United Kingdom Metaverse Market to be dominated by VR & AR Technology till 2027
Increased
adoption of blockchain technology by fintech industry and trend of trading
digitized assets and tokens are expected to drive the demand for the United
Kingdom metaverse market throughout the forecast period.
According
to TechSci Research report, “United Kingdom Metaverse Market By Region,
Competition Forecast & Opportunities, 2027”, the United Kingdom
metaverse market is expected to witness steady growth in the forecast period.
The market is driven by the growing focus on converging digital and physical
worlds and the increased awareness about the virtual token and economy.
Metaverse is a term used to define a virtual and highly immersive 3D
environment using a mixture of augmented reality, virtual reality, and mixed
reality. The technology creates a virtual world where users can engage in
conducting business, immersive gaming, buy, sell, inspect real estate, and
enjoy immersive entertainment facilities.
The
metaverse technology can act as a boon for the aerospace and defense sector of
the country. Technologies such as mixed reality augmented, and virtual reality
could be used in training and simulation applications. And the integration of
metaverse technology with these technologies is expected to create data-driven
applications in real-time. Trainees could be provided with a 3D view of the
cockpit and other surroundings and help them know to train the ground crew. The
advanced technologies could also be used to analyze the data, find
malfunctions, and inspect airplanes to ensure passenger safety while flying the
airplane.
However,
the high installation and maintenance costs of metaverse components may
restrain the growth of the United Kingdom metaverse market in the forecast
period.
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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. The
hardware segment is expected to hold the largest market share in the forecast
period, 2023-2027. The growing awareness about the latest technologies and
adoption of augmented reality, virtual reality, and mixed reality hardware
devices are driving the demand for the hardware segment.
Based on
device, the market is divided into desktop, mobile, and others. The desktop
segment is expected to capture the highest market share in the forecast period,
2023-2027. The large-screen display and high resolution enable the viewer to
see the whole display in one go.
Based on
application, the market is divided into online shopping, gaming, social media,
content creation, conferences, and others. The gaming segment is expected to
witness a substantial segment in the forecast period owing to the growing
expenditure capacity of consumers and increased demand for leisure and
entertainment activities.
Based on
offering, the market is divided into virtual platforms, asset marketplace,
avatars, and financial services. Virtual platforms are expected to hold the
dominant market share owing to increased adoption of these platforms for
multiple uses like advertising, academics, and branding.
Based on
technology, the market is divided into the blockchain, VR & AR, mixed
reality, and others. The VR & AR segment is expected to account for a
significant market share in the forecast period. Augmented reality and virtual
reality technology witness high demand in several industries like healthcare,
education, and the entertainment industry.
Major market players operating in the United Kingdom metaverse
market are:
- Meta
Platform Inc.
- Nvidia
Corporation
- Microsoft
Corporation
- Tencent
Holdings Inc.
- Bytedance
- Epic Games
- Netease
Inc.
- Roblox
Corporation
- Lilith
Games
- Nextech AR
Solutions Inc.
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“The gaming and
media, and entertainment industry are expected to transform after the
commencement of metaverse technology. Increased adoption of augmented reality,
virtual reality, and mixed reality technology and the growing use of smart
glasses, smart helmets, HUD, VR, and MR headsets is expected to enhance the
shopping experience for consumers. Users' experience is anticipated to increase
manifold by using the metaverse technology. Increased investments and
developments by the media and entertainment market players to capture the
highest market share are expected to propel the growth of the United Kingdom
metaverse market till 2027” said Mr. Karan Chechi, Research Director with
TechSci Research, a global research-based management consulting firm.
“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, 2027” has evaluated the future growth potential of United
Kingdom metaverse market and provided statistics & information on market
size, shares, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the of United
Kingdom metaverse market.
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