Industrial Insights
The metaverse is a new reality advancing the tide of web3, bringing real-life concepts into the digital space for enhanced virtual experiences. According to Verified Market Research, there was a $27.21 billion metaverse market in 2020 which is projected to grow at a 39.1% CAGR between 2022 and 2030. The metaverse is a technology fostered by AI, ML, and blockchain that is set to revolutionize education and learning in a completely new experience. This is why the media today is filled with many opportunities for metaverse training. In addition to that, PWC predicts AR and VR software will significantly impact 23 million jobs worldwide, indicating a growing need for metaverse training. This signifies that companies aspiring to become “future resilient” will use the metaverse’s power to boost their corporate training.
Metaverse Market Size
The global metaverse market size was valued at USD 63.83 billion in 2021. The market is projected to grow from USD 100.27 billion in 2022 to USD 1,527.55 billion by 2029, exhibiting a CAGR of 47.6% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with metaverse experiencing higher-than- anticipated demand across all regions compared to pre-pandemic levels.
The global metaverse market exhibited a rise of 0.7% in 2020 as compared to 2019. Metaverse is a simulated digital environment that is enabled with augmented reality (AR), virtual reality (VR), mixed reality, Blockchain, and others. These technologies are used to create areas for a rich user experience of the virtual space
COVID-19 Impact
The impact of COVID-19 has resulted in staggering demand for services during the forecast period. The more than average growth is primarily attributed to the significant acceleration of online video game services and video conferencing services. The metaverse market witnessed a growth rate of 3.3% in 2020 as compared to 2.6% in 2019. This growth is attributed to a surge in online video gaming adoption and rising consumers' preference for online shopping of retail products. According to Newzoo Report, the global gaming audience for e-sports reached around 495 million in 2020, an increase by 11.7% and is projected to reach 646 million by 2023. Such an increase in the gaming audiences has created a massive demand for the services market.
New Trends
The marketing landscape is changing rapidly, and businesses need to change with it. By understanding the trends that are shaping Web 3.0, businesses can adapt their marketing strategies and stay ahead of the curve.
As we move into the future of marketing, it’s important to remember that technology will continue to play a major role. We are already seeing the rise of Web 3.0, which will be characterized by the semantic web, artificial intelligence, and virtual reality. These technologies will allow businesses to reach consumers in new and innovative ways. If you’re not already using online marketing strategies, now is the time to start. Let us help you get started!
The marketing landscape is changing rapidly, and businesses need to change with it. By understanding the trends that are shaping Web 3.0, businesses are already adapting their marketing strategies and staying ahead of the curve. If not yet, other current generation companies in 2023 are definitely stepping into virtual shoes as fundings are also expected to continue heavily in virtual reality, ML, AI and metaverse.
Leading companies that already prioritize tech, Machine Learning, and innovation are likely to far ahead in their virtual game by 2024 than they are now. This shall definitely push fast-paced industries and their evolving trends forward.