Global Metaverse Market

Metaverse Market Size, Share, Growth Analysis, By Product Type(Hardware, Software), By Platform(Blockchain, VR & AR), By Application(Gaming, Online Shopping), By Platform(Mobile, Desktop), By End-Use(Aerospace & Defense, Education) - Industry Forecast 2024-2031


Report ID: SQMIG45D2039 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 153 | Figures: 77

Metaverse Market Dynamics

Metaverse Market Drivers

Rising adoption of the metaverse within healthcare:

  • Based on the research conducted by SkyQuest, it has been discovered that the medical industry is exploring innovative avenues through the metaverse within the healthcare sector. This development opens up novel prospects for healthcare professionals and instills optimism, especially among contemporary healthcare establishments. It helps the doctors and patients to interact virtually through sessions and eliminates geographical limitations. It helps the fitness, well being, mental health and it is possible for the patient to connect with the doctor.
  • Tremendous technologies like AR, VR, MR, digital twin, blockchain, AI, and ML that will make the circulation in health sector to be no longer as before. Such as metaverse, where doctors can do virtual sounding of dummies made by means of digital replicas. On top of that, blockchain guarantees secure data sharing and unapparent data records of the patient. The growth of AI technology and machine learning in the XR area will create applications that can change according to the requirements of every user; this will deliver individualized experiences in healthcare tasks including training, patient education, and therapy, which are likely outcomes in improving engagement, comprehension, and overall achievements.
  • These experiences can be tailored to every user of the provider which allows for delivery of the information that is most expected and interesting leading to better results.  Additionally, The rise of blockchain and digital assets is anticipated to drive the global metaverse market growth. With the arrival of a new open, decentralized internet, comes an increased focus on blockchain, for the management of transparent data. Blockchains allow for convenient, trustless data exchanges, recorded histories, and decentralized authority. Many experts believe the blockchain will play an important role in the creation of a safe and fair metaverse. The blockchain is also helping to form the creation of a new economy within the metaverse, one defined by creators being able to monetize the things they make and receive adequate compensation for their talents. NFTs, or non-fungible tokens, for instance, are an exciting part of the metaverse, which allow people to sell everything from data to services and experiences, in a way that benefits the actual artist or creator behind each asset.

Metaverse Market Restraint

Implementing regulations for metaverse pertaining to cybersecurity, privacy, and usage norms:

  • The primary challenges facing the VR, AR, and MR sectors revolve around security and privacy concerns. These issues stem from the programming of applications and devices, coupled with a lack of oversight from both creators and users. Many consumer AR applications available on platforms like Android's Play Store and Apple's App Store are deficient in adequate privacy safeguards, raising apprehension among cybersecurity enthusiasts.
  • Additionally, there is lack of standards that can currently applicable and defining the dos and don’ts of the metaverse, this makes potentially dangerous behaviour in the metaverse environment occur more likely. Furthermore, levying taxes in virtual land and situation of relevant regulation also raise the barriers to the appearance of a metaverse in the entertainment industry. These elements would definitely cause difficulties in the market’s healthy expansion.
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FAQs

Metaverse Market size was valued at around USD 63.45 billion in 2022 and is expected to rise from USD 86.31 billion in 2023 to reach a value of USD 803.29 Billion by 2031, at a CAGR of 39.68% over the forecast period (2024-2031).

Global market is fairly concentrated, with a few big and medium-sized market participants accounting for a large portion of market revenue. Major players are implementing numerous tactics, including mergers and acquisitions, strategic agreements and contracts, and the development and testing of metaverse platforms. Additionally, The market is being fueled by government support and the government aiming to use the potentials of metaverse to enhance the capacity and steps of government service delivery and cooperation between market players and government/agency agencies. Companies and governments everywhere have their hands on the evolving industry of the metaverse with the government augmenting job numbers and a training academy for it. From tech giants, consultancies, entrepreneurs, investors, university or government representatives to the individual users, each stakeholder having interest in the metaverse and satisfying the demand for some "fresh idea" in the existing industry through such metaverse will result in industry growth, user adoption, and more possibilities than ever. 'Roblox Corporation', 'Epic Games, Inc.', ' 3i Inc. (South Korea) ', ' Apple Inc. (US) ', ' Atari, Inc. (France) ', ' Autodesk Inc. (US) ', ' Dapper Labs (Canada) ', ' Decentraland (China) ', ' Fastly (US) ', ' Google LLC (US) ', ' IBM Corporation (US) ', ' Infor (US) ', ' Magic Leap, Inc. (US) ', ' Meta Platforms, Inc. (US) ', ' Microsoft Corporation (US) ', ' Nextech AR Solutions Inc. (Canada) ', ' NVIDIA Corporation (US) ', ' Oracle Corporation (US) ', ' PTC Inc. (US) '

Based on the research conducted by SkyQuest, it has been discovered that the medical industry is exploring innovative avenues through the metaverse within the healthcare sector. This development opens up novel prospects for healthcare professionals and instills optimism, especially among contemporary healthcare establishments. It helps the doctors and patients to interact virtually through sessions and eliminates geographical limitations. It helps the fitness, well being, mental health and it is possible for the patient to connect with the doctor.

The Saudi Arabia Ministry of Culture initiated the development of a virtual world (which is broadly known as metaverse) dedicated to the demonstration and protection of the country’s valued cultural heritage according to the Cointelegraph report. Such an initiative is an indication of the Ministry of Culture’s engagement with inclusivity. Multi-platform availability provides for the spread of the program worldwide which makes it possible for a broad global audience to delve into and interact with Saudi Arabia’s diverse cultural background. It is to be noted that the attempt defines the growing popularity of metaverse platforms for cultural conservation and immersive learning opportunities worldwide.. The police in the UK are investigating a scenario where a virtual gang-rape was reported to have occurred in a metaverse setting, as per a news article in the New York Post. This unique case has caused everyone to wonder about the awkward issues of virtual reality grounds. As metaverse technologies get grown, incidents like these emphasize the gravity that calls for the development of stringent regulatory frameworks and measures to secure security to ensure the welfare of the users and to prevent virtual crime. Notwithstanding such problems, the case provides the basis for the position of metaverse as the rising economic area for social interaction and entertainment through its virtual environment.

North America is forecasted to dominate the market with the highest share of 39.6% in 2022 simply because of the fact that the users and customers of the region are embracing the computerization of their hard-to-believe technology.

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Global Metaverse Market

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