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The global metaverse market is driven by burgeoning investment in R&D activities, the rising adoption of the latest VR and AR solutions to develop patient output and the entire surgical atmosphere, and the snowballing demand for metaverse, thereby assisting in trading digital assets via cryptocurrency. In 2021, the market stood at $148.5 billion, and it is predicted to touch $1,542.9 billion by 2030. The market will witness a 29.7% CAGR because of the existence of highly competitive metaverse-focused companies being engaged in many partnerships and collaborations to develop a wide range of products.
The outbreak of COVID-19 had disrupted several markets globally, but the metaverse market was one among the few exceptions: it exhibited magnificent figures amid the pandemic. The period not only witnessed the digital platform’s reliability but also surged investments. Furthermore, lockdowns were imposed on several developing and developed nations, offering extravagant opportunities to new market entrants. This is because they had more time available at home to focus on business credentials and strengthen the foundations of their business. For example, the number of Fortnite players increased by 100 million from 2019 to 2020.
Read More: Metaverse Market Analysis and Demand Forecast Report
The metaverse is an internet-based reality. As the metaverse market will expand, its Non-fungible token (NFT) are scarce and rare and will exhibit lucrative opportunities by growing from nothing to everything. Emerging ecosystems backed by blockchain technology will result in the generation of high revenue due to the authentication and traceability built on interoperable frameworks. A snowballing investment is made on improving the blockchain technologies and NFT by the real-estate dealers for a better reach among the young consumers through brand-building and to inculcate the trust of ownership.
Within the vertical segment, the retail industry category will witness rapid growth. There is an amalgamation of numerous options available in e-commerce and the virtual purchasing experience by the market players. Furthermore, metaverse provides an opportunity for everyone to create their mini-version through avatars, serving different purposes: it assists fashion players in nourishing brand loyalty, and on the other hand, it is the best way to express oneself as per the zoom users. Moreover, customers can virtually shop watches by trying them on with the help of AI for the best fit.
How Will Retail Category Spur Metaverse Market Growth in Forecast Period?
Based on component, the metaverse market can be bifurcated into the software category and hardware category. The former category will grow at a higher CAGR in the coming years. This can be attributed to the gradual development of cloud-based tools, AR/VR studios, software development kits, and web app development tools, coupled with a skyrocketing demand for VR/AR mobile apps. There is a surging requirement for metaverse platforms software owing to the coming up of play-to-earn games, decentralized and centralized gateways, and avatar identity manufacturers.
The APAC metaverse market will advance at the highest CAGR of at least 30% in the coming years. This can be credited to robust digitalization in South Korea, Japan, India, and China, coupled with the surging adoption of AR/VR to adapt to the current marke5t dynamics and shifts in tastes & preferences of consumers. Nonetheless, North America ruled the market in 2021 because of the swift integration of smart devices, snowballing demand for VR/AR, and surging requirements for smartphones.
Hence, the existence of highly competitive metaverse-focused corporations engaged in many partnerships and collaborations to develop a wide range of products will drive the market.
Metaverse Is a Digital Extension, Not a Replacement
Nowadays, the word “metaverse” is everywhere we look. The world has become more aware of this word as it has gained access to cheap and high-speed connectivity. A network of 3D virtual worlds centered on social interaction is known as a metaverse. It can be characterized as a simulated digital environment that combines social media concepts with virtual reality (VR), augmented reality (AR), and blockchain to create environments for rich user interaction that mimic reality.
What Can You Do in Metaverse?
Playing video games with buddies, watching lifelike models created by architects, shopping, networking, working, attending virtual concerts, and much more… So, everything from making a video call to going a step further and interacting virtually with your colleagues to even planning trips online and putting on things to purchase virtually, you can do almost anything with metaverse.
No wonder the world already spent a massive $150 billion on technologies that enable the metaverse experience. Further, as the number of ways people can engage in such digital environments expands, this spending will hit over $1.5 trillion by 2030!
What Are Biggest Trends in Metaverse?
Keeping up with the most-recent metaverse trends may be a big advantage. You’ll see in a moment that there is a wide range of endeavors that aim to expand the definition of the word and make people more connected. For instance, $10 billion is being spent by Facebook on metaverse, with which it has already acquired a number of companies that offer enabling technologies.
Here are the 5 super trends that demonstrate how rapidly the metaverse is expanding.
Motion Cybernetics and Tracking
Making our interaction with technologies more direct and simpler is a big aspect of the metaverse. We’ll be able to interface with things by speech, motion, and even eye movement, rather than needing to type commands into a smartphone or computer.
We are gradually moving from an era in which we view computers and digital settings from the outside into a future in which we will occupy both real and virtual spaces simultaneously. Extremely powerful tracking technologies that can track every user movement or gesture are being developed by extended reality (XR) companies to allow this scenario.
Hyper-Realistic Avatars
The idea of a “virtual self,” or a digital representation of our identity, which we may create and nurture online, is given more attention in the metaverse. Hyper-realistic avatars will enable people to express themselves more completely online and engage with others on a deeper level. Numerous businesses are already being impacted by the potential of digital avatars.
We’ve already seen businesses like Burberry create online versions of their storefronts and fashion firms sell non-fungible token (NFT) apparel pieces, which customers can put on their virtual avatars. Creating hyper-realistic avatars will become increasingly important as the metaverse expands, as it essentially allows people to be whatever or whoever they want, which is not always possible in the real world.
Development Opportunities with Low-Code Platforms
As time passes, the metaverse pushes us closer to the web3 world. Not only creators and developers, but everyone is helping shape the new metaverse world. As a result, an open environment is developing with an increasing number of people creating their own applications for business and personal use.
This is the goal of low- and no-code online applications, allowing citizen developers to create their own platforms in the future metaverse. As a result, more individuals will use the internet to add value to the new age.
Gaming and Internet
By default, the metaverse is thought of as being similar to a game, and existing video games are also somewhat similar to the metaverse. Additionally, internet behemoths have made their own user account systems available, which are consistent with the metauniverse. Chinese internet companies operate a variety of businesses, including live streaming, gaming, and other online and offline services, including convenience shops and logistics. This enables a part of the offline value to be transferred to the online metaverse platform.
Blockchain Technology
The blockchain is the most-significant component of the metaverse. The introduction of this technology has created a stir in the online community, as the internet of the future will be totally decentralized and open. As a consequence, you will need reliability and trust while sharing data and historical records, with the transactions overseen by a decentralized authority.
Blockchain, according to experts, is essential for a safe metaverse. It has also made a significant contribution to the metaverse economy due to the fact that NFTs were made possible by this technology. It makes virtual assets valuable in the real world by allowing people to sell ideas, experiences, and other services in the metaverse.
