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Analytics Insight predicts the global Metaverse market to grow from US$46.7 Billion in 2021 to US$475 Billion in 2028 at a CAGR of 47% during the forecast period. The Metaverse market has been growing really high as there is a considerable rate of penetration of users for many such applications like content creation, gaming, learning, social interaction, training, and virtual shopping. In 2021, Facebook has announced to invest of US$10 Billion in building metaverse and changed the company's name to Meta. The platform would allow users to communicate with friends, families, or colleagues using their digital avatars.
Experts have anticipated that the metaverse will penetrate through many market spaces and industries as there will be a build-up of industries in the future. The revenue will be increasing incessantly.
As projected by Analytics Insight, the Metaverse market will reach US$79.8 Billion by 2023 and US$108.3 Billion by 2024. The increasing need for a converging physical and digital world for concerts, film showings, and sports to elevate the online experience of viewers is also fuelling the growth of the global metaverse market. Growing personal disposable income of consumers and advances in novel technologies like blockchain, Augmented Reality, Virtual Reality, etc., are also driving the global metaverse market.
Market players are constantly looking for innovative solutions to enhance user experience, adopting cutting-edge technology and investing in R&D activities, which is expected to boost the global metaverse market. By 2025 the market is estimated to reach US$151.6 Billion and by 2026 might reach US$218 Billion. Furthermore, huge investments, collaborations, and partnerships in the metaverse industry are expected to create massive opportunities for industries across the globe. Enterprises are looking for modern solutions to upgrade their existing structure and improve the productivity of employees, which is expected to propel the growth of the global metaverse market. The rapidly expanding gaming industry and increasing adoption of NFTs are also accelerating the growth of the global metaverse market. This is speculated to accelerate the growth of the market to reach US$321 Billion by 2027.
Rapid advancements in motion tracking and cybernetics are expected to open up new opportunities for various companies in the market. Making human interactions with machines more straightforward is an important aspect of the metaverse. Instead of typing commands into a computer, people will be able to interface with devices through speech/voice, motion, and even eye movement, which is already possible in the Extended Reality (XR) world. Humans are steadily shifting towards virtual reality worlds, in which humans use both virtual and physical environments at the same time. For enabling this landscape, XR developers would need to develop more robust tracking systems capable of recording every movement made by a user. Simultaneously, the connection between the digital and physical worlds may entail the incorporation of additional input from the digital environments with which people engage. Haptics, which allow users to touch items from a digital realm and interact with them in real life, will make activities in the metaverse more enjoyable and realistic.
According to Analytics Insight, many industries have already started adopting Metaverse for their benefit. They are segmented into Retail (US$9.81 Billion), Fashion (US$3.74 Billion), Real Estate (US$1.45 Billion), Gaming (US$6.1 Billion), Media & Entertainment (US$14.9 Billion), Education (US$5.6 Billion), Aerospace & Defence (US$1.9 Billion), Art and Culture (US$0.9 Billion), Travel (US$1.2 Billion), and Others (US$1.1 Billion).
