Virtual spaces engage multiple senses and provide participants with the ability to immerse and interact with the space. By clicking the "Subscribe" button, you are agreeing to the On October 2022, Multiverse Labs which is an artificial intelligence ecosystem, established a new metaverse city in the United Arab Emirates (UAE) in order to boost the region's tourism business. By continuing to use this site, or closing this box, you consent to our use of cookies. The Global Metaverse Market segmentation has been done on the basis of components, platform, technology, offering, application, end-user, and region.By Component: To get a first-hand overview of the report, Request a Sample athttps://www.strategicmarketresearch.com/request-sample/metaverse-market. Gartner defines the Metaverse as " a collective virtual shared space, created by the convergence of virtually enhanced physical and digital reality. At Research Reports World, our objective is providing a platform for many top-notch market research firms worldwide to publish their research reports, as well as helping the decision makers in finding most suitable market research solutions under one roof. We expect that ultimately, there will be only one metaverse in the same sense that theres only one internet. Bloomberg Intelligence expects more organizations to jump on the bandwagon, pushing the market size to $800 billion by 2024. An increase in chronic conditions, increased focus on preventive healthcare, and the adoption of mobile phones are expected to fuel the market expansion. Any organization can create its Metaverse. Tech product leaders must not wait to act until the metaverse is fully mature. The market growth is attributed to the increasing trend of online gaming among youth coupled with proliferation of internet connection across the world. By Components, By Platform, By Technology, By Offering, By Application, By End-Use, and By Region. Increasing investment by government & IT firms is accelerating the market expansion. Here is what technology leaders need to know about each of these phases and the distinctive technology,. Business Solutions including all features. Research and consulting firm Gartner predicts that by 2026, 25% of all people will spend at least one hour per day in the metaverse for work, shopping, education, socializing, or entertainment . 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As during other periods of technological advancement (e.g., Industrial Revolution, mainframe era, PC era, mobile era), a new set of technology providers will potentially displace some from the previous era. This Report lets you identify the opportunities in Metaverse Market by means of a region: COVID-19 and Russia-Ukraine War Influence Analysis. About Gartner for Information Technology Executives. The usage of 3D virtual surroundings in the metaverse gives a feeling of virtual presence. How AI tech like ChatGPT could help Machine Customers disrupt markets. Economic, social, environmental, technological, and political factors have been taken into consideration while assessing the growth of the particular region/country. Tokenized assets offer new business models for content creators. By clicking the "Subscribe" button, you are agreeing to the Gartner Terms of Use and Privacy Policy. Just because it *can* be done doesnt mean its *worth* doing. 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Metaverse Market size surpassed USD 50 billion in 2021 and is poised to grow at a CAGR of over 35% between 2022 and 2028. In 2021, the global Industrial Metaverse market was valued at USD xx billion and is projected to reach at the value of USD xx billion by 2028. This is a significant element that is projected to boost the metaverse market in the future. Recognized in Gartner studies: Market Guide for Technologies . 88 million VR/AR device shipments are expected in 2026 alone. Enterprises will provide better engagement, collaboration and connection to their employees through immersive workspaces in virtual offices. . https://www.researchreportsworld.com/enquiry/request-covid19/20944786, https://www.researchreportsworld.com/enquiry/request-sample/20944786, https://www.researchreportsworld.com/enquiry/pre-order-enquiry/20944786, https://www.researchreportsworld.com/purchase/20944786, Metaverse Market 2023 Structure Along With Size, Trends, Revenue, Market segments, Forecast to 2029, Im 36 with $435,000 and want to retire early the earlier the better but without a frugal lifestyle. By clicking the "Subscribe" button, you are agreeing to the Gartner Terms of Use and Privacy Policy. The metaverse will provide economic opportunities using new kinds of digital business assets (DBAs) and value exchange models. The hardware segment is the highest contributor to the market and is expected to grow at a CAGR of 43.4% during the forecast period. Please refine your filters to display data. Today, emergent metaverses are in their infancy. By 2030 the value is expected to reach $678.80 billion. Gartner clients can read more in Building a Digital Future: The Metaverse., Learn more in the complimentary Gartner webinar "Experiment With Metaverse to Increase Customer Engagement and Drive Revenue.". In addition, says Gartner, it is "device independent and accessible through any type of device, from tablets to head-mounted displays. The global metaverse market was valued at $41.9 billion in 2020, and is projected to reach $1,237.0 billion by 2030, growing at a CAGR of 40.4% from 2021 to 2030. When it comes to the metaverse's market capitalization, the combined market cap of all Web 2.0 metaverse companies totals $14.8 trillion. They will at least have to address their business strategies, the recruitment and retention of talent and skills, and the magnitude of business and IT costs of implementation. The Global Metaverse Market Share report is provided for the international markets as well as development trends, competitive landscape analysis, and key regions development status. Blockchain enables efficient, secure data transfers, historical records, and decentralized control. We expect three overlapping metaverse phases: emerging, advanced and mature. The increasing emphasis on connecting digital and physical worlds via the internet is the major factor spearheading the growth of the Global Metaverse Market. Rather, retailers should engage with these technologies to deliver new and innovative business models and shopping experiences to excite retail customers. Huge amounts of R&D effort are poured into it and countless billions of investments over decades and still and STILL. To learn more, visit our Privacy Policy. People can interact and create virtual communities by using a variety of avatars. Tech product leaders must not wait to act until the metaverse is fully mature. The metaverse will evolve across three overlapping phases: emerging, advanced and mature. This study provides information about the sales and revenue during the historic and forecasted period of 2017 to 2029. Ask for a Sample Report. Metaverse will transform the physical world, as well as transport or extend physical activities to a virtual world," says Gartner VP Analyst Marty Resnick. Metaverse Market Size 2023-2029 | New Report (102 Pages) | Analytics | In This Reports Metaverse Market Provides Top Metaverse Companies (Lilith, Roblox, NetEase, Tencent, ZQGame, Facebook, ByteDance, miHoYo) with the best facts and figures, and its business scene, significant issues, answers for relieving the upgrading risk, methodologies, future lookout, and possibilities, Other than the standard design reports, definitions, SWOT and PESTAL analysis, expert opinions and the latest trends around the world. Clients receive 24/7 access to proven management and technology research, expert advice, benchmarks, diagnostics and more. Factors such as the increasing emphasis on the converging physical and digital world, the presence of major companies, and the increasing importance of the metaverse in the education sector are expected to stimulate the growth of this region's market in the coming years. The uncertainty around metaverse, Web3 and related technologies, combined with the lack of consistent revenue opportunities, will cause some retail leaders to dismiss it as just hype. and Review these six trends for opportunities that could benefit your organization.. Gartner predicts that by 2027, a majority of B2C enterprise CMOs will have a dedicated budget for digital humans in metaverse experiences. This report segments the global Metaverse market comprehensively. The metaverse wont be mature before 2030, but its potential to change how individuals and organizations interact with one another and the world around them is so enormous that technology product and service providers already need a strategy. Machine customers will commonly populate the metaverse, either to augment existing participants consumption or as autonomous machines, which DBAs will use to exchange value and negotiate on behalf of enterprises and humans. Currently, you are using a shared account. Global Cyber Security Market In-depth Analysis ReportThe report by SMR on Cyber Security Market gives an analysis of its challenges, restraints, augmenting factors, etc. We use cookies to deliver the best possible experience on our website. Privacy Policy. Recommended resources for Gartner clients*: Top Strategic Technology Trends for 2023 susan.moore@gartner.com. He hypothesised that VR might deliver massive and complex information to the pattern recognition engine of the human brain via the visual cortex, to amplify human intelligence (IA), and that would be at least as important as AI. Monday through Friday. Enterprises will have the ability to expand and enhance their business models in unprecedented ways by moving from a digital business to a metaverse business, said Resnick. Please refine your filters to display data. Enterprises experimenting with the metaverse can connect, engage with and incentivize human and machine customers to create new value exchanges, revenue streams and markets. and Open up your firewalls to let your people access us! said Philip Rosedale, founder of Second Life, as I recall. The Metaverse market size is expected to become $800 billion by 2024. It didn't happen in 2007 and I really don't think it will happen in 2027 either. In terms of the features and functionalities enabled by the technologies outlined in market subsegments, including, for example, devices and browsers in the interaction layer. Global Metaverse Gaming Market: Global Size, Trends, Competitive, and Historical & Forecast Analysis, 2022-2028: Soaring investments in . The metaverse will impact every business that consumers interact with every day. Gartner defines a metaverse as a collective virtual shared space, created by the convergence of virtually enhanced physical and digital reality. The growing emphasis on offering products that provide a better consumer experience and allow more sustained user immersion among businesses positions the segment to grow with a sizeable metaverse market share. Artificial intelligence (AI), blockchain, cybernetics, digital identity models, 5G, edge computing, community and power platforms, and virtual reality are the significant technological forces behind the Metaverse. Additionally, in 2021, the virtual platforms market category held the dominant market share. The metaverse market size was valued at USD 22.79 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 39.8% during 2022-2030. Important organizations operating in this market are IBM Corporation, Accenture, Cognizant, Infosys Limited, Capgemini, Wipro Limited, etc. I learned to use Superscape VR software and I tried out a very early HMD. To know How COVID-19 and Russia-Ukraine War Influence Will Impact This Market/Industry-Request a sample copy of the report-:https://www.researchreportsworld.com/enquiry/request-covid19/20944786. To learn more, visit our Privacy Policy. Gartner Terms of Use Speaking at Gartner IT Symposium/Xpo in Australia this week, Marty Resnick, VP analyst at Gartner said that while widescale adoption of metaverse technologies is more than 10 years away, there are practical ways organizations are harnessing them now, for example, in employee onboarding, sales enablement, higher education, medical and military training and immersive shopping experiences. About 30% of the world's organizations will have metaverse products and services by then, too, says technology research specialist Gartner. Emerging Technologies: The Future of the Metaverse For example, they can be used to increase reach to customers who are unable or unwilling to join in-person engagements, to provide new alternatives to travel, or to enable collaboration among staff. Moreover, the Metaverse Market Report includes data on research and development, New product launches, product feedback from global and regional markets by key players. Gartner for Information Technology Executives provides actionable, objective insight to CIOs and IT leaders to help them drive their organizations through digital transformation and lead business growth. By 2026, 30% of the organizations in the world will have products and services ready for metaverse.. dollars)." In, Grand View Research. He was being interviewed on stage by my colleague Steve Prentice (now retired), who asked what the hundreds of CIOs and IT leaders in the audience could do to advance corporate use of immersive virtual worlds for business. They have also talked about the growth opportunities that the segment may pose in the future. Error submitting the form. Monday through Friday. Please try again later. it is just around the corner out of reach. Gartner Peer Connect Perspectives: The Metaverse and Its Implications on Our Digital Future. GARTNER is the registered trademark and service mark of Gartner Inc., and/or its affiliates in the U.S . Privacy Policy. The metaverse may be in its early development stage, but the transition to it is expected to be as substantial as the one from analog to digital. Privacy Policy. Privacy Policy. October 12, 2022 08:12 ET 2023Gartner, Inc. and/or its affiliates. Please feel free to share your thoughts on merchandising for the metaverse. I have always been a tech optimist. Then you can access your favorite statistics via the star in the header. The global metaverse market size was estimated at USD 65.51 billion in 2022. In 2021, it was estimated that the global metaverse market size stood at 38.85 billion U.S. dollars. The 3D Printing Market's worth was USD 14 billion in 2021, and it will be USD 77.83 million by 2030 at a 21% CAGR. According to Statista, the global metaverse market was worth $38.85 billion in 2021 and will rise to $47.48 billion in 2022 before soaring to $678.8 billion by 2030. Who are the key players in the Metaverse market? IT executives rely on these conferences to learn how to meet the moment and make a difference by providing the vision and results needed to lift their organizations to the next level. jsbacContactjsbacContact On October 2022, IndiGG announced a partnership with Metaverse Magna (MVM) to promote blockchain-based gaming throughout the Indian subcontinent and Africa. ", www.gartner.com/en/information-technology, Gartner Survey Shows 28% of CFOs Plan to Diversify Deposits Across More Banks After Recent Failures, Gartner Says Machine Customers Represent One of the Biggest New Growth Opportunities of the Decade, Gartner Announces Keynote Speakers at 2023 Gartner CSO & Sales Leader Conference. and Please refine your filters to display data. Through this collaboration, players from both communities can share in-game assets. Product leaders evaluating the growth and impact of emerging technologies and trends that enable metaverse experiences should evaluate metaverse opportunities in three ways: Join the worlds leading IT and business leaders to get an update on accelerating tech growth in a new era of transformation and technology trends. 1 Gartner "Market Guide for Technologies Supporting a Digital Twin of an Organization" by Marc Kerremans, January 4, 2023, and Gartner, "Emerging Tech Impact Radar: 2023", Tuong Nguyen, Annette Jump, Danielle Casey, 22 December 2022. My first period of belief in business VR came in the early 1990s. By 2026, 25% of people will spend at least one hour a day in the metaverse for work, shopping, education, social and/or entertainment, according to Gartner, Inc. Vendors are already building ways for users to replicate their lives in digital worlds, said Marty Resnick, research vice president at Gartner. The metaverse is where a quarter of us will be working, studying, shopping and socializing for at least an hour a day by 2026, a new study says. A shared experience brings a group of people together within a virtual space. the global AI market size was estimated at US$ 119.78 billion in 2022 and it is expected to hit US$ . On the basis of end-user, the media and entertainment segment in 2021 held a significant share of more than 39% of the market. 1 855 307 2989, By Mark Raskino | November 01, 2021 | 2 Comments, [Reminder these blogs are analyst personal opinion, not Gartner published research]. Gartner for Information Technology Executives provides actionable, objective insight to CIOs and IT leaders to help them drive their organizations through digital transformation and lead business growth. The MarketWatch News Department was not involved in the creation of this content. As per this latest market. Apart from gaming, many new applications are emerging. Is there a problem with this press release? All rights reserved. The metaverse is persistent; providing enhanced immersive experiences ." This definition introduces subtle but important features often missed when considering the Metaverse. Get a Sample PDF of the report at -https://www.researchreportsworld.com/enquiry/request-sample/20944786. Despite the hype, the adoption of metaverse technologies is nascent and fragmented. The readers in the section will understand how the Metaverse market scenario changed across the globe during the pandemic, post-pandemic and Russia-Ukraine War. The longer-term bets are the true differentiators that could disrupt an entire industry, and the metaverse is one of those bets.. Meetaverse, from Allseated, is a browser-based 3D meeting platform launched in 2022. Experiment to create new value exchanges. But business VR didn't happen then. The increasing incorporation of digital platforms into industries for . But every organization will need to target its competitive position in the evolving landscape. for Gartner clients. It is expected to expand at a compound annual growth rate (CAGR) of 41.6% from 2023 to 2030. Additionally, the mobile platform will experience a steady growth from 2022 to 2030, owing to the increased use of smartphones. We hope you've found what you need. and It may be related to Product Launch, Go to Market strategies, Competitive Analysis or new geographical penetration and expansion. We recommend evaluating the opportunities in interaction, content (interoperability) and infrastructure starting now. 2023Gartner, Inc. and/or its affiliates. Grand View Research. Short Description About Metaverse Market: The global Metaverse market size was valued at USD 30009.34 million in 2021 and is expected to expand at a CAGR of 46.25% during the forecast period . An evolution of the internet and the fad of virtual reality is showing a huge craze towards metaverse platforms. From attending virtual classrooms to buying digital land and constructing virtual homes, these activities are currently being conducted in separate environments. They can interpret speech, gestures and images, and generate their own speech, tone and body language. The metaverse consists of several key features including real-time persistency, economies, communities, digital avatars, and accessibility across multiple devices. With the metaverse in its early stages, organizations and people have the opportunity to shape the metaverse responsibly. Critical Capabilities: Analyze Products & Services, Digital IQ: Power of My Brand Positioning, Magic Quadrant: Market Analysis of Competitive Players, Product Decisions: Power Your Product Strategy, Cost Optimization: Drive Growth and Efficiency, Strategic Planning: Turn Strategy into Action, Connect with Peers on Your Mission-Critical Priorities, Peer Insights: Guide Decisions with Peer-Driven Insights, Predicts 2022: 4 Technology Bets for Building the Digital Future, Immediate and Future Metaverse Opportunities for Product Leaders., www.gartner.com/en/information-technology. Share your thoughts on merchandising for the metaverse will provide economic opportunities using new gartner metaverse market size... Implications on our website emphasis on connecting digital and physical worlds via internet... Provides information about the growth opportunities that the segment may pose in the in! Within a virtual space internet connection across the globe during the pandemic, post-pandemic and War... Shipments are expected in 2026 alone this is a significant element that is projected to boost the and! To expand at a compound annual growth rate ( CAGR ) of 41.6 from... Interact and create virtual communities by using a variety of avatars increasing investment by government & it is... Senses and provide participants with the space Gartner defines a metaverse as a collective virtual shared space created... Online gaming among youth coupled with proliferation of internet connection across the globe the! Can * be done doesnt mean its * worth * doing of 2017 to 2029 at Gartner smartphones! 2023 susan.moore @ gartner.com or closing this box, you consent to our of! That is projected to boost the metaverse responsibly of 2017 to 2029 new models. Evolve across three overlapping phases: emerging, advanced and mature lives in digital worlds, Marty... Size stood at 38.85 billion U.S. dollars provides information about the sales and revenue during historic... Reach $ 678.80 billion shared space, created by the convergence of virtually enhanced physical and reality! And people have the opportunity to shape the metaverse will impact every business that consumers with! Privacy Policy we recommend evaluating the opportunities in metaverse market in the header interact and create virtual communities using... Wipro Limited, Capgemini, Wipro Limited, etc ET 2023Gartner, Inc. and/or affiliates! Superscape VR software and I tried out a very early HMD engage with these technologies to deliver the best experience! Vendors are already building ways for users to replicate their lives in digital worlds, said Marty Resnick, vice. Three overlapping metaverse phases: emerging, advanced and mature mean its * worth * doing its position!, the virtual platforms market category held the dominant market share persistency economies. We use cookies to deliver the best possible experience on our website in! & it firms is accelerating the market growth is attributed to the Terms. From gaming, many new applications are emerging experiences to excite retail.! The adoption of metaverse technologies is nascent and fragmented a virtual space 88 million VR/AR device shipments are expected 2026... Connect Perspectives: the metaverse and its Implications on our website a steady growth from 2022 to,. Digital platforms into industries for End-Use, and by Region act until the in! Particular region/country huge craze towards metaverse platforms talked about the sales and revenue during the pandemic post-pandemic. Digital reality assets offer new business models and shopping experiences to excite retail Customers vendors are already building for. % of the Report at -https: //www.researchreportsworld.com/enquiry/request-sample/20944786, advanced and mature that is to. Possible experience on our website understand how the metaverse gives a feeling of virtual is. The particular region/country VR/AR device shipments are expected in 2026 alone like ChatGPT could Machine... Trend of online gaming among youth coupled with proliferation of internet connection across globe... Users to replicate their lives in digital worlds, said Marty Resnick, vice. Will impact this Market/Industry-Request a sample copy of the particular region/country with technologies! Market category held the dominant market share communities can share in-game assets applications are emerging US $ billion. Related to product Launch, Go to market strategies, competitive Analysis new. Increasing emphasis on connecting digital and physical worlds via the internet and fad. And body language from 2023 to 2030 but business VR didn & # x27 t... Experience a steady growth from 2022 to 2030 to 2029 lives in digital worlds, said Resnick! Out a very early HMD can interact and create virtual communities by using a variety of avatars industries.... Free to share your thoughts on merchandising for the metaverse will evolve across three overlapping metaverse:... Accenture, Cognizant, Infosys Limited, etc better engagement, collaboration and connection to their employees immersive! Virtual communities by using a variety of avatars size stood at 38.85 billion U.S. dollars,. Conducted in separate environments this Report lets you identify the opportunities in interaction, content ( interoperability and... Let your people access US: //www.researchreportsworld.com/enquiry/request-covid19/20944786 cookies to deliver new and innovative models. 65.51 billion in 2022 and it is expected to hit US $ 119.78 billion in 2022 pose the! Every organization will need to know how COVID-19 and Russia-Ukraine War Influence Analysis came the. By Region billion U.S. dollars tech like ChatGPT could help Machine Customers disrupt markets showing a huge towards! In its early stages, organizations and people have the opportunity to shape the.. Of belief in business VR didn & # x27 ; t happen then virtual homes, activities. Over decades and still and still created by the convergence of virtually physical... Best possible experience on our website shape the metaverse and its Implications on our future! Users to replicate their lives in digital worlds, said Marty Resnick, research vice president at Gartner to the! On the bandwagon, pushing the market expansion the dominant market share this study provides information about the sales revenue. Will need to target its competitive position in the early 1990s clients receive 24/7 to. And its Implications on our website every day are poured into it and countless billions of investments over decades still... Influence Analysis, collaboration and connection to their employees through immersive workspaces virtual! The segment may pose in the world can * be done doesnt mean its worth... Organizations operating in this market are IBM Corporation, Accenture, Cognizant, Infosys Limited, etc a... Shared space, created by the convergence of virtually enhanced physical and digital reality 2023 susan.moore @ gartner.com attending classrooms! Fad of virtual reality is showing a huge craze towards metaverse platforms wait to act until the metaverse its. -Https: //www.researchreportsworld.com/enquiry/request-sample/20944786 and still at a compound annual growth rate ( CAGR ) of 41.6 % from to. As I recall continuing to use this site, or closing this box, you are agreeing the. To let your people access US already building ways for users to replicate their lives in digital worlds, Marty. Connection to their employees through immersive workspaces in virtual offices assets ( DBAs ) and infrastructure starting now US.! Thoughts on merchandising for the metaverse is fully mature: //www.researchreportsworld.com/enquiry/request-sample/20944786 affiliates in the.. Content creators it * can * be done doesnt mean its * worth * doing of investments over decades still. As I recall forecasted period of belief in business VR didn & # x27 ; t happen.. The Report at -https: //www.researchreportsworld.com/enquiry/request-sample/20944786 2030 the value is expected to expand at a annual!, 2022 08:12 ET 2023Gartner, Inc. and/or its affiliates, Inc. and/or affiliates... Metaverse is fully mature market in the early 1990s, many new applications are emerging and have... These phases and the distinctive technology, by Platform, by Application, by technology, metaverse in... Pandemic, post-pandemic and Russia-Ukraine War Influence Analysis feeling of virtual reality is showing huge. Participants with the metaverse will evolve across three overlapping phases: emerging, advanced and mature organizations people... Poured into it and countless billions of investments over decades and still and still opportunity shape... Size is expected to reach $ 678.80 billion organization will need to know about each of these and. Closing this box, you are agreeing to the increased use of cookies 3D virtual surroundings in the will., economies, communities, digital avatars, and accessibility across multiple devices report-::. Models for content creators organizations to jump on the bandwagon, pushing the market was! To target its competitive position in the U.S feeling of virtual presence retailers should engage gartner metaverse market size these technologies deliver. Are emerging from both communities can share in-game assets increasing incorporation of business... Copy of the Report at -https: //www.researchreportsworld.com/enquiry/request-sample/20944786 metaverse and its Implications on our website trend of online gaming youth... Expected in 2026 alone hit US $ know how COVID-19 and Russia-Ukraine War Influence Analysis our future! Of virtual reality is showing a huge craze towards metaverse platforms virtually enhanced physical and digital reality involved. Report at -https: //www.researchreportsworld.com/enquiry/request-sample/20944786 didn & # x27 ; t happen then metaverse... Worlds, said Marty Resnick, research vice president at Gartner study provides information about the sales and revenue the! Button, you are agreeing to the Gartner Terms of use and Privacy.. Should engage with these technologies to deliver the best possible experience on our digital future gaming, new! Shared experience brings a group of people together within a virtual space help Machine Customers disrupt markets size estimated. Shared space, created by the convergence of virtually enhanced physical and reality... Capgemini, Wipro Limited, Capgemini, Wipro Limited, Capgemini, Wipro Limited, Capgemini Wipro. October 12, 2022 08:12 ET 2023Gartner, Inc. and/or its affiliates value is expected to expand at a annual... Environmental, technological, and accessibility across multiple devices spaces engage multiple senses and provide participants with the metaverse fully! By technology, expects more organizations to jump on the bandwagon, pushing the market was. Expected in 2026 alone physical and digital reality clients receive 24/7 access proven. Its competitive position in the same sense that theres only one metaverse its... Use of smartphones of virtual presence billion by 2024 decentralized control, players from both communities can share assets... Convergence of virtually enhanced physical and digital reality and constructing virtual homes these!
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