The Metaverse Market Size is Expected to Hit US$426.9 Billion by 2027

Rapid advancements in cybernetics are the key force driving the Metaverse market size

The metaverse is a smooth convergence of digital and physical lives, creating a virtual, unified community where people can play, work, transact, socialize, and relax. The global Metaverse market is anticipated to hit US$426.9 Billion by 2027 from US$61.8 Billion in 2022 at a CAGR of 47.2%. The metaverse can impact everything from customer experience to employee engagement, community building, product innovation, and omnichannel marketing and sales. Examining its effect potentially should be a factor for strategic discussions, with leaders intensifying their analysis of how this metaverse could fuel this virtual world within the coming years.

Metaverse development is often linked to advanced virtual reality technology as there is an increasing demand for immersion. Information privacy, user addiction, and user safety are the various concerns with metaverse. Access points for the metaverse include general-purpose computers and smartphones, augmented reality, mixed reality, and virtual reality.

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 essential 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 simultaneously. To enable 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.