Large-scale application of metaverse in manufacturing and logistics, security, and healthcare sectors will open new facades of growth for the metaverse industry across the globe.
The web3.0 evolution will also boost the growth of the global market. The need for creating an immersive learning experience for students has enhanced the penetration of the metaverse in the education sector.
Apart from this, massive demand for improving supply chain management will boost the demand for metaverse across the automotive sector.
Furthermore, the metaverse can assist healthcare firms in providing more personalized care to their patients than before. The Industrial 4.0 revolution will open new vistas of growth for the metaverse industry within the next few years.
The growing trend of making use of online gaming platforms and simulations in manufacturing, automotive, and pharmaceutical sectors will enhance the popularity of metaverse across the globe.
According to the report published by Allied Market Research, the global metaverse market is projected to reach $1,237.0 billion by 2030.
Top Impacting Factors
Investments will play a pivotal role in leveraging the growth of the metaverse market.
The strategy will also help market players accrue huge gains along with expanding their business across the globe.
Strategic collaborations, partnerships, and alliances will help firms in launching disruptive technologies and bring a paradigm shift in the metaverse market.
These business strategies will help firms establish a marked presence in the industry and contribute notably toward market development and market diversification.
Let’s discuss the strategies adopted by market players to augment their business and ongoing trends witnessed in the metaverse market across the globe.
New launches have strongly influenced the growth of technology and retail industries, and the metaverse market is one of them.
Shemaroo Entertainment Limited, a key player in the entertainment and media industry, launched “Shemaroo Theatre” in the metaverse tool referred to as Decentraland.
It introduced the new theatre in alliance with Filmrare, a major metaverse consulting and development firm. Reportedly, the alliance marks a new era for the global entertainment sector as well as for metaverse users as it can open a new window for the entertainment content of Bollywood to the world.
Apart from this, the strategic move will help in taking the movie-watching experience to the next level. This initiative will boost the global metaverse market trends.
Furthermore, Tech Mahindra, an information technology services firm, launched TechMVerse, a metaverse practice of the firm.
The new launch is projected to help end-users generate immersive and interactive experiences and transact effectively in the metaverse.
Moreover, the strategic move is aimed at strengthening the 5G infrastructure capabilities of the firm for building a metaverse platform.
Furthermore, the initiative will help the firm in providing an immersive online experience to end users. Moreover, Tencent Holdings also launched XR (extended reality) unit for tapping into the emerging metaverse technology business.
Continuing with the trend of new product and service launches
Eyekandy, one of the global augmented reality providers for commerce, launched Meta store services for retailers.
The strategic move will help retailers easily install sales campaigns and custom stores into the metaverse for advertising and selling their digital goods such as non-fungible tokens.
Moreover, HTC, a smartphone brand, launched the first metaverse smartphone referred to as viverse. The move is aimed at creating a new product line in the smartphone industry.
Nvidia Corporation declared a key expansion of NVIDIA OmniverseTM-the world’s first simulation and collaboration tool offering the metaverse foundation.
The new tool will integrate with Adobe and Blender for providing a metaverse foundation to end-users for improving their online gaming experience.
Strategic partnerships have played a key role in influencing the metaverse industry trends across the globe.
Telefonica, the largest player in the telecom carrier industry in Spain, join hands with Qualcomm, a fabless chip designer, for promoting extended reality and metaverse initiatives.
As per the partnership agreement, Telefonica will make use of Snapdragon Spaces, new tech from Qualcomm, for delivering seamless metaverse experiences to its end-users. The move will enhance the expansion of the metaverse industry across the globe.
Moreover, Siemens AG and Nvidia Corporation jointly declared the expansion of their partnerships for enabling the industrial metaverse and enhancing the use of AI-based digital twin technology.
The move is predicted to help in taking industrial automation to the next level of growth. Furthermore, Source Digital, Inc. and Metaverse Investments Limited have entered a strategic partnership for launching Sansar metaverse, a leading social and events-based metaverse tool.
Reportedly, the new tool will provide the first monetizable virtual reality metaverse experience to traders and advertisers. It will also contribute notably towards web3 industry growth.
In partnership with Tech Mahindra, Union Bank of India launched Metaverse virtual lounge and open banking sandbox environment.
The strategic move is aimed at offering a unique banking experience to customers of the bank by providing information on loans, deposits, government welfare schemes, and online initiatives.
Moreover, the initiative will help the bank enter alliance with fintech and startups for launching new banking products.
Alibaba Group Holdings and Huawei Technologies along with other firms such as Meta, Nvidia, Microsoft, and Qualcomm Technologies have set up an international organization.
The organization aims to focus on bolstering open interoperability protocols for metaverse technologies.
Acquisition is one of the strategies adopted by market players to expand their existing business or enter a new business
JetSynthesys, a digital entertainment and tech firm, declared the acquisition of Metaphy Labs, an end-to-end service provider for different brands.
The strategic move is aimed at improving the metaverse abilities of the firm in the web3.0 space. Through the acquisition, JetSynthesys focuses on the democratization of the metaverse experience by offering metaverse as a service to different brands.
This will assist the brands in creating their virtual spheres that are replete with meta-commerce and a slew of customized immersive end-user experiences. The initiative will help in expanding the scope of demand for metaverse globally.
Furthermore, Microsoft Corporation announced that it will acquire Activision Blizzard Inc., a US-based video game holdings firm.
The strategic move is aimed at expanding Microsoft’s gaming business portfolio along with creating a strong foundation for the metaverse.
Infosys Technologies Limited declared that it will acquire Oddity, a German-based consulting firm. The strategic move is aimed at enhancing the metaverse and online experience capabilities of Infosys.
Securing investments has become a key business strategy for industry players to expand their businesses
Animoca Brands, a key supporter of non-fungible tokens (NFT) gaming and metaverse, raised nearly $75 million at a $5.9 billion valuation. Reportedly, the funding round was led by Liberty City Ventures.
The other investors included 10T, Kingsway Capital, Alpha Wave Ventures, Generation Highway Ltd, SG Spring Limited Partnership Fund, and Cosmic Summit Investments Limited.
The strategic move is aimed at the utilization of funds for acquisitions and investments for making the metaverse concept popular in public.
Furthermore, Magic Eden, a leading firm for NFTs, declared the launching of Magic Ventures, a venture unit that will focus on Web3 games investments and metaverse projects.
Facebook has decided to invest nearly $10 billion in its Meta platform referred to as Reality Labs. Such moves will help the metaverse industry explore new horizons of growth in the next couple of years.
Continuing with the trends of investing in metaverse products and services, authorities in Shanghai, China’s biggest city, decided to allocate funds worth nearly $1.5 billion to the metaverse development fund.
The move is aimed at the recovery of the Chinese economy through funding metaverse products and services. Moreover, the government of Spain declared the allocation of grants worth more than $4 million for firms working on metaverse ventures in Spain and the European Union.
Such strategies will not only help in the expansion of the metaverse industry but will also help in increasing the GDP of any country.
*The writer holds a post-graduate degree in management and is working as a Sr. Specialist Content Writer at Allied Market Research. He can be reached at email@example.com
**The views, opinions, findings, and conclusions or recommendations expressed in these papers and articles are strictly those of the author(s). They do not necessarily reflect the views of The Diplomatic Insight and its team.