metaverse industry analysis

The Metaverse market in the U.S. is estimated at US$58.5 Billion in the year 2021. The primary Metaverse revenue opportunity for video-game makers consists largely of existing gaming software and services market as well as rising sales of gaming hardware, based on our analysis. Furthermore, organizations' increasing emphasis on utilizing games to promote their corporate image is likely to boost revenue growth. The always-on connectivity of its systems makes the metaverse persistently available, which, in turn, is making it a part of daily life and business as well as the driver of significant, albeit often unnoticed, value as a fully functioning economy. The data layers and connections include: The metaverse is present today in our everyday lives. The Metaverse Market is expected to register a CAGR of 41.6 % throughout the forecast period (2022 - 2027). Asia-Pacific is growing at the highest CAGR over 2018 - 2028. Electronic Arts Inc., Amazon Web Services, Inc., Qualcomm Technologies Inc., Cloudflare, Inc., Oculus are the major companies operating in Metaverse Market . English version According to a CNBC (Consumer News and Business Channel) survey, one in ten people invests in cryptocurrencies, which are commonly used in trading various commodities, including NFTs. The pandemic heightened its importance among consumers and businesses alike. What are the factors driving the metaverse market. A growing number of start-ups and organizations such as The Sandbox (Hong Kong), Bolly Heroes (India), Axie Infinity (Singapore), NextMeet (India), GuildFi (Thailand) as well as Shenzhen Zhongqingbaowang Interaction Network Co., Ltd. (ZQGame Global), and miHoYo Co., Ltd. in China, are projected to drive the regional market expansion. BCG consultants offer metaverse services to help companies develop strategies to operate and interact with customers in transformative ways. It would also provide the framework for the next chapter of post-COVID digital activity, the emergence of digital social experiences. In 2022, Meta lost more than $13.7 billion in its "Reality Labs" unit, which houses its metaverse efforts. Together, the metaverse refers to a virtual world parallel to the real world that can be experienced more completely with technologies such as augmented reality (AR) and virtual reality (VR). Increasing popularity of Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR) are driving the revenue growth of the market. We are always looking to hire talented individuals with equal and extraordinary proportions of industry The metaverse is a fast-growing trend with a considerable penetration rate of users for various applications such as gaming, content creation, social interaction, learning and training, and online virtual shopping. Blockchain solutions in support of the Metaverse will reach $148.6 billion by 2027. Companies looking to play need to first understand how their strategy and sustainable advantage may have to change as the competition develops. Industry-standard and bespoke benchmarks across asset classes. The hardware segment accounted for USD 14.92 billion in 2022 and is expected to expand at a CAGR of over 39.0% during the forecast period. The growth of the market depends on serval factors, including increasing demand for AR and VR technology, growing smartphone penetration and use of 5G, and the rise of blockchain as a service. The global metaverse market size was estimated at USD 65.51 billion in 2022 and is expected to reach USD 82.02 billion in 2023. Metaverse is one of the trending technology platforms attracting various social networks and technology leaders, and online game makers to enter and establish its presence within the market. In the case of consumers, the result might be a virtual-reality (VR) gaming platform, while for business it could be a machine-learning algorithm that incorporates multiple diverse data sets to provide better insights and improve decision making. On a massive virtual screen, users may surf the web, view movies on Netflix, and even play games. Build the necessary digital assets and tech enablers. Within this primary market opportunity that may reach $412.9 billion in 2024 vs. $274.9 billion in 2020, software and services revenue as well as in-game advertising revenue accounts for about 70% of the total market size. This may result in increased customer satisfaction and loyalty while products can understand an issue before the actual breakdown. Even if the final implementation of the metaverse differs from todays vision, technologies such as Virtual Reality (VR), Augmented Reality (AR), the Internet of Things (IoT), and cryptocurrencies will certainly be used. 6. Taking a bionic approach to digital transformation can lead to successful business outcomes. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholdersempowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact. The rising desire for devices that improve users' experiences encourages market expansion. Join the conversation with the Bloomberg Intelligence podcast: Into the Metaverse, Bloomberg Multilateral Trading Facility (BMTF & BTFE). Concerns about data security and privacy in metaverse environments, issues about user identity, and challenges of persuading users to use payment services in these settings are some key factors that are expected to stifle global metaverse market revenue growth to some extent during the forecast period. If the metaverse seems a bit amorphous, its use cases are easier to spot and are multiplying fast. It was the platform's largest in-game concert. Its an aircraft engine technician connecting via the companys help line to an expert 3,000 miles away. How do you Read more. Small, medium-sized, and large-scale businesses and individual customers increasingly need advanced VR gadgets, promoting market expansion. The metaverse is a virtual digital ecosystem that uses blockchain, augmented reality (AR), and virtual reality (VR) for social interaction and communication. Blockchain and other distributed ledgers go far beyond cryptocurrencies. Computers used to be the primary portal into the metaverse, but with the introduction of smartphones and wireless networks, that has changed. At this early stage, companies should set a broad vision for what they want to achieve, including clear definitions of what to do and what not to do. The combination of the metaverse and AI enable segment-of-one offerings that can be a powerful differentiator in increasingly competitive sectors. It is mainly because North American users and consumers adopt new and sophisticated technologies at a very rapid pace. customized per your requirements. No matter their starting point, BCG can help. This website is secure and your personal details are safe. We are happy to help. The pandemic has accelerated the creation of virtual online communities as key lifestyle areas for users who were confined due to the lockdowns and closures, including interactive game landscapes and the expanding use of mixed reality. Because of the billion dollars spent by Metaverse, the year 2021 was a good one for Metaverse technology investments (Facebook). Meta: annual revenue and net income 2007-2022, Reasons why Facebook changed its name to Meta according to U.S. adults 2021, U.S. adults who have a favorable opinion of Mark Zuckerberg 2021, U.S. adults reasons for joining the metaverse 2021, U.S. adults on potential metaverse issues 2022, Attitudes towards metaverse and brands among internet users in the UK & U.S. 2021, Global mobile augmented reality (AR) user devices 2019-2024, Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022, Market cap of Web 2.0 metaverse companies, Number of users of Web 3.0 virtual worlds, U.S. internet users who are very interested in using the metaverse as of March 2022, Global market capitalization of metaverse, Facebook and gaming 2021, Metaverse potential market opportunity worldwide 2021, by scenario, Global users of selected virtual platforms 2021, U.S. metaverse potential consumer expenditure TAM 2022, by segment, U.S. adults familiar with the metaverse 2022, U.S. adults feelings toward the metaverse 2022, Metaverse content that should be censored worldwide 2021, Main reasons for joining the metaverse worldwide 2021, Things you would do in the metaverse but not in real life worldwide 2021, Projected metaverse reach among global consumers and businesses 2026, U.S. adults on the metaverse replacing social media 2021, U.S. adults who would virtually attend a metaverse sports event 2022, by generation, U.S. adults who would virtually attend a metaverse music event 2022, by generation, U.S. adults important factors for using the metaverse 2022, Investment in AR/VR technology worldwide in 2024, by use case, Virtual reality and augmented reality users U.S. 2017-2023, Money people are willing to spend on basic VR gear worldwide 2021, Money people are willing to spend on advanced VR gear worldwide 2021, Oculus Quest 2 units sold worldwide 2020-2021, by quarter, Number of apps adding metaverse keyword to their name 2021-2022, Number of apps with "metaverse" in their name 2022, Apps mentioning selected keywords along with "metaverse" 2022, Available VR headset apps 2022, by app store, Meta Quest mobile app global downloads 2018-2022, Global top rated free Oculus Quest VR apps 2022, Global top rated paid Oculus Quest VR apps 2022, U.S. adults who have heard of Horizon Worlds 2022, U.S. adults who have heard of Horizon Workrooms 2022, Global downloads of mobile apps with virtual worlds and avatars 2020-2021, U.S. gamers participating in non-gaming activities within video games 2021-2022, U.S. gamers participating in select non-gaming activities within video games 2022, Metaverse description according to U.S. game developers 2021, Metaverse feature expectations according to U.S. game developers 2021, Components for viable metaverse according to U.S. game developers 2021, Time until metaverse usage according to U.S. game developers 2021, Leading barrier to creating the metaverse according to U.S. game developers 2021, Metaverse description according to U.S. gamers 2021, Planned metaverse usage according to U.S. gamers 2021, Planned metaverse monetization according to U.S. gamers 2021, Metaverse vs. other immersive digital environments according to U.S. gamers 2021, Preferred metaverse ownership according to U.S. gamers 2021, Preferred metaverse payment methods according to U.S. gamers 2021, Leading business sectors already investing in the metaverse 2022, Global business definition of the metaverse 2022, Global business point of view regarding the metaverse 2022, Types of companies that have to be present in the metaverse 2022, Metaverse target audiences according to companies worldwide 2022, Metaverse project investments according to companies worldwide 2022, Metaverse investment budget according to companies worldwide 2022, Metaverse doubt according to companies worldwide 2022, Metaverse boom according to companies worldwide 2022, Meta: worldwide quarterly revenue 2020-2022, by segment, U.S. adults who have heard of Facebook shifting focus to VR 2021, U.S. adults who have heard of Facebook's VR project metaverse 2021, U.S. adult interest in Meta's VR project metaverse 2021, U.S. adults who have a favorable opinion of Meta 2021, Main reason Facebook changed its name to Meta, according to U.S. adults, Share of U.S. adults who have a very unfavorable opinion of Mark Zuckerberg, Main reason U.S. consumers would join the metaverse, To experience things they can't in a physical reality, Biggest concern of U.S. adults regarding metaverse usage, Share of U.S. adults who still don't understand what the metaverse is, Market size of AR, VR, and MR (mixed reality) worldwide in 2022, Forecast number of mobile augmented reality user devices worldwide in 2024, Research lead covering internet and gaming. The introduction of innovative hardware solutions supporting the virtual world metaverse is anticipated to propel the business in the future. This potent tool enables webAR effects and 3D content on its social media sites, including Facebook and Instagram. In December 2022, Meta stated that it would contribute $2.5 million to assist independent academic research in Europe that will explore problems and opportunities in the metaverse. Warner Music Group (WMG) would be taking its initial steps into the metaverse and NFT sector with this alliance. Americans also appreciate their metaverse experience, which motivates them to spend money on gadgets that would experience it even better. To demonstrate the value of the metaverse to the business, address specific customer pain points and develop use cases that can drive new sources of revenue. Revenue from live entertainment businesses that can become part of the Metaverse concept films, live music and sports may exceed $200 billion in 2024, roughly flat vs. 2019, as these businesses slowly recover from the Covid-19 pandemic, based on our analysis and data from PWC, Statista and Two Circles. A broad range of game developers worldwide is working on various futuristic game projects for select VR/AR platforms in 2022. The study on metaverse market covers the analysis of the leading geographies such as North America, Europe, Asia-Pacific, and RoW for the period of 2020 to 2028. This text provides general information. These virtual worlds will connect to a social system and fully functioning economy in which . "Sorry! Bloomberg Professional Services connect decision makers to a dynamic network of information, people and ideas. The Metaverse Market research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. For instance, Meta Platform, Inc Meta Platform, Inc unveiled a lineup of major virtual reality concerts that took place completely on its Horizon Venues metaverse. A strong management capability can define the target path, highlight dependencies across teams, and de-risk the overall plan. The business intends to provide its own metaverse, a 3D virtual environment where users can communicate with one another. Build metaverse customer trust. After tech giants including Meta, Microsoft, and Google . Complimentary 10 hours free analyst time for market review, 3. The global metaverse market is expected to grow at a compound annual growth rate of 39.9% from 2023 to 2030 to reach USD 936.57 billion by 2030. b. 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Based on platform, the desktop segment accounted for the largest revenue share of 42.14% in 2022. These companies are implementing various product development, mergers, acquisitions, strategic partnerships, etc., to launch new products to remain competitive in the market, 1.1 Study Assumptions and Market Definition, 4.3 Industry Attractiveness-Porter's Five Force Analysis, 4.4 Impact of COVID-19 on the Metaverse Market, 5.1.1 Favorable trends such as convergence of games and social media platforms, 5.1.2 Technological advancements in hardware and networking, 5.2.1 Moderation, Privacy, accessibility & regulatory challenges, 5.3 Analysis of key business models for Metaverse, 5.4 Role of NFTs in furthering ownership of gaming and event-based models (Play-to-Earn & Collect), 6.1.3 Virtual Live Entertainment - Epic Games and Roblox, 7.1 Company Profiles - Metaverse Experiential Solutions, 7.2 Company Profiles - Metaverse Infrastructure, 7.3 Company Profiles - Metaverse End-user devices, 7.4 Company Profiles - Metaverse Created Economy, 7.5 Company Profiles - Metaverse Discovery Platforms. 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