metaverse-in-automotive-to-reach-$2718-billion,-globally,-by-2032-at-29.9%-cagr:-allied-market-research

Metaverse In Automotive to Reach $27.18 billion, Globally, by 2032 at 29.9% CAGR: Allied Market Research

 

Allied Market Research published a report, titled, “Metaverse in Automotive Market by product (Hardware, Software), Technology (Virtual Reality, Augmented Reality, Mixed Reality), and Application (Simulation, Testing and Designing, Advertising, Online Car Purchasing): Global Opportunity Analysis and Industry Forecast, 2022-2032″. According to the report, the global metaverse in automotive market generated $2.18 billion in 2022, and is anticipated to generate $27.18 billion by 2032, witnessing a CAGR of 29.9% from 2023 to 2032.

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Prime determinants of growth

Factors such as surge in focus on leveraging the metaverse for marketing campaigns, increase in demand for modern vehicle shopping experiences with immersive virtual showrooms, and growing demand for intuitive metaverse design for product development and manufacturing. However, car maintenance and repairs by metaverse, and incorporation of metaverse in automotive infotainment are anticipated to hinder market growth. On the other hand, cost associated with installing and maintaining premium components and issues related to cybersecurity and privacy provide a remarkable growth opportunity for the market players operating in the market.

Leading Market Players in Automotive Metaverse Industry: –

  • Microsoft Corporation
  • NVIDIA Corporation
  • Roblox Corporation
  • Unity Technologies
  • Stradvision
  • Eccentric
  • Wayray AG
  • holoride GmbH
  • Varjo Technologies
  • metadome.ai (Formerly Adloid)

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The report provides a detailed analysis of these key players of the global metaverse in automotive market These players have adopted different strategies such as partnership, product launch, expansion and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Metaverse Market for Automotive Industry Report Coverage & Details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$2.18 billion

Market Size in 2032

$27.18 billion

CAGR

29.9 %

No. of Pages in Report

245

Segments covered

Product, Technology, Application and Region.

Drivers

Surge in focus on leveraging the metaverse for marketing campaigns

Increase in demand for modern vehicle shopping experiences with immersive virtual showrooms

Growing demand for intuitive metaverse design for product development and manufacturing

Opportunities

Car maintenance and repairs by metaverse

Incorporation of metaverse in automotive infotainment

Restraints

Cost associated with installing and maintaining premium components

Issues related to cybersecurity and privacy

The Software segment to maintain its leadership status throughout the forecast period

Based on product, the software held the highest market share in 2022, accounting for nearly three-fifths of the global metaverse in automotive market revenue and is estimated to maintain its leadership status throughout the forecast period. Also, same segment is projected to manifest the highest CAGR of 30.6% from 2023 to 2032. This is owning to the capability of the metaverse software that enables numerous possibilities for the automakers to design, test, and even simulate its products in the software.

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The Augmented Reality segment to maintain its leadership status throughout the forecast period

Based on technology, the augmented reality segment held the highest market share in 2022, accounting for more than three-fifths early four-fifth of the global metaverse in automotive market revenue, and is estimated to maintain its leadership status throughout the forecast period, as AR is revolutionizing automotive experiences, from interactive manuals to enhanced displays and innovative vehicle solutions, driving safety, comfort, and entertainment. However, the mixed reality segment is projected to manifest the highest CAGR of 33.0% from 2023 to 2032, owing to adoption of mixed reality for skill development and the evolution of high-performance graphics processing units (GPUs) & augmented reality displays are driving the adoption of mixed reality in vehicles.

The Simulation, Testing and Designing segment to maintain its lead position during the forecast period

Based on application, the simulation, testing and designing segment accounted for the largest share in 2022, contributing to nearly half of the global metaverse in automotive market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the developments such as Drive Sim shows the capability of the metaverse in the engineering application, thus creating demand for technology in the market. However, the online car purchasing segment is projected to manifest the highest CAGR of 32.4% from 2023 to 2032, owing to the virtual experience of interacting and viewing car in the metaverse.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for one-third of the global metaverse in automotive market revenue, and is estimated to maintain its leadership status throughout the forecast period. Also, same segment is projected to manifest the highest CAGR of 30.8% from 2023 to 2032. This is owning to the rapidly expanding automotive sector in Asia-Pacific is embracing metaverse technology, with China investing in augmented reality startups, Japanese manufacturers promoting EVs in the metaverse, and India adopting VR-based marketing, which is propelling the expansion of the metaverse in automotive market.

Similar Reports We Have on Automotive Industry:

IoT in Automotive Market Research Report 2024-2035

IoT in Aviation Market Research Report 2024-2035

5G in Aviation Market Research Report 2024-2035

Digital Twin in Automotive Market Research Report 2024-2035

Artificial Intelligence in Transportation Market Research Report 2024-2035

asia’s-first-physical-metaverse-themed-web3,-nft-and-crypto-conference-happening-in-singapore

Asia’s First Physical Metaverse-Themed Web3, NFT and Crypto Conference Happening In Singapore

 

The first ever metaverse-themed blockchain & web3 conference will be held on 28th July 2022 in one of Asia’s most prominent club; Zouk Singapore. The conference titled THE WEB3 CON will showcase and feature promising start-ups, established organisations and investors within the Blockchain, Crypto, NFT and Metaverse industry under one roof in a futuristic neon-lights and glitz set up. The conference event is organised by Asia’s leading blockchain accelerator AsiaTokenFund Group and its partners Morpheus Labs, Block Tides, AC Capital, and Reactify all of which are leading web3 players in Asia and the US.

For the first time in Asia, the blockchain event will be housed in a two-floor, three club-hall venues all under one roof in the iconic Zouk building located in Clarke QuaySingapore. The location was carefully selected to fully embody the meaning of metaverse and web3 – futuristic, innovative and ground breaking.

We want to move away from the traditional and dull conferences done in ballrooms as it doesn’t really bring out the true definition of metaverse. At this venue, attendees can relax, enjoy the lights, do some work, have fun and learn something new with superb light show and entertainment lined up. It’s truly going to be a conference like no other,” said Ken Nizam – Founder if Asia Token Fund Group, Organiser of The Web3 Con 2022.

“We’ve been waiting for the right event to speak at just before Coinweb ships it’s first product in a bid to prove the platform is not just another science project that doesn’t leave the lab, and Web3 Conference is the right fit for us to join at, being held in the epicentre of South East Asia’s tech hub,” said Toby Gilbert, CEO of Coinweb, one of the key speakers of the event.

Other prominent Key Speakers, exhibitors and partners includes Huawei, Binance, Chainalysis, Kucoin Labs, ChainUp, GEMS, Sleep Future, Anotoys Collectiverse, PLAYGROUND and many more.

echox.app-launches-“the-metasens-universe”-project,-rocket-to-the-moon

EchoX.app launches “The METASENS Universe” project, rocket to the moon

 

With blockchain and cryptocurrency industry rising up, “metaverse” and “NFT” related development projects are developing rapidly recently. Imperium Technology Group Limited, the leader of Asian gaming market in Hong Kong, has also announced to join the “Meta-Universe” market and plan to launch “METASENS Meta-sensitive Universe”, which will create a mega meta-universe game world for global players in the new era of Web3.

The METASENS Universe is like a cosmic amusement park with different themed planets with unique game facilities. On some planets you can play competitive games, role-playing games. On another planet you can play horse racing, farm management, etc. Everyone can find ideal world on different planets in METASENS.

METASENS will release several metaverse NFT games at an unprecedented rate of “One per Season“, which will set a new milestone in the development of the game’s global metaverse. The first game is expected to be closed for testing at the end of the year and officially launched in Q1 next year.

In future, METASENS will invite worldwide game or IP-owning companies to join in building an open metaverse ecosystem. Through blockchain technology, each game that is included in the project will have its own planet, creating a self-contained economic cycle within the planet game.

Here comes the exclusive news.

METASENS will cooperate with Asia NFT curation specialist, which is EchoX to launch the first NFT game. Application will open to the public on Nov 24, 2021.  Furthermore, Metasnake first-sale activity will activate simultaneously. To earn the premium purchase right, players need to attend community activities or be drawn by luck to become the whitelist member. Additionally, ETH panic-buying staking activity will released at 0:00 a.m. (UTC+8) on Dec.11th, 2021. There are expected to be limited 5,000 Metasnake Genesis to be sold on above activities. Metasnake will be available on the market next spring.

Additionally, METASENS players are welcome to create “HOLOSENS”- an open world on each planet that can be edited in 3D by players or game developers. In this sandbox mode, you can create your own ideal character, communicate with other players using the NFTs you get in each planet of METASENS, decorate your own home, or experience scenes or games set up by other players, and interact in HOLOSENS.

Otey (a Singapore company), a dedicated development and operation company invested by the Imperium Technology Group Limited to accelerate the development of METASENS, is responsible for the overall business development of METASENS by gathering the best talents in Asia to build a professional team. In the game development team, many of them are experienced game producers who have developed multi-million dollar mobile games and MMORPGs worldwide. Also numerous award-winning game artists and master programmers who have developed tens of thousands of games are recruited to be our self-developed game development team.

METASENS has recruited R&D team selected as the top 10 blockchain technology companies in Asia for APAC CIO 2020 to develop the METASENS platform. The official NFT Market place is expected to be launched at the end of this year, followed by game halls, blockchain wallets, etc.

The comprehensive development of the metaverse is an important milestone in the history of human development, and the metaverse structured on blockchain technology is a unique point where the world expects to link the integration of the virtual and real worlds in the future. With the technology and planning of the Empire Group, METASENS is expected to become the largest amusement park in the metaverse in future.

METASENS Official Website:

https://www.metasens.com/
https://www.echox.app/

SOURCE EchoX.app

metaverse-project-digination-completed-2.4-million-fund-raising-and-launching-a-squid-game-like-contest-starring-cryptopunks

Metaverse Project DigiNation Completed 2.4 Million Fund Raising and Launching a Squid Game-like Contest Starring CryptoPunks

 

Metaverse gaming project DigiNation has successfully raised a total of $2.4M from venture capital firms and strategic players in the industry. The investors include: Longhash Ventures, OKEx Blockdream Ventures, Huobi Ventures, RareStone Capital, Spark Digital Capital, Yuanyuzhou Ventures and 21DAO Ventures.

Starting on the Ethereum blockchain, DigiNation is an all-encompassing ecosystem that comprises an extensive virtual gaming client DigiPlayer, playable characters (represented by DigiAvatar NFTs), a 3D design studio called DigiMaker, a web gallery named NFT Live, and an OpenSea-esque integrated marketplace known as DigiMarket.

DigiNation’s innovation on the NFT starts from making the DigiAvatar NFTs with evolving attributes. In the DigiNation metaverse, DigiAvatars NFTs are the indigenous citizens, and these NFTs’ attributes such as Experience and Fame can grow according to the player’s activities in the game.

The public mint of 950 DigiAvatar NFTs on Ethereum was sold out in 8 minutes on 19 Nov.

With interoperability being a stated goal of the DigiNation team, the hope is that DigiAvatar NFTs can access not only the DigiNation but also other metaverses, whether they are on Ethereum or on other disparate blockchains. Similarly, third-party NFTs can be imported to DigiNation via NFT Live. For example, it will be possible to import a 2D picture NFT such as a CryptoPunk – which DigiNation will convert into an animated 3D avatar for use in the game.

The team plans to kick start the DigiNation in December by launching a multiplayer online tournament called Crypto Survivor, a sort of amalgam of the TV series Survivor and Squid Game, inviting reputable NFT projects such as CryptoPunks and Pudgy Penguins to star in the tournament.