Business Metaverse Market Is Predicted To Witness Growth Exponentially By 2028
Business Metaverse Market Is Predicted To Witness Growth Exponentially By 2028
The global business metaverse market size was significantly robust in 2020 and is expected to register a rapid revenue CAGR over the forecast period.

The global business metaverse market size was significantly robust in 2020 and is expected to register a rapid revenue CAGR over the forecast period. Key factors driving market revenue growth are rapid adoption of metaverse platforms by companies to enhance marketing and customer experience, increasing number of businesses focusing on creating immersive virtual 3D spaces for consumers, and rising investment in Non-Fungible Tokens (NFTs) to purchase or sell assets in the metaverse. In addition, adoption of virtual technologies have enabled digital-first brands to expand their presence in the metaverse by using their existing digital personas and content to effectively connect with consumers. Companies and businesses are also collaborating with other metaverse-related companies to create products, events, and worlds that contribute to metaverse experience in a way that does not cause disruption to their business models or harm sensitive nature of consumers and this is another key factor expected to contribute to revenue growth of the market going ahead.

Metaverse can be described as a 3D virtual space where users and brands can come together using digital avatars to interact with each other and surroundings and has been widely considered as the next iteration of the Internet and the social media world. Rapid advancements in metaverse technology have enabled businesses to gear up for radical transformation with increasing application of metaverse in a variety of sources, from advertising to e-Commerce to virtual events. Metaverse for businesses is expected to provide a channel for marketing and sales and increasing investment in the metaverse to improve business strategies and create new business segments is another key factor expected to fuel market revenue growth over the forecast period. Business transactions in the metaverse leverage blockchain technology with the wide usage of cryptocurrency and NFTs and with increasing adoption of cryptocurrency across the globe, the global business metaverse market is expected to register significantly rapid revenue growth going ahead.

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The information and communication technology sector is rapidly gaining traction owing to rapid technological advancements, high demand for smartphones, laptops, computers and other modern electronic devices, and increasing adoption of latest technologies such as Artificial Intelligence (AI), Internet of Things (IoT), and cloud services. The ICT sector consists of several sections, software, hardware, telecommunications and other services. Factors such as increasing demand for advanced ICT services in BFSI, agriculture, retail, hospital and healthcare, rapid adoption of digitalization, rising number of internet users and high demand of advanced services and devices are expected to drive global market revenue growth during the forecast period. Other factors such as increasing need for managing large data base, rising concerns about data security and increasing investments in R&D activities are expected to boost market growth during the forecast period.

 

Competitive Landscape:

  • Osso VR
  • Shanghai AIS Corporation
  • Roblox Corporation
  • HTC
  • Samsung
  • HUAWEI
  • Xiaomi
  • Sensorium Corporation
  • Meta
  • Tencent
  • Microsoft, Inc.

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The global market is further segmented into type and application:

Component Outlook (Revenue, USD Billion; 2018-2028)

  • Software
  • Hardware

Application Outlook (Revenue, USD Billion; 2018-2028)

  • Industrial Manufacturing
  • Retail
  • Medical
  • Finance
  • Others

Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
  • Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
  • Latin America (Brazil, Rest of LATAM)
  • Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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