United Kingdom Metaverse Market By Component (Hardware, Software, Service), By Device (Desktop, Mobile, Others), By Application (Online Shopping, Gaming, Social Media, Content Creation, Conferences, Others), By Offering (Virtual Platforms, Asset Marketplace, Avatars, and Financial Services), By Technology (Blockchain, VR & AR, Mixed Reality, Others), By Region, Competition Forecast & Opportunities
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 CustomizationUnited Kingdom Metaverse Market By Component (Hardware, Software, Service), By Device (Desktop, Mobile, Others), By Application (Online Shopping, Gaming, Social Media, Content Creation, Conferences, Others), By Offering (Virtual Platforms, Asset Marketplace, Avatars, and Financial Services), By Technology (Blockchain, VR & AR, Mixed Reality, Others), By Region, Competition Forecast & Opportunities
United Kingdom metaverse market is anticipated to witness a growth of steady CAGR in the forecast period, 2023-2027. Factors such as the growing popularity of cryptocurrency and e-commerce platforms are primarily driving the demand for the United Kingdom metaverse market. Users are becoming more curious about the meaning and potential of the metaverse and are expected to invest in the deployment of metaverse technology. The increased demand for online gaming solutions and the development of products and applications based on virtual, augmented, and mixed realities are further expected to fuel the United Kingdom metaverse market demand over the forecast period.
Increased Popularity of Cryptocurrency Drives the Market Demand
The government of the United Kingdom is planning to harness the assets of cryptocurrency and blockchain technology to ease the process of making payments for the customer. Finance minister John Glen will pass legislation to bring stablecoins under the regulatory framework as a part of a plan to make the UK a global hub for crypto asset technology and investment. Stablecoins can be defined as cryptocurrencies designed to have stable value compared to traditional currencies. It also avoids the volatility that some digital tokens and Bitcoin possess, which makes them unsuitable for transactions. Also, the Chancellor of the Exchequer, Rishi Sunak has instructed the Royal Mint to design an NFT to release next summer and stated that the government wanted to make the United Kingdom a global powerhouse for cryptoasset technology. The government is also planning to explore the potential of Blockchain technology and include it in issuing British government bonds or gifts. With growing popularity, the awareness of Nonfungible Tokens is increasing at a rapid rate among consumers. The commencement of the metaverse is expected to enhance the user experience and make people start investing and buying things by using tokens or some kind of digital currency. The increase in the percentage of people willing to buy through online platforms is expected to fuel the demand for the United Kingdom metaverse market in the next five years.
Application of Metaverse in E-commerce Channels Supports the High Market Demand
The outbreak of COVID-19 and the rapid shift of consumers toward online sales channels have contributed to surging the demand for e-commerce channels. The shopping habits of consumers have changed in previous years, which has made small business owners use advanced technology to stay ahead in the market. Metaverse technology is expected to offer numerous growth opportunities to small business owners as it can provide virtual and artificial intelligence assistance that can respond quickly to customers' questions. Retail market players can use the metaverse technology to provide a 3D experience of listing to customers, and the customers can also try them before buying the products. Market players will be able to provide a personalized shopping experience to customers and present them in a better way which is expected to act as a positive factor for the United Kingdom metaverse market over the forecast period.
Market Segmentation
The United Kingdom metaverse market is segmented into component, device, application, offering, technology, regional distribution, and competitive landscape. Based on component, the market is divided into hardware, software, and service. Based on device, the market is divided into desktop, mobile, and others. Based on application, the market is divided into online shopping, gaming, social media, content creation, conferences, others. Based on offering, the market is divided into virtual platforms, asset marketplace, avatars, and financial services. Based on technology, the market is divided into blockchain, VR & AR, mixed reality, and others. United Kingdom metaverse market is studied in major regions namely London, Southeast, East Anglia, Scotland, Southwest, East Midlands, Yorkshire & Humberside, and rest of United Kingdom.
Market Players
Meta Platform Inc., Nvidia Corporation, Microsoft Corporation, Tencent Holdings Inc., Bytedance, Epic Games, Netease Inc., Roblox Corporation, Lilith Games, Nextech AR Solutions Inc., are the major market players operating in the United Kingdom metaverse market.
Attribute | Details |
Base Year | 2021 |
Historic Data | 2017 – 2020 |
Estimated Year | 2022 |
Forecast Period | 2023 – 2027 |
Quantitative Units | Revenue in USD Million, and CAGR for 2017-2021 and 2022-2027 |
Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments covered | · Component · Device · Application · Offering · Technology |
Regional scope | London, Southeast, East Anglia, Scotland, Southwest, East Midlands, Yorkshire & Humberside, Rest of United Kingdom |
Key companies profiled | Meta Platform Inc., Nvidia Corporation, Microsoft Corporation, Tencent Holdings Inc., Bytedance, Epic Games, Netease Inc., Roblox Corporation, Lilith Games, Nextech AR Solutions Inc |
Customization scope | 10% free report customization with purchase. Addition or alteration to regional & segment scope. |
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Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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