The metaverse market will record a compound annual growth rate (CAGR) of 39.8% to reach $996 billion in 2030, as companies across the globe, including those in non-tech sectors, increasingly invest in the technology for better engagement with customers, brand awareness expansion, and identification of new revenue streams, says data and analytics company GlobalData,.
GlobalData’s latest report, ‘Metaverse Market Size, Share, Trends, Analysis, and Forecasts by Vertical, Component Stack. Region, and Segment 2022-2030,’ reveals that various market participants from the technology sector including those manufacturing semiconductors, components, and application software, are also leveraging this mega-theme of metaverse. This has led the metaverse market size to reach a value $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 being taken around the deployment of metaverse are likely to fuel the metaverse market growth in the coming days. Furthermore, Big Tech is championing the metaverse, with Microsoft and Meta promoting it as the ideal environment to support hybrid working.
Asia-Pacific, North America together held 50% Metaverse market share in 2021
The strong presence of big technology giants in the advanced economies of North America and the emerging economies in the Asia-Pacific region are fuelling the metaverse market growth. Together, the two regions held 50% of the metaverse market share in 2021, according to GlobalData’s estimates.
Companies in these regions are focusing on leveraging critical technologies covered in the metaverse theme such as Blockchain, machine learning, AR and VR, AdTech, payment platforms, enterprise applications, gaming, data governance, and others. In addition, an increase in the number of startups leveraging these technologies in both developed and emerging economies will eventually 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.”