Leading data and analytics company GlobalData has published its latest research that reports the global metaverse is expected to reach $996 billion from 2022 to 2030, with a compound annual growth rate (CAGR) of 39.8%. As of 2021, the metaverse market size reached a value of $22.79 billion.
Additionally, the Asia-Pacific and North American territories together held a whopping 50% of the metaverse market share last year. This is also due to the heavy investment and innovation witnessed in exploring NFTs.
“As of 2021, the media and entertainment market captured a sizable revenue share of the metaverse market,” said Deepak Agarwal, Project Manager at GlobalData in a public statement. “The entertainment experience we have seen through the metaverse has been through music and concerts.
The report says that Web 2.0 transformed how people connect with each other, especially aspects of social media. Moreover, Web3.0 will connect people with places and things through fully virtual synthetic environments or some level of augmentation. “The metaverse is a lot broader, it is a conversion of physical and digitally enabled by many different technologies like AR, VR, AI, 5G, and blockchain,” said the report.
The report also highlights the innovation and investment that will be witnessed in the hardware and software infrastructure required to propel the growth of the metaverse market. “The importance of headsets cannot be understated, and as a result we have an unfortunate dearth of reliable information from major players,” said the report.
When it comes to software, the segment will see tremendous growth in platforms and offerings such as Artificial Intelligence (AI), Augmented Reality (AR), Virtual Reality alongside 3D & spatial tech, blockchain, virtual worlds and games. AR especially is touted to dominate innovation in the metaverse.