According to a new Market research report published by Contrive Datum Insights, the global metaverse market will reach USD 1.3 trillion in 2030. This growth is attributed to the convergence of digital and physical worlds as well as the rise of crypto-gaming and virtual economies. Metaverse is a virtual universe where virtual, augmented and real reality are all combined. It is powered by technologies like virtual reality, artificial intelligence, augmented and extended reality and crypto-gaming.
Recent developments on the metaverse market include recent partnerships between companies like The Sandbox and Warner Music Group; Tencent Holdings, the Asian Institute of Digital Finance; and Epic Games, Harmonix Music Systems. These partnerships are designed to foster innovation and growth within the metaverse.
The study also highlights growth potential for various segments in the metaverse market including hardware, platforms and offerings. Hardware, for instance, is projected to grow at a rate of over 38% per year and generate the highest revenue in the coming years as companies create new hardware and interfaces to access 3D content. The asset marketplace segment will also grow at a 40% CAGR, as more people invest their money in NFTs and cryptocurrencies.
The study also predicts that mixed reality, which combines virtual and augmented reality, will grow at the fastest rate. Gaming is expected to generate the highest revenue, followed closely by digital marketing and online shopping.
According to the study, North America is predicted to dominate the metaverse in 2021 with a share of more than 46%. The preference of the region for more advanced and newer technologies is responsible. The metaverse market will grow significantly over the next few years. There are endless opportunities for innovation and expansion.