Posted On: Oct-2022 | Categories : Information and Communication Technology
The Metaverse is a virtual space which is developed by the fusion of virtually enhanced digital and physical reality. The Metaverse has myriad number of applications, such as gaming, military, healthcare, education, real estate etc. It is a virtual economy which operates independently and is supported by digital money & nonfungible tokens (NFTs). The metaverse market in 2022 was worth USD 47.48 billion, and by 2030 it will reach USD 678.80 billion at a comprehensive CAGR of 39.44%.
The adoption of metaverse differs greatly across industries and while some verticals like gaming are notably ahead in terms of adoption curve, verticals like healthcare, banking, travel and real estate are in quite early stages od adoption.
If we look at the market share by industry, the gaming industry takes 51% of the market revenues while the manufacturing industry takes 22%. Rest of the verticals combinedly account for not more than 27% as of 2022.
Metaverse Application in Different Industries
Healthcare
Metaverse provides new opportunities in healthcare with technologies like augmented reality, artificial intelligence, Web 3.0, Virtual reality, the internet of medical devices, intelligent cloud, and quantum computing. Surgical treatments previously carried out with the assistance of robots are now carried out utilizing various forms of augmented reality. AR headsets display real-time patient data like body temperature, blood pressure, heart rate, and respiration rate, as well as pre-operative images derived from 3D scans, CT scans, and MRI scans.
Visually-driven technology, such as CT scans and X-rays, is frequently used in the healthcare sector to diagnose and treat patients. It enables doctors to view their patients' bodies and help in the diagnosis and treatment of patients. As per data provided by InsightAce Analytics, the metaverse healthcare market was worth $5.06 billion in 2021 and will reach $71.97 billion by 2030 at a cagr of 34.8% during the forecast period.
Top Healthcare Companies Working on Metaverse:
Latus Healthcare is creating a "virtual hospital." It consists of a virtual reality hospital setting in which treatments will initially focus on physiotherapy services.
iMining: The first hospital foundation in the Decentraland Metaverse.
Apollo hospitals: The Apollo hospital group has established a unique relationship with '8chili Inc' to enable metaverse involvement.
Gaming
Gaming is one of the primary industries that use Metaverse to provide users with a next-generation gaming experience. Metaverse's goal is to engage users and provide them with an exceptional gaming experience. Metaverse contributes to a three-dimensional world where user interaction and in-built gaming features are personalized. The metaverse gaming industry allows earning money while playing. Today, gaming is the most interesting and dynamic category of entertainment across all platforms, and it will play a pivotal part in the overall development of metaverse platforms.
Top Companies in the Metaverse Gaming Industry:
Decentraland: One of the first companies on the market to try to create a Metaverse was Decentraland. The corporation has already invested in a business called the Decentral Games in order to extend its gameplay capabilities.
Sandbox: is a virtual environment that exists in the Metaverse or a video game. Players can use the space to play, create, own, control, and monetize a virtual area on the Ethereum blockchain by utilizing the platform's utility token, SAND.
Epic Games: It is mostly known for Fortnite, a hybrid of a virtual reality game and an event place. Epic Games recently unveiled a $1 billion investment plan to develop its gaming-focused Metaverse.
Manufacturing
Metaverse is shaping the new era of manufacturing. Manufacturers all around the world are focusing on incorporating innovative technologies into their production processes, such as VR and AR, to speed up product design, optimize overall processes, and train workers. Rapid developments in manufacturing processes increased acceptance of digital transformation in manufacturing, a strong emphasis on optimizing the production process and quality time, and increased investments in R&D activities are likely to fuel the global market for Metaverse in manufacturing.
Real Estate
Technological innovations have significantly impacted real estate in recent years. As virtual land sales acquires traction and momentum, technological breakthroughs are destined to alter and maneuver the real estate industry. The Metaverse in real estate is a virtual environment that replicates and duplicates real-world situations. It subsumes technologies like virtual reality, augmented reality and video to create and initiate a digital realm in which users can play,engage and communicate digitally in the same way that they do in real life. Every land in the Metaverse is distinct and unreplicable. In the Metaverse, real estate properties are programmable locations where users may connect to buy, sell, or rent their virtual properties using cryptocurrency or metaverse tokens.
Banking and Finance
Metaverse use cases in banking are overlooked, but they are growing and reaching new heights. The banking metaverse provides a 360-degree picture of physical banks from everywhere. A laptop or mobile device can be used to access Metaverse banking. The most common Metaverse use case in the banking and financial industry is identity verification. Banks and other financial institutions can use Metaverse to quickly and easily check the identities of their clients. This is critical in combating financial crimes such as money laundering. There are currently only a few banking and financial companies involved in the Metaverse, such as JP Morgan, HSBC, Standard Chartered, etc., and their main focus is to buy a piece of land on platform such as Sandbox or Decentraland and establishing a performance space.
Travel and Tourism
Virtual tourism is the most forward-thinking Metaverse use case. In this case, the technology allows you to travel in a virtual environment, which is beneficial for users who cannot travel long distances. According to experts, the Metaverse creation and making of immersive digital experiences with VR and AR is the most significant breakthrough and achievement in the travel industry. As part of the metaverse experience, customers can use virtual reality platforms and technologies to take a 3D virtual hotel tour and research the hotel's location where they are considering staying. Before purchasing a stay, 3D digital avatars can be used to take a virtual tour of the hotel. Thomas Cook, for example, launched the Virtual Reality Holiday "Try before you Fly," which allows tourists to virtually visit their desired destinations.
Top Companies Developing Metaverse in 2022
Meta (Facebook)
Facebook changed the company's name to meta, outlined a future internet vision in which users could connect virtually through avatars, and contributed to the boom in investments in the Metaverse. Mark Zuckerberg, CEO of Meta, recently announced the launch of a virtual store for Meta Avatars. Users can now purchase a variety of accessories to show off to their virtual friends. It also introduced Meta Pay, a payments network that will contribute to the Metaverse's payments network. Just from Facebook, the metaverse market has received an investment of $10 billion. The market is anticipated to expand by 13.1% annually. Meta's revenue in 2021 was over 117 billion US dollars, an increase of more than 31 billion US dollars over the previous year. Over the last decade, the company's total revenue has increased by more than 114 billion US dollars.
Nvidia
Nvidia is among the top companies incorporating Metaverse. NVIDIA is a well-known organization in the development of Metaverse by assisting artists and content providers in the creation of virtual worlds and products. Additionally, it will assist users in designing unique avatars to bring ideas to life. NVIDIA recently announced several programs and tools, such as NeuralVDB and Kaolin Wisp, which make it simple and quick for millions of designers and creators to produce 3D content. Nvidia's net income increased from 4.33 billion US dollars in the company's 2021 fiscal year to 9.75 billion US dollars in the 2022 fiscal year. The net income for 2022 is the highest ever recorded for the period under consideration.
Microsoft
Popular Meta business Microsoft has been working on building a number of Metaverse applications on top of the Mesh technology. In order to provide new and unique functionalities, it is also developing a brand new augmented reality chipset in collaboration with Qualcomm for Metaverse. Microsoft is one of the firms leading at the forefront of creating the Metaverse by improvizing AltspaceVR to create a more safer environment for participants and users. Microsoft's net income in 2022 was more than $ 72 billion, up 18.72% from 2021.
Unity Software
Unity Software is a well-known company that has helped Meta develop the Metaverse. With access through augmented reality or extended reality, it provides a real-time 3D software development platform. Its main objective is to equip businesses with cutting-edge tools and technologies, including 3D, 2D, virtual reality, and augmented reality, in order to create Metaverse technology. Unity Software's net income for the fiscal year ending June 30, 2022, was $-0.659B, a 36.05% increase over the previous year, 2021.