Metaverse Market Witnessing Unimaginable Growth; To Cross $1.5 Trillion by 2030

The global metaverse market is driven by burgeoning investment in R&D activities, the rising adoption of the latest VR and AR solutions to develop patient output and the entire surgical atmosphere, and the snowballing demand for metaverse, thereby assisting in trading digital assets via cryptocurrency. In 2021, the market stood at $148.5 billion, and it is predicted to touch $1,542.9 billion by 2030. The market will witness a 29.7% CAGR because of the existence of highly competitive metaverse-focused companies being engaged in many partnerships and collaborations to develop a wide range of products.

The outbreak of COVID-19 had disrupted several markets globally, but the metaverse industry was one among the few exceptions: it exhibited magnificent figures amid the pandemic. The period not only witnessed the digital platform's reliability but also surged investments. Furthermore, lockdowns were imposed on several developing and developed nations, offering extravagant opportunities to the new market entrants. This is because they had more time available at home to focus on business credentials and strengthen the foundations of their business. For example, the number of Fortnite players increased by 100 million from 2019 to 2020.

Metaverse Market Analysis by P&S Intelligence 

The metaverse is an internet-based reality. As the metaverse market will expand, its Non-fungible token (NFT) are scarce and rare and will exhibit lucrative opportunities by growing from nothing to everything. Emerging ecosystems backed by blockchain technology will result in the generation of high revenue due to the authentication and traceability built on interoperable frameworks. A snowballing investment is made on improving the blockchain technologies and NFT by the real-estate dealers for a better reach among the young consumers through brand-building and to inculcate the trust of ownership.

The APAC metaverse industry will advance at the highest CAGR of at least 30% in the coming years. This can be credited to robust digitalization in South Korea, Japan, India, and China, coupled with the surging adoption of AR/VR to adapt to the current marke5t dynamics and shifts in tastes & preferences of consumers. Nonetheless, North America ruled the market in 2021 because of the swift integration of smart devices, snowballing demand for VR/AR, and surging requirements for smartphones.

Hence, the existence of highly competitive metaverse-focused corporations engaged in many partnerships and collaborations to develop a wide range of products will drive the market.