Major metaverse market participants include Meta Platform Inc. (Facebook), Microsoft Corp, Active Theory, Apple Inc, Alibaba Group, Amazon.com Inc., Decentraland, Epic Games, Inc. Immersion Corporation, Lilith Games, Matterport Inc., NetEase, Inc., Nextech AR Solutions Corp., Nvidia Corporation, Roblox Corporation, Snap Inc, The Sandbox, Tencent Holdings Ltd., Unity Software, Inc., and Vuzix Corporation.
Selbyville, Delaware, April 27, 2022 (GLOBE NEWSWIRE) —
The metaverse market is expected to surpass USD 500 billion by 2028, as reported in a in 2021 owing to growing adoption of digital avatars across various sectors. The retail sector is increasingly using avatars to provide improved services and enhanced customer satisfaction. Avatars consist of the capability to efficiently handle customers and offer relevant product recommendations. Moreover, healthcare and education sectors are also extensively using avatars with the help of conventional AI technology.
The online shopping is projected to register about 35% gains through 2028 led by increasing digitalization across the retail sector. AR, VR, and MR technologies are drastically transforming the retail sector by revising the space of retail stores. The growing trend of online shopping has increased the adoption of metaverse across the retail industry, which helps in providing customized and personalized experiences to the customers. Various retail companies are taking steps toward the adoption of metaverse to transform the way of interacting with customers.
Europe is projected to grow exponentially in the global metaverse market on account of the rising adoption of advanced technologies and increasing demand for 5G network. The number of individuals working remotely in the countries, such as France, Germany, and the UK, are relatively high, enabling enterprises to adopt advanced virtual platforms. Moreover, the increasing adoption of cloud computing services is driving leading vendors, such as Amazon Web Services and Microsoft Corporation, to serve their requirements.
The companies operating in the market are focusing on developing advanced metaverse games and platforms. For instance, in November 2021, Microsoft launched the iteration of its corporate metaverse. The company is expanding metaverse concept into its existing software and applications. Microsoft Team’s software is also planning to develop AI-powered avatars and immersive workspace.
Some major findings of the metaverse market report include:
- Advancements in technologies, such as IoT, cloud computing, data analytics, and 5G, are anticipated to support market growth.
- The rapidly growing trend of cryptocurrencies and NFT across the fintech sector is providing significant growth opportunities.
- The Europe metaverse market is propelled by the growing adoption of MR, AR, and VR technology-based solutions.
- Major players operating in the metaverse market are Active Theory, Apple Inc, Alibaba Group, Amazon.com Inc., Decentraland, Epic Games, Inc. Immersion Corporation, Lilith Games, Meta Platform Inc. (Facebook), and Microsoft Corp.
- The companies are developing metaverse platforms and games to enhance customer experiences.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Metaverse industry 360º synopsis, 2018 – 2028
2.2 Business trends
2.3 Regional trends
2.4 Component trends
2.5 Platform trends
2.6 Offerings trends
2.7 Application trends
Chapter 3 Metaverse Industry Insights
3.1 Introduction
3.2 Industry segmentation
3.3 COVID-19 impact
3.4 Industry evolution
3.5 Metaverse industry ecosystem analysis
3.6 Technology & innovation landscape
3.7 Regulatory landscape
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.1.1 Rising trend of online gaming
3.8.1.2 Increasing investment in metaverse technology
3.8.1.3 Increasing adoption of advanced AR/VR devices
3.8.1.4 Growing adoption of blockchain and AI technology
3.8.2 Industry pitfalls & challenges
3.8.2.1 Lack of awareness towards metaverse technology
3.8.2.2 Increasing threat of cyberattacks
3.9 Growth potential analysis
3.10 Investment portfolio
3.11 Patent analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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