tl;dr
Title: Metaverse Set for $1 Trillion Growth by 2030, Reports Allied Market Research A new report from Allied Market Research forecasts the metaverse industry to reach a market capitalization of over $1 trillion by 2030, marking a significant increase from its $41 billion value in 2020. The report h...
Metaverse Set for $1 Trillion Growth by 2030, Reports Allied Market Research
A new report from Allied Market Research forecasts the metaverse industry to reach a market capitalization of over $1 trillion by 2030, marking a significant increase from its $41 billion value in 2020. The report highlights the expected growth driven by digital collectibles, digital assets, and new use cases beyond gaming, such as content creation and social media utility. It also projects North America to lead in metaverse adoption, with the industrial metaverse, focusing on AR, VR, and blockchain for enterprise use, also expected to see substantial growth. However, hurdles such as security and privacy issues, technological limitations, and interoperability standards pose challenges for the industry's rapid adoption.
A new report has tipped the metaverse industry for a growth spurt, pushing its market capitalization to over a trillion dollars by the end of the decade. According to an Allied Market Research report, the global market value for the metaverse is expected to reach $1.2 trillion before the end of 2030, a significant growth from its $41 billion value registered in 2020. This recent projection indicates a compound annual growth rate (CAGR) of 40.4%. The rise of digital collectibles and digital assets generated an initial spike for the metaverse, underscored by a flood of institutional and retail players to the space.
While traditional metaverse offerings are recording impressive adoption metrics, a separate report has highlighted the rise of industrial metaverse as enterprises embrace emerging technologies for productivity and efficiency. According to the report, the industrial metaverse is expected to record a double-digit CAGR from 2024 to 2035, with the sector’s market capitalization ballooning to $500 billion from its present levels of around $20 billion. The industrial metaverse revolves around the application of augmented reality (AR), virtual reality (VR), and blockchain technology for enterprise use cases.
But like any other developments, there remain hurdles. The report outlines many challenges to meteoric adoption metrics, with analysts pointing to sky-high implementation costs and concerns about data privacy and security standards. Another stumbling block is the absence of unified interoperability standards, triggering several integration challenges along the value chain.