The market for the Metaverse is growing quickly and is becoming more well-known. This is a big change in how people use the web. There is a computer-made world and other people in this virtual world. It has become a center for new technology and business. The Metaverse market is seeing a lot of growth in the use of virtual reality (VR) and augmented reality (AR) technologies.
Things are becoming more interesting and the lines between the real and digital worlds are becoming less clear as these tools get better and easier to use. Another interesting business trend is the rise of blockchain technology in the Metaverse. One safe and private way to store digital goods like virtual currencies and non-fungible tokens (NFTs) is on blockchain. Many people are interested in NFTs as a way to prove ownership of unique digital items such as virtual property, digital art, and in-game items. This has led to the creation of many Metaverse projects built on blockchain. These projects make it safe for people to buy, sell, and trade virtual things. Many different areas are also coming together in the Metaverse. For example, fun, education, social networking, and games are all coming together.
Big name game companies are making huge virtual worlds where people can meet new people and work together, making their games more realistic and linked. As a way to add new things to the Metaverse, entertainment sites are thinking about virtual events and shows. Companies that teach are making virtual classes and training tasks in the Metaverse to help people learn better by using its engaging features. A lot of money and investments are also going into the Metaverse market. People are putting money into both new and old companies that work in the Metaverse as more people learn about it and become interested in it. With all this extra money coming in, people are coming up with new ideas and Metaverse technologies are growing faster. The Metaverse is getting more and more competitive as businesses try to make the next big virtual experience.
This is pushing the edges of what is possible. This trend is likely to keep going as the market grows and more people see the Metaverse as a place that will change over time. But it's important to be aware of the issues that come up when the Metaverse market grows very quickly. More and more people are worried about privacy, safety, and moral problems because they spend more time in virtual places. It is important to find a mix between new ideas and smart growth so that the Metaverse can be popular and useful in the long term.
Report Attribute/Metric | Details |
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Market Opportunities | Advancement in technology for easy accessibility of these platforms |
Market Dynamics | Rising use of AR/VR in the gaming and entertainment industry Increase affinity towards cryptocurrency and virtual assets |
The metaverse market was valued at USD 7.91 billion in 2022. The metaverse market industry is projected to grow from USD 11.47 Billion in 2023 to USD 107.49 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 45.2% during the forecast period (2024 - 2030).
Additionally, there has been an increase in the adoption of metaverse into various end-use industries such as medicine, defense, aerospace, and other banking sectors. Major BFSI players such as JP Morgan and HSBC have started using it to better connect with their customers. Trading companies have also begun using metaverse to give their customers an interactive way of managing their stock portfolio, thus driving the metaverse market revenue.
Shanghai hopes to generate 50 billion yuan (US$6.9 billion) in yearly revenue by the end of 2025 by leveraging the power of immersive technologies to strengthen its cultural and tourism offerings. This strategic decision is in line with the city's goal of becoming a digital leader while also encouraging domestic and international visitors to appreciate its rich cultural legacy.
Building a Thriving Metaverse Industry: A metaverse is a virtual reality-based universe in which humans can interact with digital environments and others in real-time. Shanghai's strategy is around the creation of a vast metaverse ecosystem that includes a variety of cultural and tourism activities while employing advanced technologies to fascinate viewers. The city's numerous historical sites, lively artistic scene, and diverse cultural traditions serve as a great basis for this revolutionary initiative.
Shanghai aspires to bring its cultural heritage to life in unexpected ways by integrating immersive technologies such as augmented reality and others.
Shanghai recognises the potential of metaverse initiatives to revolutionise the tourism sector by providing unique and personalised experiences such as augmented reality tourist guides, metaverse entertainment experiences, blockchain-based artworks, and AI integration.
Shanghai's strategy plan to turn its culture and tourism metaverse initiatives into a thriving industry displays the city's dedication to digital innovation while maintaining its rich cultural heritage. Shanghai hopes to attract people, improve cultural experiences, and revolutionise tourism by embracing immersive technologies.
The predicted yearly revenue of 50 billion yuan (US$6.9 billion) by 2025 demonstrates the metaverse initiative's economic potential, while cooperation and partnerships will ensure its success. As it moves closer to its goal, Shanghai is positioned to become a global leader in the digital economy, bringing visitors from all over the world to experience its dynamic culture in novel ways.
May 2023: The Decentralized Identity Management platform, EarthID, which enables secure and hassle-free exchange and identity information verification, has recently announced a strategic partnership with Tech Mahindra, a top provider of consulting, digital transformation, and business re-engineering services and solutions.
Through the agreement, a Self-Sovereign Identity (SSI) driven Metaverse platform that gives users control over their privacy, data & permission will be co-created. The platform will also give businesses the ability to defend their Metaverse settings against harmful threats including DDoS (distributed denial-of-service) assaults, data breaches, and phishing scams.
SSIs are decentralized digital identities with an emphasis on authenticated credentials that are connected to physical verification information like biometrics. Users may self-manage their digital identities without relying on third parties to centrally store and maintain their data by using blockchain technology & zero-knowledge proofs.
Enterprises will be able to reduce security issues connected to identity theft and sensitive data theft, which might result in significant monetary and legal damages, thanks to SSI-powered Metaverse. By enabling safe, frictionless transmission and identity verification, Tech Mahindra & EarthID will together develop market-leading solutions to combat identity theft, reduce expenses, and improve sustainability.
Their collaboration with EarthID, according to Rajesh Dhuddu, the Global Business Head, Emerging Technology Practise, Tech Mahindra will allow them to develop an interoperable identity security solution for virtual worlds which will aid users in authenticating without disclosing identify. By enabling their clients to embrace and internalize Metaverse services in a safe & secure manner, it will also increase their business value. Through this collaboration, Tech Mahindra will protect its new SSI-powered metaverse platform for consumers and businesses by integrating EarthID's blockchain-based, decentralized identifying capabilities.
The ultimate goal of Tech Mahindra and EarthID is to deliver industry benchmarking solutions which solve data safety and privacy issues while helping businesses to stand out in the cutthroat Metaverse market.
With the introduction of Metaverse, businesses are now faced with the problem of offering customers a seamless, frictionless, & secure experience. A user-centric, decentralized identification framework is provided by EarthID that is quickly integrated, interoperable, and reusable in different Metaverses. As a result of their cooperation with Tech Mahindra, their business clients will be able to provide engaging and secure experiences to their clients, partners, and workers, which will increase stakeholder engagement & brand loyalty.
The relationship is in keeping with Tech Mahindra's NXT.NOWTM framework, which focuses on investing in new technologies & solutions that allow digital transformation and address the changing demands of the consumer and strives to improve "Human Centric Experience."
Over recent years, SCBHK has been building crypto, and digital assets business models, seeing the rise of the Metaverse in the Web 3.0 evolution. Further, the SCBHK bank has been building new experiences for clients and bringing the local sports and art communities into the Metaverse.
April 2022: Standard Chartered Bank, Hong Kong Ltd. (SCBHK) announced that it has entered into the Metaverse market to explore co-creation opportunities, engaging its clients, partners, staff, and the tech community. SCBHK has also acquired virtual land at the Sandbox Metaverse's Mega-City district and a cultural hub.
Moreover, the bank announced a strategic partnership with a popular Blockchain virtual gaming platform that will help Sandbox to create a metaverse experience. This initiative is led by SC Group's innovation, Standard Chartered Ventures, fintech investment, and ventures arm.
Over recent years, SCBHK has been building crypto, and digital assets business models, seeing the rise of the Metaverse in the Web 3.0 evolution. Further, the SCBHK bank has been building new experiences for clients and bringing the local sports and art communities into the Metaverse.
March 2022: Gamium launched a new decentralized gaming platform combining Web3 and metaverse technology. Web3 and metaverse project is set to pioneer the socialize-to-earn concept to revolutionize premium gaming and gamification in the crypto space.
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