Metaverse Market Could Reach Staggering $996 Billion by 2030
The global metaverse market is primed for a massive takeoff, growing by more than 4,000% over the next eight years. The metaverse market is estimated to reach a whopping $996 billion in 2030, recording a compound annual growth rate (CAGR) of 39.8%.
According to data and analytics company GlobalData, the metaverse market was valued at around $22.79 billion in 2021.
“As of 2021, the media and entertainment market captured a sizable revenue share of the metaverse market. The entertainment experience we have seen through the metaverse has been through music and concerts,” said Deepak Agarwal, Project Manager at GlobalData.
“In the non-blockchain world, Travis Scott in Fortnite had put on an enormous concert which showed $20 billion, including merchandise, versus the 1.7 billion from the regular show,” Agrawal added.
Companies around the world, including those in non-tech sectors, are now increasingly investing in technology to better engage with customers, expand brand awareness and identify new revenue streams.
Several players in the technology sector, including those that make semiconductors, components, and application software, are also taking advantage of the metaverse.
Asia-Pacific and North America together had 50 percent of the metaverse market share in 2021.
“The strong presence of big technology giants in the advanced economies of North America and the emerging economies in the Asia-Pacific region are fuelling the metaverse market growth,” said the report.
Companies in these regions are focusing on Blockchain, machine learning, AR and VR, adtech, payment platforms, enterprise applications, games, data governance, and others.
“The metaverse is still largely conceptual but could transform how people work, shop, communicate, and consume content. Although it is in the early stages of development, it has the potential to be the next mega-theme in digital media,” said Agarwal.
66% Believe Metaverse Will Transform Everything
Recent metaverse research by GamesPad, a gaming and NFT ecosystem, has revealed that 66% believe metaverse will transform everything.
Furthermore, 37% of GamesPad Telegram followers believe that building a digital self is very important, while 27% of respondents say they definitely like having a digital presence, which makes a total of 64% of people interested in creating a digital self.
Meanwhile, the booming gaming market will also hugely benefit from the metaverse. The GamesPad report said that 59% of industry experts believe that gaming will dominate VR investments for the next few years.
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