United Kingdom metaverse
market is anticipated to witness a growth of steady CAGR in the forecast
period, 2023-2027. Factors such as the growing popularity of cryptocurrency and
e-commerce platforms are primarily driving the demand for the United Kingdom metaverse
market. Users are becoming more curious about the meaning and potential of the
metaverse and are expected to invest in the deployment of metaverse technology.
The increased demand for online gaming solutions and the development of
products and applications based on virtual, augmented, and mixed realities are
further expected to fuel the United Kingdom metaverse market demand over the
forecast period.
Increased Popularity of
Cryptocurrency Drives the Market Demand
The government of the United Kingdom is
planning to harness the assets of cryptocurrency and blockchain technology to
ease the process of making payments for the customer. Finance minister John
Glen will pass legislation to bring stablecoins under the regulatory framework
as a part of a plan to make the UK a global hub for crypto asset technology and
investment. Stablecoins can be defined as cryptocurrencies designed to have
stable value compared to traditional currencies. It also avoids the volatility
that some digital tokens and Bitcoin possess, which makes them unsuitable for
transactions. Also, the Chancellor of the Exchequer, Rishi Sunak has instructed
the Royal Mint to design an NFT to release next summer and stated that the
government wanted to make the United Kingdom a global powerhouse for
cryptoasset technology. The government is also planning to explore the
potential of Blockchain technology and include it in issuing British government
bonds or gifts. With growing popularity, the awareness of Nonfungible Tokens is
increasing at a rapid rate among consumers. The commencement of the metaverse
is expected to enhance the user experience and make people start investing and
buying things by using tokens or some kind of digital currency. The increase in
the percentage of people willing to buy through online platforms is expected to
fuel the demand for the United Kingdom metaverse market in the next five years.
Application of Metaverse in E-commerce
Channels Supports the High Market Demand
The outbreak of COVID-19 and the rapid
shift of consumers toward online sales channels have contributed to surging the
demand for e-commerce channels. The shopping habits of consumers have changed
in previous years, which has made small business owners use advanced technology
to stay ahead in the market. Metaverse technology is expected to offer numerous
growth opportunities to small business owners as it can provide virtual and
artificial intelligence assistance that can respond quickly to customers'
questions. Retail market players can use the metaverse technology to provide a
3D experience of listing to customers, and the customers can also try them
before buying the products. Market players will be able to provide a
personalized shopping experience to customers and present them in a better way
which is expected to act as a positive factor for the United Kingdom metaverse
market over the forecast period.
Download Free Sample Report
Market Segmentation
The United Kingdom metaverse market is
segmented into component, device, application, offering, technology,
regional distribution,
and competitive landscape. Based on component, the
market is divided into hardware, software, and service. Based on device, the
market is divided into desktop, mobile, and others. Based on application, the
market is divided into online shopping, gaming, social media, content creation,
conferences, others. Based on offering, the market is divided into virtual
platforms, asset marketplace, avatars, and financial services. Based on technology,
the market is divided into blockchain, VR & AR, mixed reality, and others. United
Kingdom metaverse market is studied in major regions namely London, Southeast,
East Anglia, Scotland, Southwest, East Midlands, Yorkshire & Humberside,
and rest of United Kingdom.
Market Players
Meta Platform Inc., Nvidia Corporation, Microsoft
Corporation, Tencent Holdings Inc., Bytedance, Epic Games, Netease Inc., Roblox
Corporation, Lilith Games, Nextech AR Solutions Inc., are the major market
players operating in the United Kingdom metaverse market.
Attribute | Details |
Base Year | 2021 |
Historic Data | 2017 –
2020 |
Estimated Year | 2022 |
Forecast Period | 2023
– 2027 |
Quantitative Units | Revenue in USD Million, and CAGR for 2017-2021 and 2022-2027 |
Report coverage | Revenue
forecast, company share, competitive landscape, growth factors, and trends |
Segments covered | ·
Component ·
Device ·
Application ·
Offering ·
Technology |
Regional scope | London,
Southeast, East Anglia, Scotland, Southwest, East Midlands, Yorkshire &
Humberside, Rest of United Kingdom |
Key companies profiled | Meta Platform Inc., Nvidia Corporation, Microsoft Corporation,
Tencent Holdings Inc., Bytedance, Epic Games, Netease Inc., Roblox
Corporation, Lilith Games, Nextech AR Solutions Inc |
Customization scope | 10%
free report customization with purchase. Addition or alteration to regional
& segment scope. |
Pricing and purchase options | Avail customized purchase options to meet your exact research
needs. Explore purchase options |
Delivery Format | PDF and
Excel through Email (We can also provide the editable version of the report
in PPT/Word format on special request) |
Report Scope:
In this report, United Kingdom metaverse
market has been segmented into following categories, in addition to the
industry trends which have also been detailed below:
·
United Kingdom Metaverse Market, By Component:
- Hardware
- Software
- Service
- United Kingdom Metaverse Market, By Device:
- United Kingdom Metaverse Market, By Application:
- Online
Shopping
- Gaming
- Social
Media
- Content
Creation
- Conferences
- Others
- United Kingdom Metaverse Market, By Offering:
- Virtual Platforms
- Asset
Marketplace
- Avatars
- Financial
Services
- United Kingdom Metaverse Market, By Technology:
- Blockchain
- VR &
AR
- Mixed
Reality
- Others
- United Kingdom Metaverse Market, By
Region:
o London
o Southeast
o East Anglia
o Scotland
o Southwest
o East Midlands
o Yorkshire & Humberside
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in United Kingdom metaverse market.
Available Customizations:
With the given market data, TechSci Research offers
customizations according to a company’s specific needs. The following
customization options are available for the report:
Company
Information
- Detailed analysis and profiling of
additional market players (up to five).
United Kingdom Metaverse Market is an
upcoming report to be released soon. If you wish an early delivery of this
report or want to confirm the date of release, please contact us at [email protected]