In the opinion of Mark Zuckerberg, Metaverse has the potential to unlock hundreds of billions of dollars, if not trillions, over time. He strongly feels that Metaverse has enormous potential for generating remarkable economic value over time.
But how realistic is his prediction?
To understand it better, let’s glance at a few projections.
Bloomberg and Newzoo, IDC, PWC, Statista and Two Circles data analysis shows that the projection of the Metaverse market may be $783.3 billion in 2024 vs which was $478.7 billion in 2020, representing a CAGR of 13.1%.
The global market size of metaverse is projected to be USD 1,527.55 billion by 2029 at a CAGR of 47.6% which is valued at USD 100.27 billion in 2022, according to Fortune Business Insights.
All the above-mentioned statistics and projections clears the wind about the far-reaching vision of the Metaverse for the next generation.
Our purpose to write this blog is to demystify the Metaverse, how massive it is and the future of the Metaverse.
What is Metaverse?
A metaverse is a shared network, it is an online 3D space where users can communicate with each other and with system-generated objects and avatars. Simply put, Metaverse is a virtual realm of physical assets. Monitoring and simulating are the various scenarios where metaverse can be used efficiently.
As of today, there is hardly any industry left where Metaverse is not used. It is efficiently used in several industries for various purposes. That includes training, social networking, education, online gaming, and most significantly to develop a virtual world that is the simulation of the actual world.
How big is the Metaverse? Why should you invest in it?
Metaverse is still an unfamiliar term for most of us. Many people still think that Metaverse is something like or used for science-fiction movies. But in actuality, the scenario is far off from this. Metaverse’s thriving economy is proving to be game-changing for leisure and business.
Let’s look at this comprehensive statistics round-up to understand this fact.
The revenue of the global market of the Metaverse is expected to reach $54.95 billion in 2023. Furthermore, it is likely to project up to 800 billion by 2028.
According to stats, the active users of Metaverse will be 400 million monthly as of 2023.
The numbers show in themself that Metaverse is definitely something very big, and you should invest in it. But if you still need to know about the market size of this industry, then keep on reading.
The worth of Metaverse companies is around 0.03 trillion dollars during the capitalization of Web 3.0 while that of Web 2.0 companies is 14.8 trillion dollars, as per the market statistics.
Another example to convince you about why you should invest in Metaverse is because Mark Zuckerburg is also flowing with the stream. He already invested in Meta which is formerly known as Facebook which had a market capitalization value of 1.98 trillion dollars and invested $10 billion in the metaverse projects. Ofcourse, choosing Meta over Facebook is not a coincidence.
Metaverse and its impact on the future
It is expected that 25% of people will spend a minimum of one hour to complete their daily work in the Metaverse for shopping, work, social media, education, and entertainment, as per the Gartner report.
Such a basic change in the behaviour of the consumer means an extensive range of exciting possibilities are established for businesses as business-customer interaction and the products and services on offer evolve.
It is still being determined to what extent a true metaverse, completely replicates the actual life, is possible or how long it would take to develop.
In the blockchain-based Metaverse, several platforms are still developing augmented reality (AR) and virtual reality (VR) technology. That will allow users to interact completely in the space.
In fact, as per the accounting and advisory giant PwC forecasts that VR and AR technologies will deliver $1.5 trillion and help in boosting the global economy by 2030, compared with $46.5 billion in 2019.
Earlier in the blog, we explored predictions, projections, and forecasts about the swiftly rising use of the Metaverse among private and commercial users.
The idea to understand everything about the Metaverse will be quite new and advanced, and we would have to wait to find out. Will the idea be still the same as VR glasses and virtual gaming worlds, or will it be different from our current reality?
For all these transformations the time frame is not on the scale of decades but the next three or four years. And as we know, Gartner has already identified the Metaverse as one of the top ten strategic technology trends for 2023.
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