Metaverse market to surpass $1,542.9 billion by 2030

The revenue of the metaverse market is likely to grow at a mammoth rate and reach $1,542.9 billion by the year 2030, according to a study by P&S Intelligence.

The research reveals that the revenue of the metaverse market was over $148.5 billion in the year 2021, and it is likely to progress at a significant compound annual growth rate of almost 30% from 2021 to 2030.

P&S predicts this will be due to the growing requirement for the metaverse to acquire digital assets with cryptocurrencies.

Furthermore, the advent of metaverse-centric firms, alliances to innovative medical VR and AR solutions, to advance patient outcomes and surgery quality, and increasing investments in R&D are projected to boost the industry.

READ MORE: Metaverse fashion brand Blueberry completes all-female senior leadership team

During the pandemic, the metaverse market saw augmented funding due to an increase in the dependence of people on various digital platforms.

The pandemic also opened the gates for new entrants in the market, as people had more idle time than before, which had a positive impact on the immersive gaming field.

For example, users of Fortnite increased to 350 million in 2020 from 250 million in 2019.

The metaverse market also enhances the online shopping experience with the new features of e-commerce websites.

For instance, avatars can be used to produce another identity, which fashion companies leverage to offer personalized product recommendations, consolidating their brand loyalty.

Additionally, customers can use the 3D technology to try on items and decide the fit.

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