During the projected period, the global metaverse market is predicted to expand significantly. The rising focus on integrating digital and real worlds via the Internet, as well as the growing demand for Metaverse to acquire digital assets using cryptocurrencies, are the primary reasons driving the expansion of the metaverse industry. Cyber-threats in the Metaverse, on the other hand, are impeding the expansion of the metaverse market. However, technical improvements are generating an opportunity in the metaverse market.
Westford, USA, April 20, 2022 (GLOBE NEWSWIRE) -- The transition to the Metaverse is fast approaching. Several components and features of this open-source platform have progressed to the point where they may be smoothly merged to investigate the idea of building a parallel virtual reality. NFTs and online events are exploding, opening a world of possibilities for the metaverse and associated technologies. With the pandemic providing much-needed impetus to a changing global perspective of interaction and immersive socialisation, the conversation around metaverse has re-emerged, and with the likes of Meta, Google, and Microsoft joining the bandwagon, the dialogue has grown stronger and is heading towards actualization in terms of rising interest in funding projects, expanding outreach of technological collaborations, changing market paradigms, and an overwhelming response from users.
Read market research report, " Global Metaverse Market segmented By Type (Mobile, Desktop), By Technology (Blockchain, VR & AR, Mixed Reality, and Others), By Application (Gaming, Online Shopping, Content Creation, social media, and Others) & By Region- Forecast and Analysis 2021-2027” by SkyQuest
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Every industry is being transformed by the Metaverse. Since the inception of metaverse, the gaming industry has seen a seismic transformation. Several metaverse concepts, such as 3D avatars and world-building, are already present in early immersive games such as Sim City, Minecraft, and Second Life. And the key trend toward online, interactive, and immersive gaming will only accelerate.
Furthermore, in healthcare industry training simulations are expected to be a major application of metaverse and virtual reality. 3D avatars of health workers will be able to interact with tools like digital whiteboards in the Metaverse, and they will be able to meet face-to-face without the use of complicated conference equipment. Big tech companies such as Alphabet, Amazon, Apple, and Microsoft are stepping up their efforts to reshape healthcare by inventing and collaborating on new tools that could benefit consumers, medical professionals, and insurers. For instance, In 2016, Microsoft developed a HoloLens software, HoloAnatomy, in collaboration with Case Western Reserve University and the Cleveland Clinic, that allows medical students to examine every component of the human anatomy, from muscles to veins, in 3D on a dynamic holographic model.
The high consumer adoption of the metaverse is the next big retail opportunity, based on the rapid rise of major ecommerce businesses such as Amazon, eBay, and Shopify. Millions of users are now logging into existing metaverses on a regular basis, suggesting a significant new channel for marketers to tap into for everything from new revenue streams to organic marketing.
For architects, the metaverse promises a whole new domain free of the limits of the physical world. Not only will architects be needed to assist meet the metaverse's massive content needs—literally developing the structures, cities, and real estate that will house all metaverse activities—but it will also be a place where they may work more creatively and productively.
FMCG companies are experimenting with non-fungible tokens (NFTs) and the metaverse. Coca-Cola and Campbell Soup Company are the two of the most recent companies which has used it. For instance, In January 2022, Mc. Donald's allianced with Humberto Leon to create an interactive “Hall of Zodiacs.”
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Real estate in the metaverse (or virtual estate) is already huge business. Superstars like Snoop Dog, as well as multinational corporations like PwC, JP Morgan, HSBC, and Samsung, have already purchased virtual land plots that they plan to develop for a variety of purposes. Those who bought in early have already seen significant gains - at least on paper. The average price for the smallest parcel of land available to buy on Decentraland or the Sandbox – two of the largest metaverse platforms – was less than $1,000 less than a year ago. It's currently worth roughly $13,000.
There are a slew of other industries that will be impacted by metaverse and new opportunities and jobs will emerge within each one.
The grand vision for a virtual reality space for socialising, play, work, and commerce has never been closer, even though it is still evolving. Existing metaverse platforms are not currently connected. However, users should eventually be able to move from one platform to the next without losing any of their assets or avatars.
The Metaverse Market report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.
SkyQuest has segmented the Global Metaverse Market based on Type, Technology, Application, and Region:
Metaverse Type Outlook (Revenue, USD Million, 2021 - 2027)
Metaverse Technology Outlook (Revenue, USD Million, 2021 - 2027)
VR & AR
Metaverse Application Outlook (Revenue, USD Million, 2021 - 2027)
Metaverse Regional Outlook (Revenue, USD Million, 2021 - 2027)
Rest of Europe
Rest of Asia Pacific
Central & South America
Rest of CSA
Middle East & Africa
Rest of MEA
List of Key Players of Metaverse Market
3i Inc. (South Korea)
Apple Inc. (US)
Atari, Inc. (France)
Autodesk Inc. (US)
Dapper Labs (Canada)
Epic Games, Inc. (US)
Google LLC (US)
IBM Corporation (US)
Magic Leap, Inc. (US)
Meta Platforms, Inc. (US)
Microsoft Corporation (US)
Nextech AR Solutions Inc. (Canada)
NVIDIA Corporation (US)
Oracle Corporation (US)
PTC Inc. (US)
Roblox Corporation (US)
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