Global research organisation Precedence Research has released a report that projects the global metaverse market will be valued at around $1.3 trillion by 2030, expanding at a compound annual growth rate (CAGR) of 44.5%.
Just last year, the global metaverse market was valued at $68.49 billion. The increasing focus has been on converging the digital and physical worlds operating as the next phase of the internet is driving the metaverse market.
And although the metaverse remains a nascent space that’s still far from reaching global adoption, it has been described by many as a virtual world that’ll change the way we work, interact with family and friends, transact and even play video games.
According to the study, “The metaverse even has the assurance of augmenting accessibility from the home, democratising access to key services, goods, and experiences and breaking down boundaries,” including, “The ability to impact everything from customer experience to employee engagement, community building, product innovation and omnichannel marketing and sales.”
USA big, APAC growing
Analysis of the regional metaverse market includes North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The study highlights that North America is currently the largest market for the metaverse, with Asia Pacific being the fastest-growing region.
“The next stage in the evolution of the internet is the metaverse,” says the study. “Augmented reality, virtual reality, machine learning and blockchain technology along with artificial intelligence are all the driving factors in the metaverse”
As the metaverse continues to grow rapidly with huge potential, the market is expected to grow significantly in the coming years driven by an increase in the adoption of VR and AR devices. However, before the metaverse can reach global adoption, it’ll have to be built as a safe and inclusive space.
The full report is available from the Precedence Research website.