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By 2030, the estimated value of the global metaverse market is $996 billion

By_2030,_the_estimated_value_of_the_global_metaverse_market_is

The global metaverse market is expected to reach $996 billion by 2030, with a compound annual growth rate (CAGR) of 39.8%.

In 2021, the metaverse market was worth $22.79 billion, according to GlobalData, a leading data and analytics company.

Companies in all kinds of industries, not just tech ones, are investing more and more in technology to improve customer engagement, raise brand awareness, and find new ways to make money.

“As of 2021, a large amount of the metaverse market’s income came from the media and entertainment market. Deepak Agarwal, a project manager at GlobalData, says that through the metaverse, we have come across music and concerts as ways to have fun.

“In the world without blockchain, Travis Scott’s Fortnite concert made $20 billion, including sales of merchandise, compared to $1.7 billion for a regular show,” Agrawal said.

Metaverse is also used by companies in the technology industry, such as those that make semiconductors, components, and application software.

In 2021, Asia-Pacific and North America had a market share of 50% of the metaverse.

The report says that the growth of the metaverse market is being driven by the strong presence of large technology companies in the developed economies of North America and the emerging economies of the Asia-Pacific region.

Businesses in these areas are focusing on things like Blockchain, machine learning, augmented and virtual reality, adtech, payment platforms, enterprise applications, gaming, and data governance, among other things.

“The metaverse is still mostly a theory, but it could change how people work, shop, talk to each other, and watch content. Agarwal says that even though it is still young, it has the potential to become the next big thing in digital media.

The report also says that the widespread use of next-generation technologies, like AR and VR, will make it easier for most stakeholders to use the metaverse.

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