Metaverse Market size was valued at around USD 63.45 Billion in 2022 and is expected to rise from USD 86.31 Billion in 2023 to reach a value of USD 803.29 Billion by 2031, at a CAGR of 39.68% over the forecast period (2024-2031).
Metaverse market is gaining popularity due to a miscellaneous landscape of the current platforms varying in capabilities, size, and focus. The existing giants in the metaverse and ‘build your own metaverse’ platforms have attracted a massive consumer base. Such platforms also allow industrial-oriented metaverses that meet the demand of individual industries, thereby offering potential.
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Metaverse brings dynamic changes to gaming by offering virtual worlds and immersive experiences. The metaverse expands possibilities for personalized advertising and content creation in media and marketing and social media also leverage the development of interactive experiences and virtual communities. Other metaverse applications of metaverse can be seen in the art industry, fintech companies, entertainment, e-commerce, healthcare, education, and more. The industry that largely uses the metaverse is the gaming industry. Metaverse is modernizing the development, distribution, and experience of games. The developers in the domain are comprehensively using metaverse to create a unified virtual world, player engagement, and improve immersion. Another top industry using metaverse, is the media and marketing, wherein marketers and content creators deliver highly interactive and engaging experiences to audiences. The brands can potentially attract largecustomers and expand meaningful connections.
Web3 to be a Major Driver in Metaverse Development, Propelling the Market
The combination of metaverse and Web3 technologies will undoubtedly play a key role in the digital generation. Blockchain technology, which is a key component of Web3, adds a safety layer and allows users to control more, which is extremely important for the metaverse economy. Also, the Non-Fungible Tokens (NFTs) have transformed the way individuals think about trading and owning digital stuff, such as virtual real estate or art. This helps individuals to choose their exclusive digital devices and earn from them. Another componentof Web3 is cryptocurrencies, assisting individuals to earn and make safest transactions in metaverse. The connection between metaverse and Web3 is transforming the working of digital world. Metaverse is making these application areas more exciting, focused, and interactive. It is not just about social media or gamesanymore; it is about making an entire digital society have its economy and culture. This might let people enjoy a future wherein real lives and digital lives will be important, with abundant opportunities for many industries to create novel things.
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- In March 2023, Microsoft and Nvidia announced an association to offer millions of Microsoft enterprise consumers access to NVIDIA Omniverse Cloud and NVIDIA DGX Cloud. The association aims to fast-track its consumers’ capability to digitalize operations, involve in the metaverse of industries, and train improved models for the generative AI and several other applications.
- In May 2024, Match Group outlined its strategies for making virtual avatar-based dating and dating ‘metaverse’ experiences. Recently Tinder launched a novel ‘Explore’ fragment that allows users to avail highly interactive experiences. Match Group is planning to increase Explore and Tinder to comprise a virtual goods-based network.
- In September 2022, Autodesk Incorporation declared a strategic partnership with Epic Games to augment immersive (RT) real-time experiences in industries. It initially emphasizes on (AEC) Architecture, Engineering and Construction.
- In January 2024, Apple launched its 1st metaverse product, ‘Vision Pro’. It is an AR (augmented reality) headset that efficiently overlaps digital imagery in the real world. The USD 3,499 headset enables users to experience shows, movies, and games in Spatial Audio, and Apple Immersive Video lets users enjoy the center of the action.
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The speedily changing landscape of the metaverse simply means that even though there are a few challenges, they are not long-lasting. With heavy investments pouring along with tech giants shifting their focus on it, a lot of challenges are expected to be addressed. And this promise of the metaverse is projected to significantly fuel the market in the coming years.
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