Dublin, May 16, 2022 (GLOBE NEWSWIRE) -- The "Metaverse Technology Market Outlook" report has been added to ResearchAndMarkets.com's offering.
The Metaverse is a virtual space where users are immersed and virtually present in. The metaverse created by the convergence of virtually enhanced physical and digital reality. Technologies contributing to the development of the metaverse include augmented reality (AR), flexible work styles, head-mounted displays (HMDs), an AR cloud, the Internet of Things (IoT), 5G, artificial intelligence (AI) and spatial technologies.
The metaverse consists of several key features including real-time persistency, economies, communities, digital avatars, and accessibility across multiple devices.
The Metaverse Technology market was valued at $32 billion in 2021 and is likely to reach $224 billion by 2030. Software contributed more than 80% of the market in 2021. The metaverse technology is expected to create revenue opportunities across multiple verticals, particularly for those companies that develop virtual platforms and their components, semiconductors and chips that render ultrarealistic graphics, and the related software.
Key Drivers
The global gaming industry has reinvented itself to derive the maximum consumer engagement and revenue growth on a global level. Gaming has been revolutionized completely in the last 10 years, from organizational and business perspective, regardless of the gadgets used. Nowadays, games allow people to actively participate and enjoy their passion for gaming that suits any mood, interest, lifestyle, location, and budget. Almost all the new games include live events, pro-gamers heroes, and teams with millions of fans. Old gaming techniques are being replaced with upcoming technologies such as gesture control, facial and voice recognition, and high-definition (HD) displays; consumers have a wide variety of games available in the market, such as racing games, role-playing video games, and sports video games, according to their preferences. Thus, there is a constant increase in the number of gamers worldwide.
Game developers continue to leverage numerous technology trends, which further drive innovation and improvise the gameplay. For instance, more immersive playability through VR and AR supports photorealistic graphics, making it almost indistinguishable from real life. VR/AR gaming platforms also enable players to connect and socially interact with each other in virtual spaces. The launch of the fifth generation of cellular communications or 5G is likely to reflect positively on the metaverse market. This is primarily because 5G networks will go a long way forward towards improving the performance and reliability of connected devices
Metaverse Drivers & Challenges
Drivers
- Rise in Number of Gamers
- Upsurge in Immersive and Competitive Gaming on Mobile Devices
- Emergence of 5G
- Increasing investment in the metaverse
Risks and Challenges in the Metaverse
- Cybersecurity
- Currency and payment System
- Reputation and Identity in Metaverse
- Infrastructure Upgrade
Use Cases, By Industry
Ecommerce & Retail
- Gucci expanded its presence on Roblox to develop Gucci Garden
- Chipotle hosted virtual restaurant on Roblox to provide its customers with Halloween experience
- Fashion brand Gucci partnered with Sandbox
- Luxury fashion house Balenciaga collaborated with Fortnite
- Ralph Lauren launched digital winter-themed collection on Roblox
Sports & Entertainment
- Vans launched Vans World skatepark experience in Roblox
- Nike teamed up with Roblox to create virtual world called Nikeland
- Roblox hosted metaverse dance music festival of EDC
- Warner Bros united with Roblox to create virtual movie launch event
- Indian couple hosted country's first metaverse wedding reception
- Tennis Australia partnered with Decentraland to host Australian Open
Music
- Pop stars and singers driving metaverse concerts
- Muse collaborated with Stageverse for metaverse concerts
- Epic Games partnered with BTS
Enterprise
- Accenture collaborated with Microsoft to develop virtual office
- TCImage to design buildings in virtual world, using NVIDIA Omniverse
- Meta Platforms launched Horizon Workrooms
- Arent Fox and PWC purchased land site in metaverse
- Marriott Bonvoy unveiled digital art in metaverse
Government
- Barbados to become first country to establish an embassy in metaverse
Automotive
- BMW launched JOYTOPIA virtual world
- Toyota Turkey held its annual general meeting in metaverse
- Hyundai Motors launched metaverse space-Hyundai Mobility Adventure-on Roblox
- Ford's immersive vehicle environment system to design safer cars
Manufacturing
- Hyundai Motors partnered with Unity to build Meta-Factory
- NVIDIA and BMW demonstrated factory of future
Banking
- JP Morgan opened bank branch in metaverse
Companies Mentioned
- Alibaba Cloud
- AMD
- Apple
- AWS
- ClearBlade
- Decentraland
- DPVR
- Edgegap
- Epic Games
- Ericsson
- HP
- HTC
- Huawei
- Improbable
- Intel
- Manticore Games
- Meta
- Microsoft
- Nokia
- NVIDIA
- Oracle Cloud
- Pico VR
- Qualcomm
- Roblox
- Samsung
- Sandbox VR
- Somnium Space
- Sony
- Tencent Cloud
- The Sandbox
- Unity Technologies
For more information about this report visit https://www.researchandmarkets.com/r/uaesbr
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