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.
- 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.