Global metaverse market likely to reach $996 bn in 2030
- The metaverse market size reached a value of $22.79 billion in 2021.
- Companies across the globe, including those in non-tech sectors, are now increasingly investing in the technology.
Asia-Pacificand North Americatogether held 50 per cent metaverse market share in 2021.
The global metaverse market is expected to reach $996 billion in 2030, registering a compound annual growth rate (CAGR) of 39.8 per cent.
The metaverse market size reached a value of $22.79 billion in 2021, according to
Companies across the globe, including those in non-tech sectors, are now increasingly investing in the 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 we have seen through the metaverse has been through music and concerts," said
"In the non-blockchain world,
Various players in the technology sector, including those manufacturing semiconductors, components, and application software, are also leveraging metaverse.
Asia-Pacific and North America together held 50 per cent metaverse market share in 2021.
"The strong presence of big technology giants in the advanced economies of North America and the emerging economies in the
Companies in these regions are focusing on
"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," said Agarwal.
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, the report mentioned.
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