Metaverse Market revenues to top $426.9 billion by 2027

(I-SoftwareNews.Com, May 31, 2022 ) According to a new market research report "Metaverse Market by Component (Hardware, Software (Extended Reality Software, Gaming Engine, 3D Mapping, Modelling & Reconstruction, Metaverse Platform, Financial Platform), and Professional Services), Vertical and Region - Global Forecast to 2027" published by MarketsandMarkets, the Metaverse Market size is projected to grow from USD 61.8 billion in 2022 to USD 426.9 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 47.2% during the forecast period.

Major factors that are expected to drive the growth of the Metaverse Market include affordability of the metaverse devices for customers - the launch of VR devices in countries such as China and India at low prices, which are affordable to the masses, helps the widespread use of metaverse in consumer applications. Electronics companies are also offering XR devices as a complimentary gift on the purchase of electronic appliances such as television sets, gaming monitors, and gaming consoles. Furthermore, surge in demand of devices, such as VR headsets, MR headsets, HUD, HMD, smart glasses, smart helmets, from media & entertainment industry is expected to drive the market. The key reasons for adopting these technologies are that they can offer the first-person perspective, act as natural user interfaces, and provide 6-degree freedom, to create realistic-looking virtual scenarios to enhance the overall gaming experience of end users; hence enabling to create ample opportunities for metaverse vendors.

Browse in-depth TOC on "Metaverse Market”
237 Tables
45 Figures
273 Pages

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=166893905

The hardware segment to hold a larger market size during the forecast period

The software segment for the Metaverse Market is projected to contribute majorly among the components division, while the hardware segment is projected to witness a higher growth rate during the forecast period. This high software market share is attributed to the need for creating 3D ecosystems using engines, enabling its centralized as well as decentralized storage, movement and data update securely and optimizing vendors and users coordination in getting the best out of them as well. Direct impact factors such as with 3D reconstruction, the software can create realistic and natural-looking spaces, through special 3D cameras, we can take our world online by rendering accurate 3D photorealistic models of buildings, physical locations, and objects, now volumetric video is a technique for capturing footage in three dimensions for viewing in virtual or mixed reality environments. Metaverse software have several use cases, especially in sports, entertainment, medical, education, training, and advertising applications. When a real object is recorded with volumetric capture, the content is fully scanned and reproduced by recording details such as depth, intensity, color, and other parameters. Components such as camera arrays, processing units, sensors, and photogrammetry software programs capture and process volumetric videos, and these have very delicately contributed to the high adoption of the metaverse software.

Asia Pacific to grow at the highest CAGR during the forecast period

The region is projected to experience extensive growth opportunities the reason being higher consumer spending and internet implementation and usage, and the rising adoption of advanced technologies, such as XR, AI, and cloud. The qualitative presence of many display panel manufacturers in the region has led to a rising demand for the latest display technologies, such as 3D displays and holographic displays. The rise in demand for extended reality devices and metaverse software from the consumer, commercial sector is expected to drive the market's growth in the Asia Pacific. Asia Pacific registers the highest demand for consumer electronic products such as smartphones, tablets, laptops, and TV sets. The region is a booming, attractive market for cellphones, tablets, laptops, and television manufacturers. Key vendors in this region are electronics and IT giants namely Samsung, LG, Sony, Panasonic, Sharp.

Speak to Research Expert @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=166893905

Key Market Players

Market players profiled in this report include Meta (US), Microsoft (US), NetEase (China), Electronic Arts (US), Take-Two (US), Tencent (China), Nexon (Japan), Epic games (US), Unity (US), Valve (US), Accenture (Ireland), Adobe (US), HPE (US), Deloitte (UK), Ansys (US), Autodesk (US), Intel (US), Tech Mahindra (India), ByteDance (China), Nvidia (US), Activision Blizzard (US), Samsung (South Korea), Google (US), Sony (Japan), HTC (Taiwan), Seiko Epson (Japan), Apple (US), Qualcomm (US), Panasonic (Japan), Eon Reality (US), Roblox (US), Lenovo (Hong Kong), Razer (US), Nextech AR Solutions (Canada), ZQGame (China), Talecraft (Marshall islands), VR Chat (US), Decentraland (Argentina), Somnium Space (UK), Sandbox VR (US). These players offer various metaverse solutions to cater to the demands and needs of the market. Major growth strategies that are adopted by the players include new product launches/product enhancements and partnerships/acquisitions.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Aashish Mehra
MarketsandMarkets™ INC
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/metaverse-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/metaverse.asp

MarketsandMarkets™

Mr. Aashish Mehra

1-888-600-6441

raviraj.tak@marketsandmarkets.com

Source: EmailWire.Com

Source: EmailWire.com

Software News!

Metaverse Market revenues to top $426.9 billion by 2027