DUBLIN, Nov. 29, 2023 /PRNewswire/ — The “United States Metaverse Market Competition Forecast & Opportunities, 2028” report has been added to ResearchAndMarkets.com’s offering.
United States metaverse market is projected to reach a value of $110.44 billion by 2028 from $16.69 billion in 2022, growing at a CAGR of 37%
The United States metaverse market is driven by the rising investment in advanced technologies by the key prominent players across the country and the increasing efficiency of information technology (IT) costs expenditure by using the cloud computing service resources.
The growth of the market is on account of the increasing adoption of advanced virtual reality, 3D simulation, augmented reality, 5G infrastructure, use of real-time analytics enabled by Artificial Intelligence (AI) and Machine Learning (ML) across the country in the forecast years. Technology has become the key enabler of excellence and businesses are gradually becoming mobile as digitalization emerges, which is expected to boost the United states metaverse market in the forecast period.
The Metaverse is a portmanteau of the words meta and universe, and is used to identify as the next hypothetical iteration of the internet: a single, shared, immersive, persistent, 3D virtual space where humans experience life in a way they could not in a physical world. The metaverse is a corvergence of technologies that allows groups of users to experience a simulated world together.
Although it is at a nascent stage, the technology is quickly shaping into an essential elements of the business. Metaverse enables faster, better collaboration and co-creation, creating the opportunities for deeper insights, more effective, efficient testing and training, improved customer experiences and new business opportunities.
As a result, organizations are already capitalizing on metaverse’s capabilities to enable real-time insights from connected devices and systems, users engagements, innovative advertising, easy transactions, virtual event opportunities everywhere. Metaverse supports persistent, decentralized, collaborative and interoperable opportunities and business models that will enable organizations to extend digital business.
Extended reality, Internet of Things, Artificial Intelligence, Blockchain and 3D Reconstruction are some of the key technologies that empowers the potential in the metaverse market.
An Increasing Focus on Integrating Digital and Physical Worlds Using the Internet
An increasing focus by several industries on integrating digital and physical worlds using the internet is proliferating the growth of metaverse; a universe beyond real life.
As several industries that are involved in the customer support are experiencing the requirement of metaverse for enhancing the consumer experience by assisting the customers through sophisticated technologies such as digital twins and 3D reconstructions. Moreover, the development of revolutionary 5G infrastructure has also made it possible for businesses to use such applications for virtual reality, blockchain, remote monitoring, skill development and analyzing data in real time.
For instance, “On June 2022, metaverse global congress” was held in California, United States for connecting brands to the metaverse future with an aim to learn new opportunities for virtual meeting spaces, AR & VR learning, digital goods and virtual storefronts. Thus, the prominent benefits of enhance application performance and business efficiency with a cost and time effectiveness methodologies are allowing many enterprises to integrate them into their business in order to meet the growing consumer demand and achiving better response has anticipated the growth of metaverse in the market.
Demand for Metaverse to Purchase Digital Assets Using Cryptocurrencies
The biggest driver responsible for the growth of the United states metaverse market is the accelerating cryptocurrencies to purchase digital assets in the country. Moreover, crytocurrencies are fundamentally designed to support this kind of blockchain-based metaverse networks. Cryptocurrencies like Bitcoin and Ethereum, as well as nonfungible tokens (NFTs) support metaverse platforms that allow blockchain technology to be utilized and users can create, own, and trade autonomous digital assets with the use of cryptocurrencies enabling with metaverse technologies..
Rising Demands in the Media and Entertainment Industry
The augmented reality (AR), and virtual reality (VR) adoption are skyrocketing in the media and entertainment industry, which is growing at an exponential rate.
The development of realistic virtual environments to enhance the overall gaming experience for its players is one of the main drivers of the rising use of these technologies. Devices like MR headsets, VR headsets, Heads Up Display (HUD), Helmet Mounted Display (HMD), smart helmet, smart glasses are able to provide the first person view, offer 6-degree freedom, portray natural user interface (UI) increases their adoption rate.
As a result of the emergence of these devices as well as the solutions offered, user interface designs have increased in variety. The rapidly growing demand for mixed reality devices lured considerable investments by the prominent players in the market. These factors are accelerating the revenue growth trajectory of the united states metaverse market.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the united states metaverse market.
- 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.
Market Dynamics
Drivers
- Increasing focus on integrating digital and physical worlds using the Internet
- Rising demands in the media and entertainment industry
- Growing demand for metaverse to purchase digital assets using cryptocurrencies
Market Trends & Developments
- Introduction of AI Technologies in devices
- Blockchain-enabled decentralization
- Innovation in communication infrastructure and other technology
- Levels of metaverse usage by Gen Z users and Gen Alpha
- Covid-19 pandemic contributed to the advent of the metaverse
Challenges
- The threat of cyber-based attacks targeting the metaverse is a primary concern
- Heavy cost of installation and maintenance of meta components
Report Scope
United States Metaverse Market, by Component
- Hardware
- Software
United States Metaverse Market, by Platform
- Desktop
- Mobile
United States Metaverse Market, by Technology
- Blockchain
- Virtual Reality (VR) & Augmented Reality (AR)
- Mixed Reality (MR)
United States Metaverse Market, by Application
- Gaming
- Online Shopping
- Content Creation
- Social Media
- Others
United States Metaverse Market, by End User
- BFSI
- Retail
- Manufacturing
- Media & Entertainment
- Education
- Aerospace & Defense
- Others
United States Metaverse Market, by Region:
- North-East
- South
- West
- Middle-West
For more information about this report visit https://www.researchandmarkets.com/r/ahfe5s
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