Vietnam Metaverse Market By Component Type (Hardware, Software, Services), By Platform Type (Desktop, Mobile, Headsets), By Technology (Blockchain, Virtual Reality (VR) & Augmented Reality (AR), Mixed Reality (MR), Others), By Offerings (Virtual Platforms, Asset Marketplaces, Avatars, Financial Services), By Application (Gaming, Online Shopping, Content Creation & Social Media, Events & Conference

Vietnam Metaverse Market is anticipated to grow at a high CAGR in the forecast period 2024-2028.

The name "Metaverse," a combination of "meta" and "universe," refering to a fictitious iteration of the interneta single, shared, immersive, lasting, 3D virtual realm where people may interact with one another and experience life in a way that is not possible in the real world. The metaverse is a convergence of technologies that enables communities of people to share in the experience of a virtual environment. Although it is still in its infancy, technology is swiftly evolving into a vital component of the industry. Faster, better co-creation, and collaboration are made possible by metaverse, opening the door to new business options, deeper insights, and more efficient training and testing.

Companies are already profiting from the ability of the metaverse to provide real-time information from connected devices and systems, user engagements, creative advertising, simple transactions, and virtual event opportunities everywhere. The metaverse, which provides permanent, decentralized, collaborative, and interoperable opportunities and business models, will enable organisations to grow their digital businesses. Extended reality, the Internet of Things, artificial intelligence, blockchain, and 3D reconstruction are some key technologies that enable the potential in the metaverse sector.

An increasing focus on integrating digital and physical worlds using the Internet

Metaverse, a cosmos outside of reality, is expanding due to an increased focus by many businesses on fusing the digital and physical worlds together online. A number of customer service-related companies employ metaverse to improve the customer experience by assisting the consumers with cutting-edge technologies like digital twins and 3D reconstructions. Additionally, businesses may use applications for virtual reality, blockchain, remote monitoring, skill development, and real-time data analysis due to construction of 5G infrastructure.

To connect brands with metaverse, for instance, the “metaverse global congress” was hosted. The event’s objectives included learning about new potential for virtual meeting spaces, AR and VR learning, digital commodities, and virtual shops. Therefore, many industries are attempting to integrate them into their operations to meet the growing consumer demand and achieve better response anticipating the demand of metaverse in the market. These benefits include enhancing application performance and business efficiency with cost and time effectiveness.

Rising demands in the media and entertainment industry

The media and entertainment sector, which is growing at an exponential rate, is rapidly adopting augmented reality (AR) and virtual reality (VR). One of the primary factors driving the increase in the use of these technologies is the creation of realistic virtual environments to improve the overall gaming experience. The ability to present a first-person perspective, enable 6-degree freedom, and depict a natural user interface (UI) in devices like MR headsets, VR headsets, Heads Up Displays (HUD), Helmet Mounted Displays (HMD), smart helmets, and smart eyewear boosts their acceptance rate.

User interface designs have become more diverse as a result of the introduction of these devices and solutions provided. The market's leading competitors have made large expenditures as a result of the rapidly expanding demand for mixed reality technology. These elements are propelling Vietnam Metaverse Market's trajectory of revenue growth.

Market Segmentation

The metaverse market is segmented into component, platform, technology, offerings application, end user, and region. By component, the market is bifurcated into hardware, software and service. Based on platform, the market is segmented into desktop, mobile, and headsets. Based on technology, the market is categorized into blockchain, Virtual Reality (VR) & Augmented Reality (AR), Mixed Reality (MR), and others. The offerings segment is categorized into

Market Player

Major market players in the Vietnam metaverse market are Hyperlink InfoSystem, Wizeline Vietnam Company Limited (Vietnam), Vmodev IT Group, InspiLab, Ventuso LLC, SICLO Mobile, Savvycom Vietnam, Elinext IT Solutions Ltd., Waverley Software Vietnam.