The rise in demand for work from home and remote working tools among people and enterprises during the COVID-19 pandemic has driven the growth of the global metaverse market to a great extent. The key market players are taking strategic moves in order to stay competitive in the market. For instance, Tech Mahindra, an information technology services firm, launched TechMVerse, a metaverse practice of the firm.
Siemens AG and Nvidia Corporation jointly declared the expansion of their partnerships for enabling the industrial metaverse and enhancing the use of AI-based digital twin technology. Infosys Technologies Limited declared that it will acquire Oddity, a German-based consulting firm in order to enhance the metaverse and online experience capabilities of Infosys. HTC, a smartphone brand, launched the first metaverse smartphone referred to as viverse.
The metaverse is a digital reality that includes augmented reality (AR), virtual reality (VR), aspects of social media, online gaming, and cryptocurrencies. In the past few years, metaverse has gained a lot of popularity across various sectors. For instance, the need for creating an entrancing learning experience for students has enhanced the penetration of metaverse in the education sector. Massive demand for improving supply chain management is boosting the demand for metaverse in the automotive sector.
In addition, metaverse can assist healthcare firms in providing more personalized care to their patients than before. The Industrial 4.0 revolution will open new vistas of growth for the metaverse industry within the next few years. The growing trend of making use of online gaming platforms and simulations in manufacturing, automotive, and pharmaceutical sectors is augmenting the popularity of metaverse even more across the globe.
Current Market Scenario –
According to a report published by Allied Market Research, the global metaverse market size is anticipated to reach $1237.0 billion with a considerable CAGR from 2021 to 2030. North America is currently dominating the market with the highest market share, attributed to the presence of key market players in developed countries such as the U.S., Canada, and others. The Asia-Pacific region, at the same time, is estimated to manifest the fastest growth rate, due to rapid economic developments, an increase in the standard of living, and technological advancements in emerging economies like China, India, and others. The rise in demand for work from home and remote working tools among people and enterprises during the COVID-19 pandemic has driven the growth of the market to a great extent.
New Product Launches –
With this drift on board, the major companies are taking strategic moves in order to stay competitive in the market.
- For instance, Tech Mahindra, an information technology services firm, launched TechMVerse, a metaverse practice of the firm which is projected to help end users generate immersive and interactive experiences and transact effectively in the metaverse. This initiative is aimed to strengthen the 5G infrastructure capabilities of the firm for building a metaverse platform.
- Similarly, Eyekandy, one of the global augmented reality providers for commerce, launched Meta store services for retailers. The strategic move will help retailers easily install sales campaigns and custom stores into the metaverse for advertising and selling their digital goods such as non-fungible tokens.
- Moreover, HTC, a smartphone brand, launched the first metaverse smartphone referred to as viverse which is aimed at creating a new product line in the smartphone industry.
- Nvidia Corporation also declared a key expansion of NVIDIA OmniverseTM-the world’s first simulation and collaboration tool offering the metaverse foundation. The new tool will integrate with Adobe and Blender for providing a metaverse foundation to end-users for improving their online gaming experience.
In the meantime, strategic partnerships have played a major role in influencing the metaverse industry trends across the globe.
- Siemens AG and Nvidia Corporation jointly declared the expansion of their partnerships for enabling the industrial metaverse and enhancing the use of AI-based digital twin technology. The partnership is predicted to help in taking industrial automation to the next level of growth.
- Furthermore, Source Digital, Inc. and Metaverse Investments Limited have entered a strategic partnership for launching Sansar metaverse, a leading social and events-based metaverse tool. Reportedly, the new tool will provide the first monetizable virtual reality metaverse experience to traders and advertisers. It will also contribute notably towards web3 industry growth.
- Apart from this, Union Bank of India in partnership with Tech Mahindra launched Metaverse virtual lounge and open banking sandbox environment. The strategic move is aimed at offering a unique banking experience to customers of the bank by providing information on loans, deposits, government welfare schemes, and online initiatives. The initiative will help the bank enter alliance with fintech and startups for launching new banking products.
- On the other hand, Microsoft Corporation announced that it will acquire Activision Blizzard Inc., a U.S.-based video game holdings firm with an aim to expand Microsoft’s gaming business portfolio along with creating a strong foundation for the metaverse.
- Infosys Technologies Limited declared that it will acquire Oddity, a German-based consulting firm in order to enhance the metaverse and online experience capabilities of Infosys. Such factors are driving the growth of the global metaverse market in more than one way.
The metaverse is going to become more crucial with the passage of time as it gives way to a new way of communication from anywhere in the world virtually. Market players will also keep adopting strategies to expand their offerings. This way, the global metaverse market is going to gather immense growth opportunities in the years to come.
About the author
Suchita Gupta is an explorer, musician and content writer. While pursuing MBA, she found that nothing satisfies her more than writing on miscellaneous domains. She is a writer by day, and a reader by night. Besides, she can be found entertaining her audience on social media platforms.
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