BrazilGlobal metaverse market could reach $900 billion by 2030
Projections show that metaverse could reach a market size of between $700 billion to $900 billion by 2030. According to a new report from Bain & Company, the sector needs another 5 to 10 years to reach the scaling phases, where major trends will emerge and the technology will gain mainstream appeal.
Predicting the future of the metaverse is no easy task, but there is no doubt that embracing the technology will be an enormous economic opportunity.
The metaverse’s full-scale development will however take years, though it may be faster than past tech like smart phones and the internet. The industry “winners” will likely be determined in the time frame up to 2030.
The Bain & Company report notes that the metaverse will not be a single platform, but rather a collection of immersive and collaborative experiences that can be better understood as a plurality. Big platforms will evolve, while smaller ones aim for growth through user-generated content and network effects.
Chris Johnson, a partner with the global strategy consulting firm, noted that instead of a unified platform, larger user-base platforms are likely to enhance their immersiveness and engagement, while smaller metaverse-like environments will strive to attract larger user communities.
Metaverse profits are projected to accumulate at control points in the technology stack. Five key battlegrounds will shape competition: virtual environments, content creation tools, app marketplaces, devices, and computing hardware.
The projected metaverse market size for 2030 indicates that virtual experiences will dominate the market, though other commercial applications are also beginning to emerge. This will be followed by content creation tools, app stores and operating systems, devices, and computing and infrastructure.
With excitement about the metaverse growing, more business leaders are embracing the technology and looking forwards to practical applications for their businesses. A previous study showed that more than two thirds of global business executives believed that the technology would be a serious game changer within the next ten years.
According to a recent report by Boston Consulting Group and Meta (the parent of Facebook), the UAE is well positioned to benefit from the potentials of the metaverse.
