The global metaverse market is poised to garner exponential gains in the next few years. According to Market Research Future (MRFR), the global metaverse market valuation is expected to reach USD 105,597.5 MN by 2030, growing at 41.7% CAGR throughout the assessment period (2021-2030).
Metaverse offers immersive virtual experiences, blending digital and physical worlds meticulously. Technologies such as blockchain, virtual reality, and augmented reality predominantly aid in facilitating the virtual world. The rapidly growing cryptocurrency market is witnessing rising investments in digital assets and cryptocurrency users worldwide.
These factors allow the global metaverse market to catch the fancy of many investors, driving the market growth. Companies developing metaverse focus on innovations and enabling features that enable users to interact with each other in the digital world efficiently and effectively.
Recent Market Developments
The digital age is transforming the entertainment industry at scale. The global metaverse market is the driving force creating avatars for the much-hyped metaverse, converging AR-VR technologies together in a unified, immersive experience. The entertainment industry players see metaverse as a plausible solution for interacting in 3D spaces beyond the realms of the current virtual collaborative solutions.
Recently, Disney Entertainment announced that it is creating its own version of the metaverse to allow storytelling without boundaries. Similarly, McDonald’s filed patent applications for setting up a shop, the first-ever in the metaverse in the US. Some mega sports and entertainment events like the Australian Open and more are also pivoting to Metaverse.
In February 2022, the New York Fashion Week added the metaverse elements to the catwalk to increase their efforts for global metaverse market. On Mar.14, 2022, Gamium launched a new decentralized gaming platform combining Web3 and metaverse technology. Web3 and metaverse project is set to pioneer the socialize-to-earn concept to revolutionize premium gaming and gamification in the crypto space.
On the other hand, urban digital twins are set to create the first real-world metaverse for decarbonizing buildings. Digital Twins can form the essential building blocks of a Metaverse, enabling optimal urban decarbonization throughout the Race to Zero in the next decade. The current energy squeeze has accelerated the demand for decarbonization and the need for a new approach to manage and drive down the power consumption and costs.
There are major projects worldwide taken up to develop an international real-world Metaverse to slash carbon emissions within buildings, using digital twin technology. Digital Twins for urban planning would increase cost savings and reduce carbon emissions in urban areas notably, curtailing operating costs and boosting productivity for building asset owners.
Evolving Metaverse Field
Various developments have taken place in global metaverse market, making the way toward a real online virtual world, incorporating AR, VR, 3D holographic avatars, video, and other communication means. As the Metaverse expands, it will offer a hyper-real alternative world coexisting in it. Gaming companies are at the forefront of the evolution of the Metaverse.
Online gaming needs Metaverse to create better ecosystems that, together with several NFTs, can make gaming more tangible and engaging. The gaming industry is increasingly focusing on converging digital and physical worlds. Also, the virality and monetization that Metaverse could offer in gaming increased its global metaverse market demand.
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Growing Metaverse Applications
Gaming companies like Fortnite, Minecraft and Roblox have already been employing metaverse inklings. With the proliferation of non-fungible tokens (NFTs) and cryptocurrencies, the interest in purely digital technology that can ensure the security of consistent virtual experiences has spiked dramatically. On the other hand, virtual productivity platforms are growing too.
With the induction of Hybrid offices, online education and virtual social media gatherings are just a few examples. Various products are being developed to enhance immersive living and shopping experiences in virtual reality. In the 3D digital world, customers would be able to walk through the store choose the product, just like in the physical world.
The payment is made in the digital environment, and customers will also have the opportunity to order these products from the physical stores. Due to the rapidly expanding digital space, the clothing and fashion industry has already begun embracing the Metaverse.
Major brands such as Adidas, Nike, and Zara have started opening their Metaverse stores. Recently, H&M, a leading fashion retail brand, announced that it has adopted VR shared store to create mainstream use cases. Similarly, Facebook, Microsoft, and Nike collaborated online to sell virtual sports products.
Whether in virtual reality (VR), augmented reality (AR), or any screen, Global Metaverse market allows a greater overlap of digital and physical lives in socialization, productivity, wealth, shopping, and entertainment. With the already interwoven two worlds, car hiring companies can tell the exact location of cars, or OTT platforms make suggestions. LiDAR scanner on newer smartphones can take a 3D scan of the caller’s surroundings. At its core, the Metaverse, also known to many as web3, is an evolution of the Internet.
Drivers & Obstructers of Metaverse
Immersed VR has already bagged huge global metaverse market investments; furthermore, the COVID-19 provided an opportunity to make more of a quality-of-life tool. Lockdown and work from home mandates brought forward Metaverse as a solution to make online earning opportunities in designing, marketing, and selling avatars & accessories.
These truly digital opportunities to make a living online inspire youngsters to believe that the Metaverse can make it very easy to monetize their creations. Metaverse is considered an extension of the Internet; however, there are myriad problems threatening online space. Hacking, catfishing, harassment, hate speech are examples showing how dicey the future on the Metaverse could be.
Even governments have been notably sluggish in their approach to cybersecurity concerns, such as the rise of misinformation enabled by artificial intelligence, including videos known as deepfakes. Besides, data rights, data security, radicalization, misinformation, and platform power are five important problems in the mobile Internet, worsening with the rising amount of data captured and the risks of data loss are intensified.
Additionally, the lack of transparency of brands hinders accountability. The lack of visibility of supply chains presages unsafe working conditions, environmental destruction, and the responsibility & power to redress these issues. A lack of transparency in supply materials creates a chain of accountability for the human rights crisis.