When Facebook changed its name to Meta, everyone was interested in it. This change made more people aware of the metaverse than ever before. Several business types are working on tasks in the metaverse at the moment. Some of these are from video games. Several companies are working on solutions for large businesses. The metaverse works with hardware and software from companies like Microsoft and NVIDIA. The metaverse grew out of game servers like ROBLOX. Sony, Tencent, and other companies are changing how they do business so they can start new projects in the metaverse. Companies spend a lot of money to make things easier for themselves in the metaverse in many other ways as well. More companies want to know about it, which shows how important it has grown.
Things are getting a lot of money from big companies for a good reason. These companies can see how the metaverse market is growing really quickly. There is a lot of growth in the media and leisure business right now because AR and VR are becoming more and more famous in these areas. Creating realistic virtual worlds to improve game play is a big reason why these technologies are growing in popularity. A more famous type of headset is the MR headset, which can give you a first-person view, 6 degrees of freedom, and a natural user interface (UI). Other types of headsets include the HUD, the HMD, the smart helmets, and the smart glasses. Since these tools and technologies came out, they have caused many new user interface designs. One of the best things that technology has ever done for people is let them have a virtual experience while they're together.
The big companies in the market spent a lot of money on mixed reality items since they were in high demand so quickly. The world's metaverse market is making more money because of these things. More and more people are using metaverse tools to meet with and hang out with people from all over the world. There are a lot of creative ways to do this.
Metaverse has a lot of tools that can help you deal with the issues that come up when you work from home, teach from home, or work from anywhere else. It can give companies and groups a place to meet and manage their workers online. They can talk to them, read their body language, and set up meetings with them in person while they work from home. Managers and teachers can also stop employees from stealing time at work or in class by keeping an eye on them in the virtual office or school.
Report Attribute/Metric | Details |
---|---|
Market Size Value In 2022 | USD 7.9 Billion |
Market Size Value In 2023 | USD 11.47 Billion |
Growth Rate | 45.20% (2022-2030) |
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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