The global metaverse market is expected to reach US$996 billion in 2030, registering a compound annual growth rate (CAGR) of 39.8%. The metaverse market size reached a value of US$22.79 billion in 2021, according to GlobalData, a leading data, and analytics company.
Companies across the world, including those in non-tech sectors, are increasingly investing in technology for better engagement with customers, brand awareness expansion, and identification of new revenue streams. As of 2021, the media and entertainment market captured a sizable revenue share of the metaverse market. The entertainment experience through the metaverse has been through music and concerts.
Various players in the technology sector, including those manufacturing semiconductors, components, and application software, are also leveraging metaverse. Asia-Pacific and North America held a 50% metaverse market share in 2021.
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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 are focusing on Blockchain, machine learning, AR and VR, adtech, payment platforms, enterprise applications, gaming, data governance, and others.
According to Deepak Agarwal, Project Manager at GlobalData, the metaverse is still largely conceptual but can transform how people communicate, work, shop, and consume content. Though it is in the early stages of development, it has the potential to be the next mega-theme in digital media.
Furthermore, the report mentioned that the large-scale adoption of next-gen technologies, including AR and VR, will accentuate the metaverse adoption by most stakeholders involved.