The metaverse will register a CAGR of 39.6% to reach US$996 billion ($1.5 trillion) in 2030 as businesses, including in non-tech sectors, invest in technology to better engage with customers , increase brand awareness and identify revenue streams, according to data and analytics firm GlobalData.
Metaverse Market Size, Share, Trends, Analysis and Forecast by Vertical, Component Stack, Region and Segment 2022-2030GlobalData’s report, reveals that various market players in the technology sector, including those who manufacture semiconductors, components and application software, are also benefiting from this metaverse mega-theme.
This led the metaverse market size to reach a value of US$22.79 billion ($36.1 billion) in 2021, according to GlobalData.
“As of 2021, the media and entertainment market has captured a significant share of metaverse market revenue. The entertainment experience we’ve seen across the metaverse has been through music and concerts. Among these was the Dead Mouse’s performance at the metaverse festival in Decentraland, the gig hosted by Grimes that capped out meadowverse fashion week. Additionally, in the blockchain-free world, Travis Scott in Fortnite had hosted a massive concert that grossed $20 billion ($31.79 billion) including merchandise, compared to the regular show’s $1.7 billion,” a explained Deepak Agarwal, project manager at GlobalData.
The initiatives are likely to fuel the growth of the market. Major tech companies Microsoft and Meta are also promoting the Metaverse as the ideal environment to support hybrid working.
Asia-Pacific and North America together held 50% market share of Metaverse in 2021
The strong presence of major tech giants in advanced economies in North America and emerging economies in the Asia-Pacific region is fueling the growth of the metaverse market: both held 50% of the metaverse market share in 2021, according to GlobalData estimates.
Companies in the regions are leveraging critical technologies covered by the metaverse such as blockchain, machine learning, AR and VR, AdTech, payment platforms, enterprise applications, games and governance Datas.
The growing number of start-ups taking advantage of these technologies in both developed and emerging economies will contribute to the increase in revenue from the metaverse market.
“The Metaverse is still largely conceptual, but could transform the way people work, buy, communicate and consume content. Although in the early stages of development, it has the potential to be the next digital media mega-theme. Moreover, the large-scale adoption of next-generation technologies, including augmented reality and virtual reality, will increase the adoption of the metaverse by most of the stakeholders involved,” Agarwal concluded.
This first appeared in the CommsWire subscription newsletter on October 11, 2022.
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