The consumer metaverse market was estimated at US$ 55.8 Billion in 2021 and is anticipated to grow at a CAGR of 24.5% from 2022-2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach a valuation of US$ 500 Billion. The key revenue drivers that affect the demand for the Consumer Metaverse include increasing usage of cutting-edge technology like artificial intelligence (AI), mixed reality (MR), and blockchain.
Numerous businesses, including Facebook, Roblox, Fortnite, NVidia, Microsoft, Epic, USM, Google, RTFKT Akira, and Oculus, have already incorporated or have plans to use metaverse extended reality programs (XR) and other cutting-edge technology. The analysis found that LG Group filed 688 patent applications on 455 patent families, Sony filed 87 XR applications on 78 patent families, and Qualcomm Incorporated filed 80 patents across 28 patent families for the metaverse.
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Key Takeaways from the Consumer Metaverse Market Report:
- Consumer Metaverse Market was valued at US$ 55.8 Billion in 2021. According to Future Market Insights, Consumer Metaverse Market revenue would increase 8.9X between 2022 and 2032, reaching roughly US$ 500 Billion in 2032.
- In terms of Component, Hardware is projected to account for the highest projected CAGR of over 24.1% during 2022 – 2032.
- In terms of application, the Gaming industry accounted for the highest CAGR of 34.2% during 2017-21.
- U.S. is the dominant country in the Consumer Metaverse Market with an absolute dollar growth opportunity of over US$ 153.5 Billion
The Covid-19 epidemic has played a significant role in popularizing the concept of the metaverse. As more people started working from home and enrolling in online courses, the demand for more effective strategies or channels to make online communication more practical developed. Due to the epidemic, its significance increased among consumers and businesses alike.
In 2020, technology companies began developing these technologies and making their investments known. Due to the billions of dollars invested by Metaverse in that year, 2021 was a significant year for investment in Metaverse technology. The metaverse technology was made possible by the COVID-19 epidemic, and the post-epidemic environment will attract customers.
Competitive Analysis:
Players in the market are constantly developing improved analytical solutions as well as extending their product offerings. The companies are focused on their alliances, technology collaborations, and product launch strategies.
Some of the recent developments in the Bioalcohol market are:
- In January 2022, The Sandbox revealed a collaboration with Warner Music Group to introduce the first realm in the metaverse of The Sandbox with a musical theme. With this partnership, Warner Music Group (WMG) would formally enter the metaverse and NFT markets.
- In January 2022, Microsoft disclosed that it had acquired Activision Blizzard, Inc. In addition to laying the groundwork for the metaverse industry, Microsoft believes that this acquisition will accelerate the expansion of its gaming division across mobile, PC, cloud, and console platforms.
- In November 2021, A partnership between Tencent and the Asian Institute of Digital Finance was announced (AIDF). To better serve the rapidly expanding Asian digital financial sector, Tencent Financial Technology (FiT) and AIDF will collaborate in education, entrepreneurship, and research.
- In November 2021, TaleCraft Majuro announced the opening of their NFT gaming metaverse with a medieval theme. TaleCraft assumes that players on its platform will be able to explore a medieval gaming world and engage in a variety of in-game activities using constructed NFTs.
- In October 2021, According to estimates, Facebook Reality Labs will invest at least USD 10 Bn in the creation of hardware, software, and content for augmented reality (AR) and virtual reality (VR). The section of Meta Platforms, Inc., formerly known as Facebook, Inc., is Facebook Reality Labs.
- In March 2021, NetEase, Inc. announced that its NetEase Cloud Music expanded its strategic alliance with Merlin Network in China. The partnership between them was initiated in 2018.
Leading Key Players:
- Roblox Corporation
- HTC
- Samsung
- HUAWEI
- Xiaomi
- Nvidia Corporation
- Epic Games, Inc.
- Tencent Holdings Ltd
- Epic Games, Inc
- The Sandbox
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Consumer Metaverse Market Segmentation:
By Component:
- Hardware
- Software
- Services
By Application:
- Game
- Media & Entertainment
- Education
- Other Applications
By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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