Metaverse in Retail Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Product (Hardware (Displays, Extended Reality (XR) Hardware (Haptic Sensors & Devices, Omni Treadmills, Smart Glasses), AR/VR Headsets), Software (Asset Creation Tool, Programming Engines), Services), By Platform (Desktop, Mobile, Headsets), By Technology (Blockchain, AR & VR, Mixe
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: ICT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationMetaverse in Retail Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Product (Hardware (Displays, Extended Reality (XR) Hardware (Haptic Sensors & Devices, Omni Treadmills, Smart Glasses), AR/VR Headsets), Software (Asset Creation Tool, Programming Engines), Services), By Platform (Desktop, Mobile, Headsets), By Technology (Blockchain, AR & VR, Mixe
With the adoption of the metaverse concept, it is predicted to add USD 5 trillion to the value of the global economy by 2030.
in 2021, Facebook announced an investment of USD10 billion for building the metaverse, along with changing the company's official name to Meta.
Increased High-Speed Internet and Data Transfer is Fueling the Market Growth
Faster connections from higher spectrum 5G and 5G mmWave enable the operations and development of the metaverse in many ways. In early 2021, the fans at the Super Bowl experienced a 5G multi-View experience, allowing them to view the game from seven angles.
Rising Need for Internet Advertising is Driving the Market Growth
The number of users increased from 60 million in 2020 to 81 million in 2021. It is estimated that artificial and virtual reality usage will reach 1.73 billion in the next two years.
Growing
AI has come a long way over the past few years, propelling GPT 3 (deep learning). GPT 3 creates human-comprehensible and readable texts and experiences based on deep understanding, which is going to drive the interaction between physical beings, digital beings, and digital objects. In recent technological advancements, AI use cases that are already prevalent in the Metaverse for retail, centered around optimizing engagement and advertising. Numerous Metaverse designs also target digital beings as companions and friends, and the AI is capable of creating more complex forms from input, processing, gestures, voice generation, and expressions. Companies such as Promethean AI are building the entire world for retail and other businesses based on the user-friendly digital world.
Increasing Trend for Digital Identities and Interaction Models is Driving the Market Growth
Before the pandemic (2020), less than 10% of the population was online for work and economic output, and physical interactions at work used to override virtual interactions. During the pandemic, more than 70% of the population worked remotely. It is predicted that only 30-40% population stayed virtual, and 50% started working from the office after the pandemic in 2021.
Growing Virtual Events in Metaverse is Driving the Market Growth
For instance, in February 2022, Gucci announced the metaverse land in The Sandbox metaverse with its first virtual event launch. The Gucci Vault Land virtual event was held for two weeks at the end of October. Additionally, the company has launched eight voxel digital collectible clothing items in The Sandbox.
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Market Segmentation
Company Profiles
Tencent Holdings Ltd., NVIDIA Corporation, Meta Platforms, Inc., Roblox Corporation, Microsoft Corporation, Alibaba Group Holding Limited, Globant S.A., Queppelin Technology Solutions Pvt. Ltd., Netease, Inc., Magic Leap, Inc.
| Attribute | Details |
| Base Year | 2022 |
| Historical Years | 2018 – 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Billion and CAGR for 2018-2022 and 2023E-2028F |
| Report Coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments Covered | · Product o Hardware S Extended Reality (XR) Hardware o Software · Platform · Technology · End-Use Type · Region |
| Regional Scope | Asia-Pacific, North America, Europe, Middle East & Africa and South America |
| Country Scope | China, Japan, India, Australia, South Korea, United States, Canada, Mexico, United Kingdom, Germany, France, Spain, Italy, Israel, Turkey, Saudi Arabia, UAE, South Africa, Brazil, Argentina, Colombia |
| Key Companies Profiled | Tencent Holdings Ltd., NVIDIA Corporation, Meta Platforms, Inc., Roblox Corporation, Microsoft Corporation, Alibaba Group Holding Limited, Globant S.A., Queppelin Technology Solutions Pvt. Ltd., Netease, Inc., Magic Leap, Inc., among others |
| Customization Scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and Purchase Options | Avail of 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/pdf format on special request) |
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