United States Metaverse Market to Grow at Double Digit CAGR Market
The increasing focus on integrating digital and physical worlds
using the internet and demand for metaverse to purchase digital assets using cryptocurrencies
is expected to
drive the United States metaverse market in the forecast period, 2024-2028.
According to TechSci Research report, “United
States Metaverse Market - By Region, Competition Forecast & Opportunities,
2018-2028,” the United States Metaverse Market is expected to register
robust growth during the forecast period due to
the growing focus on integrating digital and physical worlds with rising penetration
of internet and increasing adoption of smart devices across the United States.
Moreover, the rising advancement and adoption in the emerging technologies such
as digital twins, AR & VR, Internet of Things (IoT), and use of real-time
analytics enabled by Artificial Intelligence (AI) will positively influence the
United States Metaverse Market in the upcoming years. The extensive use of metaverse
in various sectors including private organizations, government, media &
entertainment, retail, healthcare, education, among others is anticipated to
act as a catalyst in the growth of the United States Metaverse Market.
Moreover, United
States is carving out a solid position in the world technology map through the country’s
strong economy and the rapidly growing development of digital infrastructure. The
country’s metaverse market is considered to be one of the fastest growing in North
America due to huge research and development investments catering to several
industries across the region. The demand from industries for the adoption of metaverse
from an end-user side and better technology advances from supplier side, both
of which are driving market growth, is being met by a modern, digital-native
technical workforce that is more skilled in these fields.
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The
metaverse market is segmented into component, platform, technology,
application, end user, region and competitive landscape. By component, the
market is bifurcated into hardware and software. Based on platform, the market
is segmented into desktop and mobile. Based on technology, the market is
categorized into blockchain, Virtual Reality (VR) & Augmented Reality (AR),
and Mixed Reality (MR). The application segment is further categorized into
gaming, online shopping, content creation, social media, and others. Depending
on end user, the market is segregated into BFSI, retail, manufacturing, media
& entertainment, education, aerospace & defense and others.
On the bases of application, gaming holds the largest share in the United
States metaverse market and is expected to remain dominant in the forecast
period. The prominent players such as Robolox Corporation, Unity technologies,
Microsoft Corporation are increasing their dependency on virtual reality based three
dimensional gaming services to attract the social interactions in Generation Z
and Generation Alpha users.. The more realistic and ongoing developments and concepts
like play to earn in online gaming and the rising investment towards artificial
intelligence and mixed reality are some of the factors propelling the demand for
metaverse in the gaming industry.
On the bases of end user, media and entertainment industry holds the
largest share in the United States metaverse market and is likely to remain
dominant in the forecast period as multiple players in the industry are
significantly adopting metaverse. With the increasing advancement in such augmented
reality (AR) and virtual reality (VR) in gaming and social media applications, media
and entertainment companies can enhance their efficiency and productivity
through creating realistic virtual scenarios. The growing use of advanced
gaming technologies, rising income levels and changing consumer entertainment
choices are further leading to ample opportunities and bringing the industry to
the next level.
Key market players
in the United
States Metaverse Market are:
- Tencent Holdings Ltd.
- Nvidia
Corporation
- Meta
Platforms Inc.
- Roblox
Corporation
- Microsoft
Corporation
- ByteDance
Ltd.
- Epic
Games Inc.
- Unity
Technologies Inc.
- Netease Inc.
- Nextech AR Solutions Inc.
Recent
Developments
- On December 20, 2022,
Meta Platforms Inc. announced about the upcoming investment of around 20% of its
overall cost and expenses to reality
labs in 2023, the division in charge of its augmented and virtual-reality technologies.
The company has also shared that Meta Quest Pro was among the foundational
pieces of technology enabling its vision for the future and added that 2022
will be remembered for getting those technologies into the hands of developers
and users for the first time.
- On December 13,
2022, the Museum of Science, Boston launched its first immersive online
educational experience on Roblox “Mission Mars” a global platform connecting
millions of people through immersive 3D experience. The Museum’s entry into the
metaverse learning aims to reach 100 million people in museums, classrooms, and
online with top-quality STEM education content by 2030.
- On March 22, 2022,
Nvidia Corporation had announced its H100 AI processor and RTX A5500, a new
member of its Ampere series of graphic cards which supports training artificial
intelligence systems to do things like translate human speech and for the
professionals who needs graphic power for 3D tasks like animation, product
design, and visual data processing. The company aims to expend its omniverse
efforts to sell the tools and cloud computing services needed to build the 3D
realms called the metaverse.
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“Ongoing advancements in blockchain
enabled decentralization approach that will lead to a breakdown barrier between
providers is boosting the United States Metaverse Market in the forecast years.
The extensive need for the transparency, security, trust and the traceability of
the data for a business network for non-fungible tokens for digital assets
purchase is a boosting factor for the market across the United States.
Moreover, supportive government policies for metaverse services all over the
globe with emerging technologies has also been positively influencing the
market with a continuous urge for launching new service plans and platforms in
the upcoming years.” said, Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“United States Metaverse Market By Component (Hardware and Software), By Platform (Desktop and Mobile), By Technology (Blockchain,
Virtual Reality (VR) & Augmented Reality (AR) and Mixed Reality (MR)), By
Application (Gaming, Online Shopping, Content Creation, Social Media and
Others),
By End User (BFSI, Retail, Manufacturing, Media &
Entertainment, Education, Aerospace & Defense and Others), By Region,
Competition Forecast &
Opportunities,” has evaluated the future growth potential
of United States Metaverse market and provides statistics & information on
market size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the United
States metaverse market.
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