The global metaverse market is expected to reach $996 billion in 2030, registering a compound annual growth rate (CAGR) of 39.8 per cent. The metaverse market size reached a value of $22.79 billion in 2021, according to GlobalData, a leading data and analytics company.
Companies across the globe, including those in non-tech sectors, are now increasingly investing in the technology for better engagement with customers, brand awareness expansion, and identification of new revenue streams.
"As of 2021, the media and entertainment market captured a sizable revenue share of the metaverse market. The entertainment experience we have seen through the metaverse has been through music and concerts," said Deepak Agarwal, Project Manager at GlobalData.
Various players in the technology sector, including those manufacturing semiconductors, components, and application software, are also leveraging metaverse. Asia-Pacific and North America together held 50 per cent metaverse market share in 2021. Full story here