Acumen Research and Consulting has recently published a new metaverse report, modestly called “Metaverse Market-Global Industry Analysis, Opportunities, Market Size, and Forecast, 2022–2030.”
Between 2022 and 2030, Metaverse is expected to grow at a rate of more than 45.8% per year, giving it a market cap of more than 1,803 billion US dollars.
The Metaverse is a virtual community that allows users to engage with one another and participate in any social, professional, or recreational activities. It is still a developing concept, but its nature and opportunities are finally starting to take shape.
This virtual space technology is expected to bring in more money by giving businesses a new way to promote their products and services and by letting them collect new kinds of data about how people use them. Such opportunities have already started to draw interest of large financial institutions and even sovereign wealth funds, that are currently developing long term investment plans to enter the metaverse space.
Companies can’t expect big returns on this kind of business effort until they solve a lot of technological problems and think about how they will affect society.
People often talk about Microsoft, Facebook (now called Meta), Roblox, and Nvidia as pioneers of the metaverse. These companies are known for their research and development in mixed reality, and they are currently trying to figure out how to make money off of head tracking and other user-generated data in the metaverse. Zuckerberg says that the metaverse will replace the mobile internet and change the way people work and interact.
The rise of metaverse market share
More than nine out of ten companies surveyed believe that the worldwide COVID-19 outbreak spurred technology development related to the metaverse.
Opportunities abound on every level, from social to educational, and economic fields. Yet, after the initial pandemic lockdowns in 2020, most firms have operated on the basis of “will they or won’t they?” when it comes to returning to physical labor.
As early as 2020, several high-tech corporations have announced their plans to invest in this technology. Due to Meta’s (Facebook’s) one billion dollar investment in the metaverse space, 2021 was an exceptional year for the sector.
In addition to the growing popularity of working from home and the fact that venture capitalists were investing in the metaverse, many small and medium-sized businesses (SMEs) saw this as a chance to start a business and invest in it.
For instance, Asgard, a decentralised finance firm, developed a decentralised autonomous organisation (DAO) in February 2022 to unite non-fungible tokens (NFTs), the metaverse, and decentralised finance (DeFi) into a single platform. So, based on analysis, the pandemic sped up the development of metaverse technology, and the environment after the pandemic is likely to increase customer interest.
Segmentation of the Market
The worldwide metaverse market is segmented into components, platforms, technologies, applications, end-users, and geographic regions. Market segmentation is based on a component’s role in the system. In 2021, virtual platforms made up a big part of the market, but they are expected to grow faster in the years to come.
Segments of applications include gaming, online commerce, events & conferences, content production & social media, digital marketing (advertising), testing and inspection, and many more types of applications.
Application categories may be classed into online shopping, gaming, events & conferences, content production & social media, testing and inspection, digital marketing (advertising), and others. Among these, the gaming category got the greatest market share in 2021. Many gaming companies, such as Epic Games and Tencent Holdings Ltd., are establishing their own metaverse platforms to better their gaming experience. This is recognized to be one of the important developments in the metaverse sector. Shifting to USA, NASA has launched development of a Martian metaverse, to run studies and simulations of the planet and train its staff.
Aside from that, the market may be subdivided into sub-sectors based on the products used. For example, although the media and entertainment industries account for a large part of the overall market, the aerospace and military sectors are forecast to grow even faster.
Interconnected report on the ICT Market
Between 2020 and 2027, the blockchain technology industry is expected to grow at a compound annual growth rate (CAGR) of approximately 80.2 percent.
The global smart manufacturing market is expected to be worth $582 billion by 2028, with revenues rising at a CAGR of about 13.3 percent between 2021 and 2028.
The worldwide automotive AR and VR market is expected to develop at a CAGR of roughly 77% throughout the forecast period from 2020 to 2027, with an estimated market value of $55,000 million.
The global private 5G network market is expected to reach $1,372 million by 2030, with a CAGR of 42.4 percent.