Metaverse

Metaverse is one of the trending technologies potentially transforming the next version of internet and digital platform. The concept of metaverse is nothing new, it is traced back in 1992 when a science-fiction novel called Snow Crash was publisher. The movie formed metaverse by combining meta and universe and described that all characters to live an alternate life.

This concept has gained momentum in 2021 since Facebook changed its name to Meta and announced to invest USD $10 billion to build metaverse environment. The platform will allow users interacting with friends, families, and colleagues using digital avatars.

 

It has also attracted many other stakeholders including various social networks, technology leaders, retail and consumer companies, online game makers, education firms, and many other companies to make presence within metaverse environment.

 

A huge number of investments, industry collaborations, and partnerships are expected to follow the metaverse trend. It is expected to create massive opportunities across the industries. The metaverse solution will be used to carry out various purposes including gaming, content creation, social interaction, learning and training, online virtual shopping, and many other applications. It is expected to achieve industry goals like improving existing structure, improve productivity, improve customer experience, and many others.

 

Metaverse Market Dynamics

The metaverse will transform the entire functions of an industry including sales, marketing, business operations, and various technological innovations. It will affect the industry in various ways including enhancing social media experience, improvising business communication and optimizing overall productivity, creating immersive experience across sales and marketing, revolutionizing online education, creating futuristic blockchain applications, and creating future backbone of new internet.

 

Metaverse will overlap across physical and virtual worlds to create an entire new universe where digital consumers and business will undergo hand in hand. Companies has started spending millions to buy a space within metaverse space. Even some countries are thinking to open embassy in metaverse. It is expected to enrich our society and boom digital economy.

 

Mind commerce predicts that the metaverse market will be a combination of infrastructure to support metaverse environment like device, equipment, internet, haptic devices, and other hardware, software engine, and associated services. We predict that the hardware segment of the market will hold the largest market share whereas software segment will be the fastest growing segment potentially superseding in next couple of years.

 

  • Decentraland raised $1.2 million with fungible tokens auctions and marketplace to boost up metaverse with Ethereum blockchain. Price Waterhouse cooper Hong Kong purchased LAND in Sandbox for $10,000
  • Globant acquired Navint to streamline end-to-end digital and cognitive transformations in 2021
  • Magic Leap raised $500 million funding with a valuation of $2 billion in 2021 and focused on developing advanced AR solutions.
  • The Sanbox formed alliance with the Warner Music Group to launch the first music themed world in the Sandbox metaverse and talking initial steps to enter into the metaverse and NFT sector. They formed the alliance in January 2022.
  • Tencent holdings formed partnership with the Asian Institute of Digital Finance to collaborate in the areas of education, research, and entrepreneurship to boost up Asia’s fintech industry that will also contribute in Metaverse.
  • Epic Games acquired Harmonix Music systems to develop musical adventures and gameplay for Fortnite. They will also continue supporting existing products such as Rock Band 4
  • Since 2021, Nvidia corporation formed partnership wit Blender and Adobe that will enable Nvidia Omniverse to reach millions more users. Omniverse is known as world’s first collaboration and simulation platforms

 

Metaverse Market Report

This report assesses the history and current industry development of metaverse market along with associated technology, metaverse value chain, hardware devices and software, potential applications across industry verticals, and leading metaverse platform companies. The report also projects the quantitative assessment of the metaverse market and its segment during 2022 – 2030.

 

Report Benefits

  • Learn the current development of metaverse market along with historical trend
  • Understand the metaverse infrastructure including core technology and enabling technology
  • Learn the market drivers, value chain, and core concepts of metaverse
  • Understand the competitive landscape of metaverse market including leading platform, technology enabler, and brand companies entered in metaverse space
  • Learn the investment trend and technology collaboration around metaverse market development
  • Understand the global and regional forecasts for metaverse market and its segments during 2022 – 2030

 

Select Findings

  • Metaverse will be an industry disruptor potentially changing every facet of business
  • Global metaverse market will generate more than USD $1.5 trilling revenue by 2030
  • The software will be the highest market segment by 2030
  • The MR technology segment will hold highest market share by 2030
  • Digital marketing (advertising) application will have the highest CAGR during the period
  • Media and Entertainment industry will be the highest market adapter
  • Global metaverse NFT market will be valued USD $53.2 billion by 2030
  • Globally more than 1.5 billion people will be the metaverse users by 2030
  • North America will lead the metaverse market during forecasted period