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The Global Metaverse Market in 2030 will be worth USD 1.6

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New York, United States, June 23, 2022 (GLOBE NEWSWIRE) — The factors driving the market are the widespread use of new technologies and the increasing demand of Metaverse users to purchase digital assets using cryptocurrencies.

Key Insights of the Metaverse Market:

  • North America held the largest share of the revenue of the metaverse market, which stood at 70% of the total market.
  • By Component, the hardware component held the largest part of the market share bringing in approximately USD 16.5 billion of the revenue.
  • By technology, virtual and augmented reality brought in 35% of the revenue.
  • By Platform, the desktop segment accounted for the majority of the revenue at USD 16.3 billion. 
  • By Offering, the metaverse in the assets marketplace is expected to have an extremely high CAGR of 40%.
  • By Application, gaming had the highest market share of 27%. 
  • By End Users, the media and entertainment segment held the highest market share.

To read the summary of the report, visit the website at
https://www.strategicmarketresearch.com/market-report/metaverse-market

Key Factors Driving the Metaverse Market:

  • The advancement of technologies is causing immense market growth for the Metaverse Market. Technologies such as blockchain, artificial intelligence, mixed reality, and machine learning are new technologies being developed that would aid in using newer functions in the metaverse. Several companies have adopted the use of extended reality (XR) systems. 
  • The increased use of cryptocurrency and digital assets trading is further causing a boom in the market. Approximately USD 41 billion was spent on the NFTs (Non-Fungible Token) marketplace in 2021. Further, between October and November 2021, over 1.5 million NFT art sales were transacted, mostly in cryptocurrency.

To get a first-hand overview of the report, Request a Sample at
https://www.strategicmarketresearch.com/request-sample/metaverse-market

 

Detailed Segmentation Analysis of the Metaverse Market as conducted by Strategic Market Research:

By Components

By Platform

By Offering

  • Metaverse offering in Asset Marketplaces
  • Metaverse offering in Virtual Platforms
  • Metaverse offering in Financial Services
  • Metaverse offering in Avatars

By Technology

  • Blockchain
  • Virtual and Augmented Reality
  • Internet of Things (IoT)
  • Mixed Reality
  • Others

Based on Application

  • Metaverse in Online Education
  • Metaverse in Gaming
  • Metaverse in social media
  • Metaverse in edge computing
  • Metaverse in Online Shopping
  • Metaverse in NFT
  • Metaverse in Advertising
  • Metaverse in Virtualisation Tools
  • Metaverse in Conferences
  • Metaverse in Digital Twin Operations
  • Metaverse in Blockchain Applications
  • Metaverse in Virtual Goods
  • Metaverse in Payments
  • Metaverse in Content Creation

Based on End-Use

  • Metaverse in Military
  • Metaverse in Healthcare
  • Metaverse in Customer Experience
  • Metaverse in Real Estate
  • Metaverse in Education
  • Metaverse in Fashion
  • Metaverse in Manufacturing
  • Metaverse in Media and Entertainment
  • Metaverse in Technology

By Region

North America

Europe

  • Germany
  • France
  • Italy
  • United Kingdom
  • Spain
  • Rest of Europe

Asia Pacific

  • Japan
  • India
  • China
  • South Korea
  • Rest of Asia Pacific

Latin America, Middle East and Africa (LAMEA)

  • Brazil
  • Argentina
  • UAE
  • Qatar
  • Saudi Arabia
  • South Africa
  • Morocco
  • Rest of LAMEA

Make a Direct Purchase of the latest Metaverse Market Report published in the month of January 2022. Click the below link to initiate the purchase: 
https://www.strategicmarketresearch.com/buy-now/metaverse-market

Report CoverageDetails
Forecast Period        2020-2030
Forecast Period 2020 to 2030 CAGR38.25% 
2030 Value ProjectionUSD 1655.29 billion
Base Year2020 
Market Size in 2020USD 124.04 billion
Historical Data for2015 – 2019
No. of Pages135 
CompaniesTencent Holdings Ltd,Meta Inc,Alphabet, Inc,Nvidia Corporation,Roblox Corporation,Microsoft Corporation,Globant,Queppelin,Alibaba Cloud,Netease Inc,Magic Leap, Inc.
Leading Segment Based on Componentshardware segment
 Leading RegionNorth America
Segments coveredBased on Components, Based on Platform, Based on Technology, Based on Offering, Based on Application, Based on End-Use and Based on Region
Growth DriversIncreasing Adoption of New Technologies, Growing Demand for Metaverse Users to Purchase Digital Assets through Cryptocurrency
 

By the component segment, the hardware segment led the market share with a revenue generation of USD 16.5 billion in 2021. As of 2020, there are over 26 million users of VR headsets. With increasing sales of hardware components of mobiles, desktops and headsets, there will be enhanced integration of users with the metaverse market. 

By platform, the desktop accounted for the highest share of the revenue. In 2021, there were over 340 million units of PCs that were shipped globally. Further, Desktop shipments increased by 7% between 2020 and 2021. Thus, with increasing desktop sales, more users would get involved in the Metaverse. 

By Offering, the asset marketplace dominated the market. The metaverse is frequently used as a safe platform for exchanging assets such as NFTs and cryptocurrencies. The market capitalization of cryptocurrencies is USD 2.79 trillion, which makes it the 8th largest ‘economy’ globally. Etherium, a popular cryptocurrency, is expected to transact 10 million coins per day by 2025. 

By Technology, the mixed reality segment dominated the market, and due to the increasing engagement of customers in the metaverse using mixed reality, the market is expected to grow at a CAGR of 40%. As per strategic market research, nearly 90% of brand advertisers intend to use mixed realities as a part of their marketing campaigns. Thus, with companies engaging heavily with consumers in the mixed reality segment, we would see a rise in the number of users of the metaverse.

Based on application, the gaming market segment is expected to see the fastest growth in the market. As of 2020, there are nearly 2.7 billion gamers worldwide, and by 2023, the number is expected to rise to over 3 billion. In the US, three out of four households have at least one member who regularly engages in video games. Thus, with the rising number of gamers on multiple platforms, there would also be an increase in the number of gamers involved in the metaverse, which would further solidify the market. 

Based on End Use, the media and entertainment component of the market dominates the segment due to companies getting involved in the platform to further interact with their customers in the virtual world in a more holistic manner. The media and entertainment industry is worth USD 2.2 trillion and is growing at a CAGR of 8.9%. With a high growth rate and market value, more media companies will soon involve themselves in the metaverse to increase their respective market share in the segment. 

By Region, North America held the highest market share at nearly 70% of the market. This is because there is sufficient infrastructure with all the latest technologies readily available to the populous. Additionally, the US market is one of the world’s largest spenders of consumer goods. In Q4 2021, consumer spending stood at USD 13.8 trillion. Thus, with increasing consumer spending, the market for metaverse and related goods would see tremendous growth in the future. 

Key Players in the Metaverse Market:

  • Alibaba Cloud, 
  • Alphabet, Inc.,
  • Globant, 
  •  Magic Leap, Inc.
  • Meta, Inc.
  • Microsoft Corporation, 
  • Netease, Inc.,
  •  Nvidia Corporation, 
  • Queppelin, 
  • Roblox Corporation, 
  • Tencent Holdings Ltd., 

Before initiating a purchase, make a Pre-order enquiry and get a detailed overview of the content of the report.
https://www.strategicmarketresearch.com/pre-order-enquiry/metaverse-market

Recent Developments in the market:

  • In June 2022, KPMG announced that it was entering the metaverse platform with a virtual hub meant for the collaboration of various company stakeholders. 
  • In June 2022, large technology companies such as Huawei, Meta, Microsoft, Qualcomm, Nvidia, Sony Interactive Entertainment and Adobe created a forum so as to enable set standards through which they and their clients can interact without any glitches on the metaverse platform.
  • In June 2022, Translucia Global and Two Bulls announced a USD 100 million R&D centre that would be developed in Melbourne. The centre would work on developing the economics and further gamification of the platform along with improving the energy efficiency of the platform.
  • In June 2022, Meta announced the payment platform Meta Pay. The system will enable users to pay for the goods that they purchase on the platform. 
  • In June 2022, ViewSonic Corp. announced that it was entering the metaverse with its platform UNIVERSE, which would help create a virtual classroom and interactive platforms, aiming to create the classroom experience on the metaverse. 

Related Reports:

Global Diagnostic ECG Market 

The ‘Diagnostic ECG Market’ report is an all-encompassing report formulated by SMR that includes the drivers of the market, the future scope of the market, and the restraints of the market. In 2020, the market was worth USD 5.11 billion and is expected to grow to a value of USD 8.79 billion by 2030, at a CAGR of 5.58%. The main factors driving the market are the rising number of cardiovascular diseases across the world and the increasing investments in the sector that improve the accuracy and efficiency of the products of the market. The key players in the market are Nihon Kohden Corporation, Norav Medical, VectraCor, Inc., Bionet Co., Ltd., Nexus Lifecare, Midmark Corporation, OSI Systems, Inc and SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS Co., Ltd, Innomed Medical, Edan Instruments, Inc., Cardioline SpA, Eccosur, GE Healthcare, Koninklijke Philips NV, Medtronic, Hill-Rom Holdings (a subsidiary of Baxter International), SCHILLER, BPL Medical Technologies, ACS Diagnostics, BTL, Ambu A/S, Allengers Medical Systems, Ltd., and FUKUDA DENSHI. 

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The ‘Organ Preservation Market’ report is a comprehensive report developed by SMR which includes the drivers of the market, the opportunities available in the market and the restraints of the market. In 2020, the market was worth USD 193.4 million and, with a CAGR of 6.93%, is expected to attain a value of USD 377.97 million by 2030. The drivers of the market are increasing cases of multiple organ failures and a rising ageing population across the world. The main companies involved in the market are Shanghai Genext Medical Technology, Paragonix Technologies, TransMedics, Bridge to Life Limited, Dr. Franz Köhler Chemie GmbH, Essential Pharmaceuticals, LLC, XVIVO Perfusion AB, Avionord, and Biochefa. 

About Us:
Strategic Market Research facilitates the organizations globally in taking pivotal business decisions by furnishing the Syndicated and Customized Research Reports, which are highly precise in terms of market numbers. We believe that every firm, whether it is a startup which is in the Introduction stage of the Product Life cycle or an established one which is at the growth stage, requires market research services in order to streamline its key business blueprint. It may be related to Product Launch, Go to Market strategies, Competitive Analysis or new geographical penetration and expansion.
Contact Us:
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Korean IT names add open-source and upgraded functions on metaverse platforms

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[Source: Naver]

[Source: Naver]

Korean IT majors are eager in grooming their metaverse venues as open-source platforms for growth and diversity to gain global competitiveness.

Zepeto, metaverse platform operator under Korean internet giant Naver, is providing more virtual spaces where players can play game within its Zepeto metaverse this year, according to industry sources. Naver Z has added a feature that allows players in Zepeto to create games using cross-platform game engine developed by Unity.

[Source: Nexon]

[Source: Nexon]

Nexon, a major video game publisher, is working on metaverse project dubbed MOD based on its blockbuster title MapleStory. In MOD, players will be given access to MapleStory characters, background images and other various items used in the role-playing game to create their own video game.

Nexon ran a game developing contest for MOD last year, where 180 out of 297 contestants contributing in adding game options.

The company plans to open full-fledged platform at home and abroad with features enabling creators to collaborate on game development for profit. It is confident the new project would be a success since MapleStory is played by more than 200 million in 130 countries across the world.

SK Telecom, a major wireless carrier, has been upgrading its metaverse platform Ifland by enabling avatar characters with greater functions and role.

[Source: SK Telecom]

[Source: SK Telecom]

Korean IT names are hoping for a metaverse jackpot like Roblox, an online game platform that has thousands of games created by players themselves with those played by other users. Its ecosystem is expanding rapidly with daily active user count jumping 28 percent in a year to 5.4 million and trade made with Robux, Roblox’s in-game currency, amounting to $224 million in the first quarter 2022.

Traditional video contents creators are joining the bandwagon.

Redwoods, a local TV show production house, has teamed up with Kakao Enterprise to open a contents creation studio for metaverse platforms. The two signed an agreement last Friday to open a metaverse contents studio within Redwoods Park to be built in Wonju city in Gangwon Province.

By Lim Young-shin, Lee Jae-cheol and Cho Jeehyun

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]



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Metaverse features expected in HTC’s new phone

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HTC is expected to launch a new mobile phone with metaverse features on Tuesday, as the virtual reality (VR) gear and smartphone maker continues its Web3 expansion. 

See related article: Smartphone giant Huawei doubles down on blockchain technology

Fast facts

  • In a tweet earlier in June, HTC’s VR and metaverse arm Viverse teased a phone-shaped graphic without disclosing additional details or specifications.
  • HTC hasn’t responded to Forkast’s request for comment by press time.
  • The Taiwanese consumer electronics firm has shifted its focus to VR gear production, with its latest phone release dating back to January 2021.
  • Chaoying Huang, HTC’s general manager for APAC, said in March that the company intends to roll out a metaverse-related phone in 2022, clarifying HTC was not ditching the smartphone business, Taiwanese tech media Business Next reported.
  • In 2017, Google bought a US$1.1 billion slice of HTC’s smartphone hardware business.
  • HTC is among the early phone makers to experiment with blockchain technology.

See related article: Samsung joins South Korean pilot to test CBDC on Galaxy smartphone





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Developers In India Key To Metaverse: Meta India Md | Bengaluru News

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Bengaluru: Meta, the parent company of Facebook, expects a lot of the software work and applications related to the metaverse to happen out of India. Ajit Mohan, VP & MD for India at Meta, said the country will have the largest app developer ecosystem in the world in two years, so many of the metaverse applications will be built here.
In an interaction with TOI, Mohan said Meta is not building the metaverse, but is rather focussing on building toolkits for other companies and developers to build the metaverse. “This is an important point to highlight. We are helping to build what will become the metaverse, which is a combination of these connected immersive spaces that will be built by millions of other developers and creators,” he said. Meta’s ambitious metaverse plans were on full display last year when founder Mark Zuckerberg made the surprise announcement to change the company name from Facebook to Meta. The move also catapulted the concept of the metaverse into global public consciousness.
One of the crucial tools for the metaverse is the headset, which Meta is hard at work on. Its Oculus Quest is already a market leader in headsets. Last week, Zuckerberg released a video showcasing newer prototypes of the VR and AR headsets that the company has been working on over the last few years and said that they are spending at least $10 billion this year on R&D on VR/AR tech.
Many today believe that the metaverse will be the next version of the internet. “Fundamentally, it means the transition from the 2D world to the 3D world, a transition from anything that we looked at on a mobile screen, to one where you will be in it,” Mohan said. What fascinates him the most, he said, is that interactions in the metaverse can cause one to form real memories of being in a shared physical space with other people.
There are plenty of challenges still to overcome to build a metaverse that gives the feel of a physical world. More than anything else, hesaid, Meta is trying to solve the vexing problem of creating a sense of physical presence between people when they’re not in the same room. At the moment Meta’s Horizon Workrooms project, which uses the VR headset called Quest 2, can replicate certain real-life behaviours. For example, if a person on your right is speaking, the sound will come from the right. It can also capture hand movements and gestures to a certain extent.
But all of that is just the beginning. Right now, Mohan said, a lot of work is being done by Meta to capture facial expressions accurately. “A lot of the feedback that we get from people in the physical world is based on how others are responding to us. And that’s the one thing that the avatars of today limit you from doing. But imagine if you can start rendering people’s facial expressions with the help of cameras and sensors. The more you can replicate the real sense of being in a shared physical space, the more natural it will become to adopt the metaverse,” he said.
One of the company’s primary goals, Mohan said, is for a billion people to experience their version of the metaverse in 10 years from now. “If a billion people have to adopt it, it has to be affordable. So even today, the devices that we’re putting out are either at cost or below cost,” he said. Multiple companies are building similar immersive spaces. Would these spaces be interoperable? It’s a question that Mohan said Meta takes very seriously. “I think there is a belief that there are too many closed systems in the mobile world. The assumptions that we have about the physical world should translate to the metaverse as well. If I buy accessories for my avatar, like sunglasses, it shouldn’t disappear when I land in Bengaluru.”





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