Metaverse global market anticipated to reach $936.6 billion by 2030

According to a recent report by Grand View Research, the size of the global metaverse industry is expected to reach USD 936.6 billion by 2030. The metaverse market is estimated to increase at a CAGR of 41.6% between 2023 and 2030 due to rising demand from end-use industries, particularly those in the media and entertainment, education, and aerospace and defense sectors.

In the upcoming years, market growth is likely to be fueled by the creation and distribution of augmented reality (AR), virtual reality (VR), and mixed reality (MR) devices. The increasing implementation of XR technologies to improve user experience across multiple platforms is also anticipated to drive market expansion. The rising demand for using cryptocurrencies in the metaverse to buy digital assets is expected to impact the market considerably.

Metaverse Market Growth & Trends

“Meta” is a Greek term meaning “after” or “beyond.” The emergence of new online habitats known as the “metaverse” will allow for more multidimensional interactions between users and deeper engagement with digital material instead of merely reading it. In the three-dimensional interactive metaverse, many people can communicate with each other via avatars. Online communication is facilitated through social networking sites like Facebook, chat services, and gaming websites. Using bitcoin to buy digital assets in the metaverse is growing in popularity worldwide.

Users can create, own, and trade independent digital assets and virtual territories using cryptocurrencies like Bitcoin and Ethereum, as well as nonfungible tokens (NFTs) on Metaverse platforms that permit the usage of blockchain technology. The metaverse is frequently employed as a live virtual environment to create and take advantage of numerous opportunities for brand interaction. Also, it would pave the way for establishing digital social experiences, the next stage of post-COVID-19 digital engagement.

The demand for blockchain-based metaverse networks and digital asset trading platforms is anticipated to boost market revenue growth during the forecast period significantly. The growth of the gaming industry is one of the key elements influencing the metaverse business’s future evolution.

Key Players in the Metaverse Market

Meta Platforms, Inc.
Tencent Holdings Ltd.
ByteDance Ltd.
NetEase, Inc.
Nvidia Corporation
Epic Games, Inc.
Roblox Corporation
Unity Technologies, Inc.
Lilith Games
Nextech AR Solutions Corp.
The Sandbox
Active Theory
Decentraland
Microsoft Corporation
Antier Solutions Pvt. Ltd.

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