October 13, 2022
By Anjali Kochhar
The global metaverse market is expected to reach $996 billion in 2030, a new report has said.
According to GlobalData, a leading data and analytics company, the metaverse market size reached a value of $22.79 billion in 2021.
“As of 2021, the media and entertainment market captured a sizable revenue share of the metaverse market. The entertainment experience we have seen through the metaverse has been through music and concerts,” said Deepak Agarwal, Project Manager at GlobalData.
“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,” Agrawal added.
Several players in the technology sector, including those manufacturing semiconductors, components, and application software, are also leveraging metaverse.
Asia-Pacific and North America together held 50 per cent metaverse market share in 2021.
“The strong presence of big technology giants in the advanced economies of North America and the emerging economies in the Asia-Pacific region are fuelling the metaverse market growth,” the report said.
Companies in these regions are increasingly focusing on blockchain, machine learning, AR and VR, adtech, payment platforms, enterprise applications, gaming, data governance and others.
“The metaverse is still largely conceptual but could transform how people work, shop, communicate, and consume content. Although it is in the early stages of development, it has the potential to be the next mega-theme in digital media,” said Agarwal.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.