR technology in gaming is the rising comfort levels of customers in situational uses, such as VR calls and VR gaming. Monitor and measure progress. This report also provides information about Market Size, Top. b. We value your investment and offer free customization with every report to fulfil your exact research needs. The Metaverse Market is growing at a CAGR of 41.6% over the next 5 years. Pursuing knowledge will be redesigned to include an interactive experience complemented by digital records in the metaverse, rather than just words, images, and lectures available on demand. Establish a mission control office. To improve the realism of virtual worlds, companies are also working to develop more advanced hardware, such as VR/AR headsets, haptic devices, and sensors. Create a digital-twin strategy. NEW YORK, July 29, 2022 /PRNewswire/ -- The "Metaverse In Fashion Market by Geography (North America, APAC, Europe, South America, and the Middle East and Africa) - Forecast and Analysis 2022-2026 . Get in touch with us. Warner Music Group has announced the launch of the virtual music theme park through The Sandbox platform. If the metaverse seems a bit amorphous, its use cases are easier to spot and are multiplying fast. The companies will collaborate in the areas of education, research, and entrepreneurship to support Asia's fintech industry, In November 2021, Epic Games, Inc acquired Harmonix Music Systems, Inc. Report scope can be Virtual reality training can help airlines and ground handlers learn and improve their aircraft inspection skills in a safe setting. Increasing popularity of Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR) are driving the revenue growth of the market. The COVID-19 pandemic played a significant role in stimulating interest in the metaverse concept. Metaverse market size meta-analysis. The metaverse is being used extensively as a real-time virtual world to develop and leverage huge possibilities for brand interaction. Metaverse refers to a virtual world in which people live, work, shop, and interact with others, from the comfort of their homes in the physical world. The metaverse now has the power to drastically modify each of these things. 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. BCG X disrupts the present and creates the future by building bold new tech products, services, and businesses. In September 2022, NEOM Tech & Digital, a part of Saudi Arabias $500 billion NEOM project, announced that it had invested $1 billion in AI, including a metaverse infrastructure. If employees experience the metaverse firsthand, they will be more likely to accelerate change. The data layers and connections include: The metaverse is present today in our everyday lives. Metaverse Market Get a free sample of this report, Get this Data in a Free Sample of the Metaverse Market Report. It might have been touted as the year of the metaverse within the marketing industry, but we feel we are just getting started in 2023 and beyond." Hironaga Yai, senior strategy director, MediaMonks Tokyo, believes the metaverse is a platform that has, and will, evolve gradually as technology advances. Based on application, the market is divided into gaming, online shopping, content creation & social media, events & conferences, content creation, digital marketing (advertising), testing and inspection, and others. The metaverse is now evolving rapidly because the technologies that are converging to enable it are improving fast. This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030 For this study, Grand View Research has segmented the global metaverse market report based on product, platform, technology, application, end-use, and region: Product Outlook (Revenue, USD Million, 2017 - 2030), Platform Outlook (Revenue, USD Million, 2017 - 2030), Technology Outlook (Revenue, USD Million, 2017 - 2030), Virtual Reality (VR) & Augmented Reality (AR), Application Outlook (Revenue, USD Million, 2017 - 2030), End-use Outlook (Revenue, USD Million, 2017 - 2030), Regional Outlook (Revenue, USD Million, 2017 - 2030). The global metaverse market size was estimated at USD 65.51 billion in 2022 and is expected to reach USD 82.02 billion in 2023. There are plenty of reasons for nontech companies to pay attention. Weve constructed a global metaverse theme basket to track the companies most exposed across industries. According to the Entertainment Software Association's statistics, around 227 million Americans play video games weekly, including two-thirds of adults and three-quarters of children under 18. data than referenced in the text. In the first phasethe game-centered metaverseconsumers seeking more diverse experiences moved from play-to-win games to play-to-earn gameability, triggering an explosion in engagement. The Metaverse has an interesting side effect of blurring the distinctions between B2B and B2C. A strong management capability can define the target path, highlight dependencies across teams, and de-risk the overall plan. The primary Metaverse revenue opportunity for video-game makers consists largely of existing gaming software and services market as well as rising sales of gaming hardware, based on our analysis. The content creation & social media segment is also expected to grow significantly during the forecast period. In October 2021, Facebook Reality Labs was estimated to spend at least USD 10 billion on the development of Augmented Reality (AR) and Virtual Reality (VR) hardware, software, and content. The growing entry of new communities from emerging regions, with growing demand for various niche services like. This is ascribed to the surging demand for metaverse to purchase digital assets using cryptocurrencies. Together, the metaverse refers to a virtual world parallel to the real world that can be experienced more completely with technologies such as augmented reality (AR) and virtual reality (VR). Its an aircraft engine technician connecting via the companys help line to an expert 3,000 miles away. And investors appear to welcome Zuckerberg's shift in focus from the metaverse to . And how can we get ahead of the change and shape it to our advantage? Just as our understanding of the universe and what it encompasses has been vastly expanded by the Hubble space telescope, the nature of the metaverse is a work in progress. The report predicts the global metaverse market to grow with a CAGR of around 43% over the forecast period from 2022-2028. Virtual reality environments will help enhance educational options, as they are a low-cost and effective way to learn. The metaverse is a virtual digital ecosystem that uses blockchain, augmented reality (AR), and virtual reality (VR) for social interaction and communication. The ability to bring live events such as concerts, film showings and sports into 3D virtual worlds represent additional opportunities for game makers as they elevate online experiences into 3D social worlds to capitalize on the Metaverse opportunity. BCG consultants offer metaverse services to help companies develop strategies to operate and interact with customers in transformative ways. 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