Data and analytics company, GlobalData, forecasts the metaverse market to reach $996 billion in 2030, growing at a compound annual growth rate (CAGR) of 39.8% as companies across the globe heavily investing in the technology for better customer engagement, brand awareness expansion, and identifying new revenue streams.
In its report, ‘Metaverse Market Size, Share, Trends, Analysis, and Forecasts by Vertical, Component Stack, Region, and Segment 2022-2030,’ GlobalData reveals that various market participants from the technology sector are leveraging this mega-theme of metaverse. This led the metaverse market size to reach $22.79 billion in 2021.
Deepak Agarwal, Project Manager at GlobalData, comments: “As of 2021, media and entertainment market captured a sizeable revenue share of the metaverse market. The entertainment experience we have seen through metaverse has been through music and concerts. A couple of notable ones among them are the dead mouse performance at metaverse festival in decentraland and the grimes-hosted concert that closed out meadowverse fashion week. Also, in the non-blockchain world, Travis Scott in Fortnite had put on an enormous concert which showed $20 billion, including merchandise, versus the 1.7 billion from the regular show.”
These developments and initiatives taken around the deployment of metaverse will fuel the metaverse market growth in the coming days. Also, Big Tech is leading the metaverse, with Microsoft and Meta promoting it as the ideal environment to support hybrid work.
In 2021, Asia-Pacific, North America together held 50% metaverse market share
The strong presence of technology giants in the advanced economies of North America and the emerging economies in the Asia-Pacific region are driving the metaverse market growth. Together, these two regions held half of the metaverse market share in 2021, says GlobalData’s estimates.
Companies in these regions focus on leveraging critical technologies covered in the metaverse theme like Blockchain, AR and VR, machine learning, AdTech, payment platforms, enterprise applications, gaming, data governance, and others. Increase in the number of startups using these technologies in both developed and emerging economies will also boost the metaverse market revenue.
Agarwal concludes: “The Metaverse is still largely conceptual but could transform how people work, shop, communicate, and consume content. 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.”
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