Metaverse Could Reach $30 tn By 2030: Report
The 2023 Metaverse market has been extensively researched and studied by Metaverse platform METAV.RS. The rapid development and revolutionary potential of the emerging technology are highlighted in the report.
The company predicted that the Metaverse market will grow to $800 billion by 2024, citing industry analysts. This amount would represent an increase of more than 1,600% from the current market estimate of $47 billion.
Additionally, the statistics indicated that the Metaverse will experience a 44.1% compound annual growth rate. Furthermore, it asserted that within the next decades, the Metaverse will experience an exponential growth. It specifically included a market size estimate for 2030 that ranged from $8 trillion to $30 trillion.
A report reveals that users are increasingly willing to invest in the Metaverse experience, with users spending $54 billion annually on virtual products within the ecosystem. The Metaverse has 400 million active participants globally, and an estimated 1.73 billion people will use mobile AR by 2024. 74% of Americans actively participate or consider involvement in the Metaverse, and by 2026, 25% will spend an hour per day in the Metaverse. Metaverse gamers are predominantly male, with 59% falling into this category and 38% aged between 10 and 20. Despite an operating loss of over $3.6 billion in augmented and virtual reality in Q2, Meta, the parent company of Facebook, remains committed to investing in the sector.
(With inputs from Shikha Singh)
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