Segmentation by Component (Hardware, and Software); by Platform (Desktop, Mobile, and VR Headset); by Technology (Blockchain, VR & AR, Mixed Reality, and Others), and by End User (BFSI, Retail, Manufacturing, Media & Entertainment, Education, Aerospace & Defense, and Others) – Global Demand Analysis & Opportunity Outlook 2031
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On the basis of geographical analysis, the global metaverse market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Europe region is estimated to witness modest growth over the forecast period on the back of growing adoption of advanced technology in the region.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of the presence of various key players in the region, along with the high research and development investment. According to the data by the World Bank, 2.833% of the total GDP of the United States was spent on R&D activities, in 2018.
The global metaverse market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market. CLICK TO DOWNLOAD SAMPLE REPORT
Our in-depth analysis of the global metaverse market includes the following segments:
By Component
By Platform
By Technology
By End-User
Growth Drivers
Challenges
Meta Platforms, Inc., or formerly Facebook Inc. is one of the largest companies involved with the development of metaverse. Some other major market players investing in the development of metaverse include, Hyperlink InfoSystem, Tencent Holdings Ltd., Infosys Limited, Zensar Technologies Limited, Accenture plc, and Net Ease Inc., among others.
September 27, 2021: Meta Platform Inc. to build Metaverse in collaboration with various industry experts and policy makers. The company aims to build the next computing platform, work across augmented and virtual reality and consumer hardware.
May 15, 2021: Zensar Technologies Ltd. to acquire M3bi Private Limited, to expand its expertise across digital technologies.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Increasing investment in the advanced technologies globally, is anticipated to boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~45% over the forecast period, i.e., 2022 – 2031.
Ans: The major players in the market are Hyperlink InfoSystem, Tencent Holdings Ltd., Infosys Limited, Zensar Technologies Limited, Accenture plc, Net Ease Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by component, platform, technologies, end-user, and by region.
Ans: The software segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Ans: Digital limitations with metaverse, such as, threats of cybercrime, and low-availability of advanced technology in developing regions, are estimated to hamper the market growth.
Ans: The North America region is anticipated to provide more business opportunities over the forecast period owing to the presence of various market players in the region.
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