Build a New World with Metaverse
Global metaverse market size was valued at USD 202.63 Billion by 2031, growing at a CAGR of 40.5% in the forecast period (2024-2031). Metaverse is an online digital world wherein users can interact for social and economic objectives. The increasing proliferation of digital technologies and rising demand for digital assets are estimated to drive the global metaverse market growth over the coming years.
Driver
High Demand for Remote Work and Virtual Collaboration
The COVID-19 pandemic gave impetus to the remote work trend on a global level and though the pandemic has subsided the remote work trend hasn’t. The increasing inclination of people towards remote work has resulted in high popularity and demand for virtual offices, virtual meetings, and all kinds of virtual collaboration tools and services. Remote workspaces and virtual offices set in the metaverse could emerge as a popular way to foster virtual collaboration and blur the lines between physical and virtual workspaces. Growing number of remote workers around the world will also favor metaverse demand going forward.
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Increasing Popularity of Gaming and Social Platforms
The rise in gaming and social networking has fostered the development of multiple virtual communities around the world and metaverse offers a way of bringing these communities together just like real ones. The rising demand for immersive environments for gamers and virtual social celebrities to get together and socialize, connect, and interact is projected to boost the demand for metaverse over the coming years.
Is the Metaverse Revolution Here?
Metaverse adds another dimension to the digital world that is increasing rapidly and this is why it is seen as a revolution in the virtual space like never before. Advancements in AR, VR, and MR technologies coupled with rising use of digital assets are estimated to secure a safe spot for metaverse companies in the long run.
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Restraints
Infrastructure Limitations Hurt Metaverse Adoption
Accessing metaverses and actively engaging in them requires high bandwidth, robust computing power, and advanced hardware and software. All of these resources are not accessible or even available to people all around the world and this could limit metaverse market growth scope in the future. This limitation will be especially troublesome for companies looking to maximize their revenue generation potential in underdeveloped and developing countries. Moreover, the high costs associated with the development of this infrastructure to support the metaverse are also slated to hurt market development potential in the long run.
Opportunity
Digital Real Estate to Bring New Revenue to Metaverse
Virtual real estate is becoming as important as actual real estate and this is a key opportunity that metaverse companies can capitalize on going forward. The growing popularity of digital currencies and people willing to invest in digital assets to generate more revenue are factors that will help the metaverse market boom via the digital real estate trend. Going commercial with digital real estate has a lot of potential and mostly younger people are investing in acquiring virtual real estate in the metaverse secured by NFTs (Non-fungible tokens).
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Global Metaverse in FnB Market
Global Metaverse Infrastructure Market
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