Metaverse Market to Reach $996bn in 2030
GlobalData’s report reveals that participants from the technology sector including those manufacturing application software, are leveraging the metaverse.
October 7, 2022
The metaverse market will record a compound annual growth rate (CAGR) of 39.8% to reach $996 billion in 2030, as companies across the globe, including those in non-tech sectors, increasingly invest in the technology for better engagement with customers, brand awareness expansion and identification of new revenue streams, says GlobalData, a data and analytics company.
GlobalData’s latest report, “Metaverse Market Size, Share, Trends, Analysis, and Forecasts by Vertical, Component Stack. Region, and Segment 2022-2030,” reveals that various market participants from the technology sector including those manufacturing semiconductors, components and application software, are also leveraging this theme of metaverse. This has led the metaverse market size to reach a value $22.79 billion in 2021.
Big Tech is championing the metaverse, with Microsoft and Meta promoting it as the ideal environment to support hybrid working.
The strong presence of big technology giants in the advanced economies of North America and the emerging economies in the Asia-Pacific region are fueling the metaverse market growth. Together, the two regions held 50% of the metaverse market share in 2021, according to GlobalData’s estimates.
Companies in these regions are focusing on leveraging critical technologies covered in the metaverse theme such as Blockchain, machine learning, AR and VR, AdTech, payment platforms, enterprise applications, gaming, data governance, and others. In addition, an increase in the number of startups leveraging these technologies in both developed and emerging economies will eventually boost the metaverse market revenue.
“The Metaverse is still largely conceptual but could transform how people work, shop, communicate, and consume content,” says Deepak Agarwal, project manager at GlobalData. Although it is in the early stages of development, it has the potential to be the next mega-theme in digital media. 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.”
Sources: Press materials received from the company and additional information gleaned from the company’s website.