Future Outlook of US Metaverse Market: Ken Research

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What Is The Market Size Of Us Metaverse Industry?

US Metaverse market is growing at a double digit CAGR in 2017-2022 and is expected to reach USD ~ Bn by 2028. The US Metaverse Market is largely driven by One of the significant growth drivers of the metaverse market is the increasing demand for immersive and interactive virtual experiences across various industries, including gaming, entertainment, education, and commerce. US Metaverse Market is at a growing stage. It is a fragmented market with the presence of many metaverse companies. The market has seen emergence of abundant players in the past 5 years and the industry will further boost owing to the needs and wants of consumers for a more customized virtual reality platform.

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Few major US Metaverse players are Lilith Games, Roblox Corporation., Tencent Holdings, Byte Dance., Nvidia Corporation. Europe continues to dominate the US Metaverse market. Depending on technology, the virtual reality and augmented reality segment dominated the metaverse market share in 2020, and is expected to continue this trend during the forecast period, owing to growing demand for virtual reality (VR) / augmented reality (AR) based services. An increase in awareness and lifestyle changes is the fundamental driver of metaverse market growth. Customers are more likely to remain loyal when their needs are customized.

Us Metaverse Market Segmentation By Component

The US Metaverse market is segmented by Component into Software, Hardware and Professional Services. Software was the dominant form.

Us Metaverse Market Segmentation by Vertical

The US Metaverse market is segmented by vertical into Consumer, Commercial, Industrial Manufacturing, Healthcare and Others. Consumer was the most dominant in 2022.

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Us Metaverse Market Segmentation by Region

The US Metaverse market is segmented by region into North, South, East and West of America. North America is the most dominant market.

Competition Scenario in Us Metaverse Market

The US metaverse market is fragmented. The report covers the major players operating in the United States virtual reality market. Some of the prominent players in the industry are Lilith Games, Roblox Corporation., Tencent Holdings, Byte Dance., Nvidia Corporation. Competition in the metaverse is intensifying as more companies enter the market, offering a variety of virtual reality, augmented reality, and extended reality experiences. Established tech giants, startups, and gaming companies are vying to capture a significant share of the growing metaverse industry, leading to innovative developments and unique offerings to attract users.

What Is The Expected Future Outlook for The Overall Us Metaverse Market?

The US Metaverse market was valued at USD ~ billion in 2022 and is anticipated to exceed USD ~ billion 2028, witnessing a robust CAGR during the forecast period 2022-2028. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future. The US Metaverse market is driven by demand for rising disposable income in developing economies. The continuous advancements in virtual reality (VR), augmented reality (AR), and extended reality (XR) technologies are fueling the development and adoption of metaverse platforms, creating new opportunities for businesses and users alike.

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The government has set forth ambitious strategies to leverage digital technologies extensively in enhancing its services, processes, and decision-making capabilities. Rise in Demand in the media and entertainment, gaming and adjacent markets like virtual reality (VR), augmented reality (AR), mixed reality (MR), and digitalization in the fashion, retail, and art industries are the main factors for the metaverse industry growth. The concept of sustainable packaging is proving to be a highly beneficial investment and a responsible choice for the environment when it comes to reality platforms. With the rising awareness regarding the environmental impact of virtual assets and digital content within the metaverse, there is a growing push for new policies and measures that hold businesses accountable for sustainable practices and responsible management of virtual resources.

AI and cognitive learning technologies have started to play a decisive role and are poised to be game-changers in several avenues. During the forecast period of 2022-2028, it is anticipated that the US Metaverse market will grow at a massive CAGR by 2028. Growing concerns about virtual avatar health and excessive virtual consumption habits are prompting various governments to adopt plain packaging strategies for metaverse products. By implementing plain packaging regulations, authorities aim to raise awareness about digital well-being and encourage responsible virtual choices among users within the metaverse.

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US Metaverse Market Outlook to 2028

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AR the future of metaverse: Global Market to reach USD 700 Mn by 2028?: Ken Research

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Story Outline

Whether it is healthcare, retail, social media or the workplace, the metaverse has the potential to change lives. With the increase in popularity of virtual reality, augmented reality and mixed reality, the metaverse is gaining momentum, enabling users to go about a normal conversation as an avatar in a ‘different world’.

But according to a report by the World Economic Forum, the true benefits of the metaverse do not come from the creation of new digital worlds. They come through the integration of physical and digital worlds.

1. Meeting the Metaverse Challenge: AR Emerges as a Key Enabler for the Future.

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The move to the metaverse will require enormously sophisticated future technologies. According to Intel, to power the metaverse for hundreds of millions of users simultaneously, the world’s current computing, storage and networking infrastructure is ‘simply not enough’. A key to the success of the metaverse includes integrating the physical and the digital, with AR representing a better fit ‘for the real world’.

“Platforms for the metaverse typically either use AR or VR,” she writes. “VR has come to life over the past decade through gaming, esports, and entertainment, with fully virtual avatars and environments. On the other hand, AR is a better fit for work in the real world. While there’s room for both in the growing metaverse market, AR ultimately has the greatest potential. With AR, you can still interact with the objects, tools, environments, and people around you – making adoption easier, providing greater value to existing activities and speeding the path to ROI. Plus, this paradigm feels more natural and intuitive, since human evolution has equipped us to interact this way.

2. Building an open, interoperable metaverse ecosystem for the world

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Last year Microsoft, Epic Games, Meta, and 33 other companies and organisations announced the formation of a standards group for metaverse technology. “Building a metaverse for everyone will require an industry-wide focus on common standards,” said Vishal Shah, Vice President of Metaverse at Meta. “The Metaverse Standards Forum can drive the collaboration that’s needed to make this possible, and Meta is committed to this work. Creators, developers and companies will all benefit from the technologies and experiences that will be made possible by common protocols.”

The Khronos Group hosts the Metaverse Standards Forum, inviting any company, standards organization, or university to participate without any fees through a Participant Agreement. Emphasizing the significance of open standards, Johnson highlighted how they facilitate collaboration among developers, hardware manufacturers, MDMs, and partners, accelerating adoption, fostering innovation, and allowing users to determine the most suitable solutions. While closed ecosystems may have specific applications or business models, they are better suited as distinct "islands" within the broader metaverse ecosystem.

Companies have already begun to adopt the metaverse, with Microsoft and Samsung owning 158 and 122 patents on the metaverse respectively. As Johnson describes, enterprises are primed to pioneer advances in the metaverse, just as they did for mainframe computing. Enterprises are leading the way because they understand the case for productivity, competitive advantage and value to their customers.

Metaverse Market Thrives on Cryptocurrency Craze, Pioneering Security Innovations and Embracing Decentralized Solutions: Ken Research

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Story Outline

Rise in Demand in the media and entertainment, gaming and adjacent markets like virtual reality (VR), augmented reality (AR), mixed reality (MR), and digitalization in the fashion, retail, and art industries are the main factors for the metaverse industry growth. New product launches and contracts are expected to offer lucrative opportunities for the market players during the next five years.

1. Next-Generation Aerospace and Defense: Harnessing the Power of Metaverse and Adjacent Technologies

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Technologies, such as XR, AI, and analytics in the aerospace and defense sector is expected to be useful for training and simulating applications largely. These technologies coupled with metaverse are expected to be helpful for experiential training by making use of data-driven applications in real-time. Thus, the metaverse is projected to enable the improved and efficient transfer of accurate skills and enhanced knowledge retention by trainees across this vertical/enterprise. Extended reality is used to train the ground crew for pre-flight checks in airlines. It is also used to enable the ground crew to carry out required procedures before the take-off of aircraft. Further, the technologies combined can be used to inspect airplanes, analyze the data, and find out malfunctions, before take-off, thereby ensuring increased safety. The metaverse in integration with XR, can also help in weapon training, flight training, and simulations, thereby boosting the market growth.

2. Global economic slowdown resulting due to COVID-19: A challenge or driver for the metaverse industry?

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The ongoing pandemic has increased the demand for extended reality devices due to the unexpected lockdowns in key regions (Europe, Asia Pacific, and North America). The employees of several organizations are working from home in the wake of the COVID-19, thereby increasing the requirement for virtual meetings, training, and conferences. The pandemic has also affected the global manufacturing of extended reality devices.

A survey conducted by the National Association of Manufacturers (NAM) in 2020 related to the manufacturing industry in the US depicts more than 35% of respondents are of the opinion that the COVID-19 has impacted their supply chain operations, and over 53% expected a change in their operations in the coming months. Some key industrial companies have closed their facilities and are considering the extent of layoffs to help curb the spread of the virus and for economic reasons. The severe impact of the pandemic on the manufacturing industry has halted the supply of extended reality devices across the world. It has reduced consumer expenditure on non-essential items. This, in turn, is expected to act as a challenge for the growth of the metaverse market in short term.

3. The rising popularity of virtual tokens and NFTs are a major growth driver of the metaverse market.

Emerging US Professional Services Market

In recent years, non-fungible tokens or NFTs have gained major growth and endorsements. Rise in popularity of virtual goods and digital currencies among younger generation (millennials and gen Z) aids in growth of NFTs. According to a report published by the American news media house – CNBC in March 2022, total number of NFT trades accounted for over $17 billion, which was a 200% increase from 2020 to 2021. Such instances propel growth in popularity of virtual goods and currency in the modern digital landscape, which propels the global metaverse market.

Rise in demand for work from home and remote working tools during the period of the COVID-19 pandemic led to growth of the global metaverse market. Growth in popularity of cryptocurrencies and non-fungible tokens (NFTs) positively impact the metaverse market growth. However, complex security and privacy challenges on the metaverse platform can hamper the metaverse market. On the contrary, a positive drive toward decentralized network technology is expected to offer remunerative opportunities for expansion of the metaverse market during the forecast period.