- The metaverse market is to reach $800 billion by 2024, according to a recent report.
- The report reveals that the industry could see a compound annual growth rate of 44.1%.
- It also mentions that the metaverse could attain a potential market size of $8 trillion to $30 trillion by 2030.
Metaverse platform METAV.RS has revealed comprehensive statistics and insights into the Metaverse market for 2023. The report sheds light on the emerging technology’s rapid growth and transformative potential.
Citing industry analysts, the firm projected that by 2024, the Metaverse market will surge to $800 billion. This figure would imply over 1,600% growth from the current market estimate of $47 billion.
Moreover, the data suggested that the Metaverse will see a compound annual growth rate (CAGR) of 44.1%. It also claimed the Metaverse is poised for astronomical expansion within the next decades. It particularly mentioned a projected market size ranging from $8 trillion to $30 trillion by 2030.
Furthermore, the report cited that users are increasingly willing to invest in the Metaverse experience. It noted that users worldwide spend $54 billion annually on virtual products within the Metaverse ecosystem.
Regarding user engagement, the report noted that Metaverse boasts 400 million active participants globally. Moreover, the report mentioned that an estimated 1.73 billion individuals will utilize mobile AR by 2024 as augmented reality gains ground. It also stated that 74% of Americans actively participate or consider involvement in the Metaverse. By 2026, it is anticipated that 25% of individuals will spend an hour per day in the Metaverse.
The report also highlighted the demographic breakdown of Metaverse users. It revealed Metaverse gamers are predominantly male, with 59% falling into this category and 38% aged between 10 and 20.
Nonetheless, it is worth noting that Meta, the parent company of Facebook, saw an operating loss of over $3.6 billion in augmented and virtual reality in its Q2 revenue report. Yet, the firm expressed commitment to investing in the sector.