Global Metaverse Market Will Likely Reach $996 bn in 2030

According to the latest reports, the global metaverse market is expected to reach $996 billion in 2030. It means that it will be registering a compound annual growth rate (CAGR) of 39.8 percent.

Global Metaverse Market Will Reach A Whooping $996 bn in 2030

According to GlobalData, a leading data and analytics company, the metaverse market size reached $22.79 billion in 2021. Moreover, the Asia-Pacific and North America together held a 50 percent metaverse market share in 2021. Many companies around the world, including those in non-tech sectors, are even increasingly investing in the technology for:

• better engagement with customers
• brand awareness expansion
• identification of new revenue streams

Deepak Agarwal, Project Manager at GlobalData stated that:

“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. 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.”

The point worth mentioning here is that various players in the technology sector, including manufacturing semiconductors, components, and application software, are also leveraging the metaverse. According to the report:

“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”

Companies in these regions focus on Blockchain, machine learning, AR and VR, adtech, payment platforms, enterprise applications, gaming, data governance, and many others. The project manager further stated:

“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”

Furthermore, the large-scale adoption of next-gen technologies. including AR and VR will accentuate the adoption of metaverse by most of the stakeholders involved.

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