According to a recently released report from Grand View Research Inc., by 2030, the global metaverse market will reportedly be worth $678.8 billion. This means that the sector will register a compound annual growth rate (CAGR) of 39.4% over the next eight years.
“Major factors expected to drive the revenue growth include a growing focus on integrating digital and physical worlds using the Internet, increasing momentum and popularity of Mixed Reality (MR), Augmented Reality (AR), and Virtual Reality (VR), and the outbreak of COVID-19, as well as the situation’s subsequent developments and outcomes,” the report says. “The metaverse platform elevates the internet experience by establishing a virtual world in which users can engage in immersive gaming, conduct business, socialize, buy and sell virtual real estate, and enjoy immersive entertainment, among other things.”
The metaverse market is expected to emerge as one of the most lucrative industries in the world over the next few years. As a matter of fact, Grand View Research Inc. is reporting that the total addressable metaverse market is estimated to bring in over $1 trillion in annual revenues.
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