The report denominates Asia-Pacific and North America as the biggest contributors to its growth
A recent report titled, ‘Metaverse Market Size, Share, Trends, Analysis, and Forecasts by Vertical, Component Stack, Region, and Segment 2022-2030’ suggested that the metaverse market will attain a compound annual growth rate (CAGR) of 39.8% in 2030, to reach $996 billion. The main factor behind such a huge impetus is the increasing investment around the globe by companies across the tech and non-tech spectrum. This technology helps industries engage better with customers and identify new revenue streams while expanding brand awareness.
The research undertaken by GlobalData revealed that last year, Asia-Pacific and North America together held 50% Metaverse market share due to the presence of big tech giants and emerging economies. An increase in the number of startups leveraging these technologies in both developed and emerging economies will eventually boost the metaverse market revenue.
Project Manager at GlobalData, Deepak Agarwal stated, “As of 2021, the media and entertainment market captured a sizeable revenue share of the metaverse market. The entertainment experience we have seen through metaverse has been through music and concerts. A couple of notable ones among them are the dead mouse performance at metaverse festival in decentraland and the grimes-hosted concert that closed out meadowverse fashion week. Also, in the non-blockchain world, Travis Scott in Fortnite had put on an enormous concert which showed $20 billion, including merchandise, versus the 1.7 billion from the regular show.”
It is noteworthy that various market participants from the technology sector— including the manufacturers of semiconductors, their components, and application software— are also leveraging this mega-theme of the metaverse, elevating its market size to $22.79 billion in 2021.
Agarwal believes that though Metaverse is still in the early stages of development, it could transform how people work, shop, communicate, and consume content. It has the potential to be the next mega-theme in digital media. Adding further, he said: “The large-scale adoption of next-gen technologies including AR and VR will accentuate the adoption of metaverse by most of the stakeholders involved.”
