Saturday, February 24, 2024

Email id: support@kenresearch.com, Contact Us : +91-9871552944

Home Technology and Telecom Metaverse Market Thrives on Cryptocurrency Craze, Pioneering Security Innovations and Embracing Decentralized...

Metaverse Market Thrives on Cryptocurrency Craze, Pioneering Security Innovations and Embracing Decentralized Solutions: Ken Research

Story Outline

Rise in Demand in the media and entertainment, gaming and adjacent markets like virtual reality (VR), augmented reality (AR), mixed reality (MR), and digitalization in the fashion, retail, and art industries are the main factors for the metaverse industry growth. New product launches and contracts are expected to offer lucrative opportunities for the market players during the next five years.

1. Next-Generation Aerospace and Defense: Harnessing the Power of Metaverse and Adjacent Technologies

US Financial Platform Metaverse Market

To learn more about this report Download a Free Sample Report

Technologies, such as XR, AI, and analytics in the aerospace and defense sector is expected to be useful for training and simulating applications largely. These technologies coupled with metaverse are expected to be helpful for experiential training by making use of data-driven applications in real-time. Thus, the metaverse is projected to enable the improved and efficient transfer of accurate skills and enhanced knowledge retention by trainees across this vertical/enterprise. Extended reality is used to train the ground crew for pre-flight checks in airlines. It is also used to enable the ground crew to carry out required procedures before the take-off of aircraft. Further, the technologies combined can be used to inspect airplanes, analyze the data, and find out malfunctions, before take-off, thereby ensuring increased safety. The metaverse in integration with XR, can also help in weapon training, flight training, and simulations, thereby boosting the market growth.

2. Global economic slowdown resulting due to COVID-19: A challenge or driver for the metaverse industry?

US Extended Reality Software IndustryVisit this Link: – Request For Custom Report

The ongoing pandemic has increased the demand for extended reality devices due to the unexpected lockdowns in key regions (Europe, Asia Pacific, and North America). The employees of several organizations are working from home in the wake of the COVID-19, thereby increasing the requirement for virtual meetings, training, and conferences. The pandemic has also affected the global manufacturing of extended reality devices.

A survey conducted by the National Association of Manufacturers (NAM) in 2020 related to the manufacturing industry in the US depicts more than 35% of respondents are of the opinion that the COVID-19 has impacted their supply chain operations, and over 53% expected a change in their operations in the coming months. Some key industrial companies have closed their facilities and are considering the extent of layoffs to help curb the spread of the virus and for economic reasons. The severe impact of the pandemic on the manufacturing industry has halted the supply of extended reality devices across the world. It has reduced consumer expenditure on non-essential items. This, in turn, is expected to act as a challenge for the growth of the metaverse market in short term.

3. The rising popularity of virtual tokens and NFTs are a major growth driver of the metaverse market.

US Gaming Engine Metaverse Market

Request a Call with Expert to know more about the business model

In recent years, non-fungible tokens or NFTs have gained major growth and endorsements. Rise in popularity of virtual goods and digital currencies among younger generation (millennials and gen Z) aids in growth of NFTs. According to a report published by the American news media house – CNBC in March 2022, total number of NFT trades accounted for over $17 billion, which was a 200% increase from 2020 to 2021. Such instances propel growth in popularity of virtual goods and currency in the modern digital landscape, which propels the global metaverse market.

Rise in demand for work from home and remote working tools during the period of the COVID-19 pandemic led to growth of the global metaverse market. Growth in popularity of cryptocurrencies and non-fungible tokens (NFTs) positively impact the metaverse market growth. However, complex security and privacy challenges on the metaverse platform can hamper the metaverse market. On the contrary, a positive drive toward decentralized network technology is expected to offer remunerative opportunities for expansion of the metaverse market during the forecast period.

RELATED ARTICLES

Cloud Computing Market Trends, Growth, and Outlook

Introduction The Cloud Computing Market has witnessed unprecedented growth in recent years, reshaping the way businesses operate and manage their IT infrastructure. As of the...

Cloud Services Market: Trends, Growth, Challenges, and Opportunities

In the ever-evolving landscape of technology, the Cloud Services Market has emerged as a critical player, shaping the way businesses operate and innovate. As...

Communication Market: Trends, Growth, and Challenges

In an era dominated by digital transformation, the Communication Market stands at the forefront, continually evolving to meet the demands of an interconnected world....

Most Popular

Skin Care Market Segmentation: Unveiling Needs and Targeting Strategies

The skincare market is a vast and ever-evolving landscape, encompassing a diverse range of products and catering to a multitude of needs. To navigate this complex...

Biopsy Devices Market Size, Share, Trends & Forecast 2029

The global Biopsy Devices Market is set to experience robust growth in the coming years, driven by a combination of factors such as increasing...

A Growing Industry of Protected Cultivation, Insights on Share and Growth

Introduction to Protected Cultivation Protected cultivation, also known as greenhouse farming, revolutionizes traditional agricultural practices by providing controlled environments for optimal plant growth. This article...

Emerging Trends in Indian Test Prep Market: AI, AR, and the Future of Learning

In the bustling realm of India's education sector, the test preparation market stands as a pivotal domain, shaping the academic journeys of millions of...