The Consumer Metaverse Market revenues were estimated at US$ 55.8 Bn 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 Bn.
The rising use of cutting-edge technology, including as artificial intelligence (AI), mixed reality (MR), and blockchain, is one of the main income drivers that influences consumer metaverse demand.
Numerous companies have either used or have plans to deploy metaverse extended reality programmes (XR) and other cutting-edge technology, including Facebook, Roblox, Fortnite, NVidia, Microsoft, Epic, USM, Google, RTFKT Akira, and Oculus.
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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 patent across 28 patent families for the metaverse.
Key Takeaways from the Study
- Consumer Metaverse Market was valued at US$ 55.8 Bn in 2021. According to Future Market Insights, Consumer Metaverse Market revenue would increase 8.9X between 2022 and 2032, reaching roughly US$ 500 Bn 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, Gaming industry accounted for the highest CAGR of 34.2% during 2017-21.
- U.S. is the dominant country in Consumer Metaverse Market with an absolute dollar growth opportunity of over US$ 153.5 Bn.
The Covid-19 pandemic has contributed significantly to the rise in popularity of the metaverse idea. The need for more efficient methods or channels to make online communication more realistic grew as more individuals began working from home and enrolled in online courses. The epidemic made it more important to both consumers and businesses. Technology firms started advancing these technologies and publicising their investments in 2020. 2021 was a crucial year for investment in Metaverse technology because of the billions of dollars that Metaverse invested in that year. The COVID-19 epidemic made the metaverse technology viable, and the post-epidemic setting will draw tourists.
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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 has 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). In order 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 had initiated in 2018.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Consumer Metaverse Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Consumer Metaverse Market in terms of Components (Hardware, Software and Services) of Application Type, (Game, Media Entertainment, Education and other application) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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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 Us:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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