WASHINGTON, Nov. 16, 2021 (GLOBE NEWSWIRE) -- The Metaverse market size is expected to reach USD 814.2 Billion by 2028, exhibiting a CAGR of 43.8% during the forecast period. The rising interests in the areas such as socializing, entertainment and creativity which are booming the metaverse market globally. Another factor that is driving the growth of the market is the advantage for cross company collaborations and working together in areas such as gaming, advertisements, share business, and others. This has increased the trends among young generation to incline towards the use of metaverse software and come up with innovative ideas and successful start-ups., states Vantage Market Research, in a report, titled “Metaverse Market by Component (Hardware, Software) by Platform (Desktop, Mobile) by Offering (Virtual Platform, Asset Market places, Avatars, Financial Services) , by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa): Global Market Assessment, 2021 – 2028.”
The report on Metaverse Market highlights:
- Assessment of the market
- Premium Insights
- Global and Regional Dynamics
Market Overview:
The Rising Interests in the Areas Such as Socializing, Entertainment and Creativity to Drive the Market
Metaverse is a technology which is expected to change the face of gaming, AI and virtual technology. Metaverse is a term which means hypothesized iteration of the internet. This platform supports online 3D virtual environment through conventional personal computing as well as augmented reality. This a virtual world for immersive experiences where people across the world can meet, play, watch, and trade online using IoT. Most of the data is stored on cloud platform which offers cyber security and safety on a greater extent. Companies are investing on development and programming new techniques for bringing the actual world into 3D reality which benefits the general population to entertain, play games, and invest in business and various other benefits. Moreover, developing metaverse platforms for educational sector to help open avenues for the market. A recent survey in South Korea found that 96 per cent of Seoul citizens believed that the pandemic widened the existing learning gap, but 74 per cent said that schools should carry out a blended form of education using both remote and in-person classes. The feedback from KAIST students on our online classes gives us a glimpse into the new paths we need to take wherein Metaverse Platform comes into picture. 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.
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Huge Investors Investing Funds in Advertising and Respective Space
As metaverse market is booming in the market, it just not has advantages in gaming in entertainment but also huge investors are investing funds in advertising and other respective spaces. Companies such as Facebook Inc. is investing huge amount of funds in collaborating with government bodies and also private sector for uplifting social media channels and easy way for advertising and marketing. This is few of the important factors that are driving the growth of market.
Regional Analysis:
Rising Investment in Metaverse Market Growth in North America
North America is believed to increase rapidly in terms of CAGR in coming years. This is attributed to the rising demand in the social media industry. Major players from the metaverse platform are originating from U.S. and hence have a huge advantage of development and chances for higher investment in this region. Asia Pacific is also to believe to grow at a fastest CAGR in coming years, this trend is due to increasing young population in this region. Countries such as India and China are relaying majorly on social media platforms for advertisements and marketing which will directly impact on the growth of Metaverse market in these regions.
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List Of Prominent Players in the Metaverse Market:
| SR. NO. | COMPANIES | LOCATION |
| 1. | Facebook, Inc. | Menlo Park, California, United States |
| 2. | Nvidia Corporation | Santa Clara, California, United States |
| 3. | Epic Games, Inc. | Cary, North Carolina, United States |
| 4. | Nextech AR Solutions Corp. | Vancouver, Canada |
| 5. | Tencent Holdings Ltd. | Shenzhen, China |
| 6. | ByteDance Ltd. | Beijing, China |
| 7. | NetEase, Inc. | Hangzhou, China |
| 8. | Roblox Corporation | San Mateo, California, United States |
| 9. | Unity Technologies, Inc. | San Francisco, California, United States |
| 10. | Lilith Games | Shanghai, China |
| 11. | Microsoft | Redmond, Washington, United States |
Recent Developments in the Industry:
- 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
- Nvidia's technology could provide the critical foundation for the metaverse
- Meta Platforms is investing billions of dollars in a bet on the metaverse that could pay off handsomely
- Unity plans to provide the tools for millions of creators to build the metaverse
The Metaverse Report covers exhaustive information on the basis of component, platform, offerings, technology, application, end-use, and region. In addition to this, the report comprises various developments happening in the industry and the factors driving the market growth.
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Report Coverage:
| Report Attribute | Scope |
| Base Year | 2020 |
| Forecast Years | 2021 - 2028 |
| Segments Covered | Component, platform, offerings, technology, application, end-use, and region. |
| Demand in terms of | Revenue (USD Billion) |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Market Dynamics | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Table of Content:
- Chapter No. 1: Introduction
- Report Scope
- Objectives of the Study
- USP & Key Offerings
- Target Audience
- Vantage Market Research Report Guidance/Walk-through
- Chapter No. 2: Premium Insights
- Market Snapshot
- Top Investment Pockets
- Market Attractiveness Analysis, By Component
- Market Attractiveness Analysis, By Platform
- Market Attractiveness Analysis, By Offering
- Market Attractiveness Analysis, By North America
- Insights from Primary Respondents
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