Published on: 21/04/2022
Metaverse market to reach $758,600.86M value by 2027, SkyQuest reports
It has been predicted that the global metaverse market to reach $758,600.86 million at a CAGR of 37.1 percent by 2027. The expansion would be driven by the growing demand to acquire digital assets using cryptocurrencies along with the merge of the digital and real worlds via the Internet, according to a report by SkyQuest Technology Consulting.
While cyber-threats continuously interfere with the metaverse expansion, technical advancements are also creating opportunities in the metaverse market, according to SkyQuest.
The metaverse transition is rapidly approaching. The new digital space has developed to the point where its components and features can be integrated seamlessly to explore the possibility of building a parallel virtual reality. Online events and non-fungible tokens (NFT) are blasting, bringing a world of possibilities to the metaverse and related technologies.
In the wake of the pandemic, global perspectives on interaction and immersive socialization have begun to shift, leading to recurring discussions about the metaverse. The dialogue has grown stronger with companies like Meta, Google, and Microsoft on board.
How metaverse transforms industries
The metaverse is transforming every industry. The gaming industry has undergone a seismic shift since the advent of the metaverse. Sim City, Minecraft, and Second Life are early immersive games that incorporate several metaverse concepts, including 3D avatars and world-building. Online, interactive, and immersive gaming will also continue to grow in popularity.
Furthermore, virtual reality and virtual reality training simulations are expected to play a major part in the healthcare industry. Virtual 3D avatars of healthcare workers can interact with tools like digital whiteboards in the metaverse, and people will soon have face-to-face meetings without using complicated conference equipment.
Tech giants like Alphabet, Amazon, Apple, and Microsoft are ramping up their efforts to reshape the healthcare industry. The companies are inventing and collaborating on tools that will benefit consumers, medical professionals, and insurers.
Based on the growth of major e-commerce like Amazon, eBay, and Shopify, consumer adoption of the metaverse is the next big opportunity in retail. Marketers now have a brand new channel they can tap into for everything, from new revenue streams to organic marketing opportunities, with millions of people regularly logging into existing metaverses.
For architects, the metaverse promises a whole new domain, free of the limits of the physical world. The metaverse will need their assistance to build its massive content.
FMCG corporations like Coca-Cola and Campbell Soup Company are experimenting with metaverse and NFTs. McDonald’s created an interactive “Hall of Zodiacs” in collaboration with Humberto Leon in January 2022.
Real estate (or virtual estate) is currently a booming business in the metaverse. Singer Snoop Dog and multinational companies such as PwC, JP Morgan, HSBC, and Samsung have already invested in virtual plots. At least on paper, early investors have seen significant gains.
The metaverse will impact a wide range of other industries, creating new employment opportunities and jobs. Virtual reality has never been closer to becoming the ideal place to socialize, play, work, and trade. It is, however, still developing.
As of right now, existing metaverse platforms are not interconnected. However, user assets and avatars will eventually be transferable from one platform to the next.