Press Release Description
The Enhanced Digital Experience Attracts Gamers to Metaverse in Gaming
The Global Metaverse in Gaming Market is projected to grow at a CAGR of 41.2% in the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The market growth is predominantly driven by the expanding applications of the metaverse leading to the adoption of games and advanced gadgets. Moreover, the rising popularity of AR and VR combined with the growing trend of buying and owning virtual assets like virtual land and NFTs has fueled the industrial expansion further. In addition, the enhanced digital experience made possible through metaverse technologies allows gamers to explore new dimensions and possibilities, resulting in positive acceleration of the industry, further states the research report, “Global Metaverse in Gaming Market Analysis, 2023.”
The market is broadly fragmented on the basis of Component, Device, Technology, and Age Group. Based on Component, the market is divided between Hardware and Software. Based on Device, the market is distributed into Mobile, VR Headsets, PCs, and Gaming Consoles. Additionally, based on Technology, the market is fragmented into NFTs, Blockchain, Virtual Reality, Augmented Reality, Mixed Reality, and Extended Reality. Finally, on the basis of Age Group, the market is divided into Below 10, 11-19 Years, 20-35 Years, 35-50 Years, and Above 50 Years.
The Popularity of Augmented Reality and Virtual Reality Facilitates Market Growth
Based on Technology, Virtual Reality (VR) and Augmented Reality (AR) are expected to grow exponentially and dominate the industry in the coming years, attributing to the technologies bridging the gap between reality and virtual reality and making the metaverse functional in different sectors. Additionally, integrating 3D computer modeling allows users to immerse themselves in the 3D virtual gaming environment, fueling the segment’s expansion. On the other hand, the cost-effectiveness of AR compared with VR further contribute to the market’s acceleration.
The Tech-Savvy Population of North America Gives It the Upper Hand
Globally, North America dominated the industry during the historical period and is expected to continue owing to a tech-savvy population, major IT giants like Google, NVIDIA, and Microsoft, and leading gaming companies like Sandbox and Roblox. In addition, the region’s greater acceptance of the integration of Blockchain technology and the spreading popularity of multiple games based on metaverse are contributing to the region’s growth and demand for advancements in VR and AR. On the other hand, the Asia-Pacific region is expected to address the fastest market growth in the forecasting period, aided by the increasing adoption of digital technologies and the growing interest of major companies in the metaverse and related technologies.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Animoca Brands Corporation Limited, Tencent Holdings Limited, Epic Games, Magic Leap, Inc., Metaplatforms, Inc., Decenterland, The Sandbox, Nvidia, NetEase, Activision Blizzard, Juego Studios Private Limited, Survios Inc., Vevagid Technology, Kakao Corporation, AppLovin, and Others are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends that have shaped the industry to its current form?
- What key factors would propel and impede the Global Metaverse in Gaming Market?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition shaped across various countries, followed by their comparative factorial indexing?
- How have buying behavior, customer inclination, and expectations from Metaverse in Gaming producers evolved during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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