What is the market Size of UK Metaverse Industry?
UK Metaverse market is growing at a double digit CAGR in 2017-2022 and is expected to reach USD ~ Bn by 2028.
The UK 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.
UK 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.
Few major UK Metaverse players are Lilith Games, Roblox Corporation., Tencent Holdings, Byte Dance., Nvidia Corporation. Europe continues to dominate the UK 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.
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UK Metaverse Market segmentation by component
The UK Metaverse market is segmented by component into Software, Hardware and Professional Services. Software was the dominant form.
UK Metaverse Market segmentation by vertical
The UK Metaverse market is segmented by vertical into Consumer, Commercial, Industrial Manufacturing, Healthcare and Others. Consumer was the most dominant in 2022.
UK Metaverse Market by Region
The UK Metaverse market is segmented by region into England, Wales, Northern Ireland, Scotland and other Regions. England is the most dominant market.
Competition Scenario in UK metaverse Market
The UK metaverse market is fragmented. The report covers the major players operating in the United Kingdom 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 UK metaverse Market?
The UK 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 UK 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.
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 UK 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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Market Maxomony
By component
- Software
- Hardware
- Professional Services
By vertical
- Consumer
- Commercial
- Industrial Manufacturing
- Healthcare
- Others
By Region
- England
- Wales
- Northern Ireland
- Scotland
- Other Regions
Major UK Metaverse Market Players
- Lilith Games
- Roblox Corporation
- Tencent Holdings Ltd.
- Byte Dance
- NetEase
- Facebook Inc
Time Period Captured
- Historical Period – 2017-2022
- Base Period – 2022
- Forecast Period – 2022 –2028
For More Insights On Market Intelligence, Refer to the Link Below: –
UK Metaverse Market Outlook to 2028
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