• John Watson

Global Metaverse Market Size to grow by US$ 626.65 Bn in 2030.

The global metaverse market was valued at USD 50.54 Bn in 2021. The market is projected to grow USD 626.65 Bn in 2030, at a CAGR of 45.2%.

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The content creation and social media is also anticipated to expand significantly. Social media and the internet had a bigger role in daily life during the COVID-19 outbreak than ever before. As the pandemic showed no signs of slowing down, firms were forced to respond by establishing their entire business on these platforms. This development led to the emergence of a new category of entrepreneur: the content creator. Many businesses are now using content production to sell their brands and product portfolio in order to get a competitive advantage.

Users have discovered a creative way to interact with individuals from across the world in fictional realms and hang out in virtual worlds with endless possibilities thanks to the advent of metaverse platforms. The metaverse can offer methods to address the present issues with working remotely and from home. Businesses and organisations can use Metaverse to create a virtual workplace where they can interact with and manage their staff members, read their body language, and retain in-person interaction even when they are located remotely. Additionally, by monitoring the team inside a virtual office, managers can deal with problems like time theft at work. These metaverse platform integrations within contemporary workplaces contribute to the expansion of the metaverse market.

Growing investment in retail and e-commerce along with a boom in the use of platforms to display products in virtual environments support industry expansion. The report from the United Nations Conference on Trade and Development (UNCTAD) estimates that by 2020, worldwide e-commerce sales would have climbed from 16 to 19 percent, reaching USD 26.7 trillion. The global rise in e-commerce sales has produced a sizable window of opportunity for the market to expand throughout the course of the projected period.

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The market is expanding due to rising video game sales and an increase in global video game audiences. The WePC Report estimates that there will be more than 2.5 billion gamers worldwide in 2021. A huge demand for desktop gaming systems has been generated by the growth in the number of video game players. The metaverse industry benefits from the growing usage of new technologies like blockchain, mixed reality, and artificial intelligence (AI). According to a research, Qualcomm Incorporated applied for 80 patents over 28 patent families for the metaverse, Sony filed for 87 XR patents across 78 patent families, and LG Group filed for 688 extended reality patents across 455 patent families.

The hardware segment is expected to dominate the market share of global metaverse market owing to increasing focus among companies on manufacturing products that give a better user experience and enable more extended user immersion. The virtual reality and augmented reality is expected to dominate the market share of global metaverse market owing to due to the rising use of MR to interact in the metaverse more effectively.

The media and entertainment segment is expected to dominate the market share of global metaverse market owing to businesses are putting more of an emphasis on hosting virtual music concerts, and as more companies adopt this idea, it is anticipated to help this market's revenue growth. Take Meta Platform, Inc. as an example.

North America region is expected to dominate the market share of global metaverse market owing to the huge customers in the area are embracing new, complicated technology Another factor anticipated to boost the regional market's revenue growth is the rising number of start-ups concentrating on the creation of metaverse platforms for commercialization.

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January 2022- NVIDIA Corporation has launched an advanced software to distribute a free advanced version of Omniverse software to create virtual worlds for individual artists.

November 2021- Tencent Holdings has announced that it has partnered with The Asian Institute of Digital Finance to improve the areas of education, research, and entrepreneurship to support Asia's fintech industry.

September 2021- Meta has invested USD 50 million in global research and development of the platform.

April 2021- Microsoft launched a Microsoft Mesh which enable applications to allow users to experience a shared 3D virtual presence using any device, including mobile phones, VR headsets, tablets, and PCs.

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