Market Overview
Demand and significance of Metaverse
Metaverse Market Report Highlights
The hardware subsegment of the product sector dominated the worldwide metaverse market in 2021 and held the biggest market share, as a result of the rising usage of AR, VR, and MR devices.
Displays captured the highest revenue share in the hardware sub-segment in 2021, whereas programming engines dominated the software sub-segment with the largest market share Desktop and headsets dominated the market with 42.2% and 34.9% of the total revenue shares in 2021, respectively, and are projected to remain the highest revenue-generating segments during the forecast period The VR and AR technology sector held the largest revenue share in 2021 as multiple in-game purchases accounted for the highest revenue Human resource domains are also incorporating VR and AR devices for employee training In terms of offerings, the virtual platform segment accounted for the largest market share in 2021 and is anticipated to exhibit significant growth, owing to the increased adoption of these platforms for multiple uses, such as advertising, branding, and education. Numerous significant firms have also learned that virtual platforms minimize capital expenditures and operating expenses. The gaming segment is anticipated to dominate the application category. Due to the rising demand for social media applications, it is predicted that the content and social media segment would experience substantial growth throughout the projection period.
The North American region held the largest market share in 2021, due to the high adoption of metaverse platforms.
The Asia-Pacific region is expected to grow at a rapid pace over the forecast period, due to factors such as the demand for a better viewing experience and the emergence of new companies such as OneRare, LOKA, and Bolly Heroes.
Creator Market
The emphasis on artworks and creatives have gone through the roof since the emergence of the NFT market. Earlier before most of the artist were not paid rightly due to several reasons like
Page number
120
Base year
2021
Forecast period
2022-26
Growth momentum & CAGR
Accelerate at a CAGR of 35.27%
Market growth 2022-2026
USD 147.24 billion
Market structure
Fragmented
YoY growth (%)
30.27
Regional analysis
APAC, South America, Middle East and Africa, North America and Europe
Performing market contribution
APAC at 43%
Key consumer countries
United Arab Emirates, Singapore, China, The philippines, and Venezuela
Competitive landscape
Leading companies, competitive strategies, consumer engagement scope
PXR is an evolutionary come revolutionary project that is devised to pool in various communities across different sectors to evolve and merge on a simple cause of making the best value out of their efforts spent.
3D Modelling and Design community
Metaverse worlds will be immersive and three-dimensional – we can see this already in the worlds developed by everyone from Meta to Roblox and Decentraland. Creating these environments so that they are functional, appealing to spend time in and immersive requires specific design sensitivities that are practiced by the likes of video game designers and animators working on 3D movies. Designers will have the task of conceptualizing, prototyping, and building the environments that metaverse users will explore as well as the objects and avatars they interact with.
Computer Programming community
Many metaverse experiences will be created by designers using low-code or no-code worldbuilding solutions, such as Roblox or Somnium Space, as well as tools like Unity which require some understanding of coding to get the most out of. However, those tools need to be created in the first place – and as the metaverse and its user base matures, new tools will be needed to provide newer and more immersive experiences. For this reason, those with solid coding skills are always likely to be required by companies and organizations that want to be on the cutting-edge of metaverse development.
VR/ AR Development community
Metaverse doesn’t have to involve virtual reality (VR) or augmented reality (AR) – many popular platforms considered to offer metaverse experiences today – Roblox or Decentraland, for example – are perfectly usable on normal, 2D screens. But many predict that virtual reality will play a big role as metaverse creators look to build the most immersive environments and interfaces that they can. AR has a role to play in bridging the gap between the real and virtual worlds – an essential element of the metaverse experience. Expertise in development using both technologies will undoubtedly be in high demand.
Blockchain / NFT Engineering community
Many visions of how the metaverse will evolve include concepts like decentralization and uniqueness of digital assets. To make this possible, the underlying technology layer will include blockchain. This will enable the creation of distributed, decentralized infrastructure that can be used to build worlds that are ultimately under the control of their owners rather than whoever happens to own the servers or data centers where they are stored. NFT technology means we can create one-of-a-kind or limited-edition assets and prove who owns them or has the right to use or sell them. People with the ability to create this web3 infrastructure and assets will play an important role in the metaverse development and administration.
UI/ UX Design community
User interfaces (UIs) are the connecting points between us in the real world and the virtual environments of the metaverse. And whether we are using touchscreen interfaces on our mobile phones or full body-tracking capabilities of immersive VR, we will need UI skills to ensure that interface is as natural and friction-free as possible. This contributes to the wider field of user experience (UX) – the art and science of ensuring the time we spend using software (in this case, metaverse software) is as intuitive, enjoyable, and rewarding as possible. Becoming skilled in either or both disciplines would be a great start for anyone looking toward beginning a career in metaverse development.
User Market
Market Cap
$1,247,075,553,360
Dominance
ETH : 17.6% BTC : 46.5%
Exchanges
527
Cryptos
19780
ETH Gas
72 Gwei
24h Volume
$90,818,657,101
Market Size
USD 105,597.5 Million
CAGR
45.2%
Base Year
2020
Forecast Period
2024-2030
Historical Data
2018-2019
Forecast Units
Value USD Billion
Segments Covered
By Component (Hardware and Software) By Platform (Desktop/Laptops, Mobiles and wearables) By Technology (Blockchain, VR & AR, Mixed Reality and Others) By Application (Gaming, Online Shopping, Content Creation, Social Media and Others) By End User (Consumer and Enterprises[BFSI, Retail, Media & Entertainment, Education, Real Estate, Aerospace & Defense, Healthcare, Engineering and Others])
Geographies Covered
North America (US, Canada and Mexico) Europe (UK, Germany, France , Rest of Europe) Asia-Pacific (China, Japan, India and Rest of Asia-Pacific) Middle East & Africa South America
Problem
For businesses to obtain solutions in Modern Technologies, they will have to go through the following phases: first, they will need to hire a tech team consisting of a minimum of five to seven highly skilled programmers; second, the tech team will have to deal with numerous tools, integrated development environments (IDEs), and software development kits (SDKs); third, they will have to write thousands of lines of code while sitting still for months; and fourth, they will release the solution. In this instance, consumers will be obliged to keep the same technical team. Therefore, this technique is costly, time-consuming, and extremely team dependent.
Absence of the actual metaverse world which is more intuitive. Metaverse games are evolved in their own genre with low pixel grade quality and over fantasized representation which doesn’t match the current scenarios of high quality game players through conventional means like gaming consoles and general mobile apps.
Complex unconventional rewards system. Negligence of predominant use of easy-to-earn systems in the metaverse world creates a gap for fast adoption especially with the blockchain world.
Ineffective use of AR/VR/MR technologies in metaverse leads to less quantifiable approach and excess project cost in metaverse and inevitably results in project’s high chances of failure due to lack of further funds.
Many existing games concentration is on gamers and crypto investors but other larger portions are left out to cover where lots of rooms are already available to fill with. Let's say the people mix and value proposition can be built with and for different layers of customers and stakeholders in a project.
Inflationary and insatiable economical models lay down unpredicted moves of coin price.
Inadaptability of the project to upcoming volatile situations questions investors and community reliance on this futuristic concept.
Solutions
Reduction in the complexity of users interaction, experience, dependency and reliability etc. across the platform
Highly immersive game with hybrid approach of binding in virtual play to earn and real time play to earn.
Easy reward system with plethora of activities to perform and earn.
Wide range of performers and stakeholders. The people mix here is comparatively bigger than any other metaverse project where limitation arises in terms of interest.
High value proposition for every stakeholder participating.
AR/VR/MR in metaverse brings added advantage in expansion of better experiential features and wide opens ideal utilization of already proven and reputed resources.
Fair reward system.
Longstanding and sustainable tokenomics.
Well calibrated spaces for any layers of inclusions.
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