Rising demand for virtual assets and increasing usage of NFTs to trade digital assets are some key factors driving market revenue growth
The global metaverse market size is expected to reach USD 872.35 Billion in 2028 and register a revenue CAGR of 44.1% over the forecast period, according to a latest report by Reports and Data. Rising demand for Mixed Reality (MR) for use in the metaverse is expected to drive market revenue growth to a significant extent during the forecast period. In addition, increasing demand for virtual assets and usage of Non-fungible Tokens (NFTs) to trade digital assets is expected to boost market revenue growth going ahead.
Physical and virtual worlds are merged in a mixed-reality setting. What was previously only feasible in imaginations in terms of interaction of imaginary items and reality, has today become feasible due to advancements in graphic processing power, computer vision, as well as other technologies. Wearable devices provide a mixed-reality experience that can begin in the actual world or a completely virtual realm. In contrast to augmented reality, individuals in mixed reality may engage with virtual items. There are various MR uses in education that can help students learn in aa more immersive way whenever they engage with virtual items. Teachers can remotely educate students utilizing 3D projections as well as simulations. For instance, Case Western Reserve University in Ohio utilized Microsoft HoloLens for teaching anatomy to medical students. Such approaches are expected to gain rapid traction in other countries and regions and boost revenue growth of the global metaverse market during the forecast period.
The term “metaverse” has become a buzzword, with its popularity reaching new heights after Facebook announced it was rebranding its portfolio of firms “Meta” in an effort to match its businesses with its goal of building the metaverse. The Metaverse is a widely speculated version of the Internet that suggests the confluence of virtual and augmented reality, social media, and online gaming. The Metaverse is supposed to be the next-generation internet and a virtual realm in which objects can appear as colorful and alive as they do in real life. The idea that virtual and 3D environments that are interactive and accessible in real-time might become transformative for social and corporate engagements is at the heart of the metaverse concept. Experts believe that the cornerstone of these worlds could be expanded reality. The metaverse maybe still a decade or two away but it has opened up a whole new world for cryptocurrencies and is expected to shape the way people live and work.
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Some major companies included in the global market report are Facebook, Inc., Tencent Holdings Ltd., ByteDance Ltd., NetEase, Inc., Nvidia Corporation, Epic Games, Inc., Unity Technologies, Inc., Roblox Corporation, Lilith Games, and Nextech AR Solutions Corp.
Some Key Highlights From the Report
For the purpose of this report, Reports and Data has segmented global metaverse market based on platform, component, technology, offerings, application, end-use, and region:
Platform Outlook (Revenue, USD Billion; 2018-2028)
Component Outlook (Revenue, USD Billion; 2018-2028)
Technology Outlook (Revenue, USD Billion; 2018-2028)
Offerings Outlook (Revenue, USD Billion; 2018-2028)
Application Outlook (Revenue, USD Billion; 2018-2028)
End-use Outlook (Revenue, USD Billion; 2018-2028)
Regional Outlook (Revenue, USD Billion; 2018-2028)
Market Report includes major TOC points:
Conclusively, all aspects of the Metaverse market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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