Metaverse Statistics 2024: Facts, Market Size, Trends & Users

Imagine sitting in a history classroom listening to the boring lecture of the British empire, and you are feeling sleepy as you don’t understand many things mentioned by the professor.

Now imagine somebody enters the classroom to distribute a unique VR (Virtual Reality) headset, which, when worn, takes you to the great battle of HASTINGS – 1066, where “William the conqueror” defeats king Harold in front of your eyes!

So do you think you will feel sleepy in the history class when a VR headset is used?! 

It is scientifically proven that people can remember things better when visually presented rather than reading from the book.

Apart from watching a video, the latest technologies are looking forward to establishing a virtual universe where people can experience virtual realities around them. It is called “Metaverse.”

“The metaverse (a portmanteau of “meta-” and “universe” Or “Universe” and “Meta”) is the hypothesised next iteration of the internet, supporting decentralised, persistent online 3-D virtual environments.”

– Wikipedia

Key Metaverse Statistics 2024

• The Metaverse was valued at $47.69 billion in 2020
• The Metaverse will be worth more than $800 billion by 2028
• JP Morgan predicts the metaverse market size will be more than $1 trillion
• Goldman Sachs predicts the metaverse market size to be up to $12 trillion
• AI economy will reach $15 trillion in GDP growth by 2030
• 10,000 jobs created by Facebook for Metaverse
• Epic Games raised $1 Billion for metaverse plans
• Facebook is investing $10 billion on Metaverse
• 10.7 million users participated in Fortnite concerts online
• $200 million investment from Sony
• Microsoft got a $22 billion contract for Mixed Reality technology
• 50,000 individual creators have downloaded Nvidia Omniverse beta version
• Supersocial raised $5.2 million to make Games on the Roblox platform

Where Did the Metaverse Concept Come From?

Even though the present world is investing huge investments and highly talented brains in creating the perfect Metaverse, have you thought about where all this began?

About 30 years ago, Metaverse was first pitched by the author Neal Stephenson in his science fiction novel “Snow Crash.”

In his 1992 book, Metaverse is a virtual reality space where people use digital avatars to explore the virtual world to escape from the physical world of injustice.

Interestingly, Stephenson worked as an advisor in a virtual reality start-up Blue Origin, founded by Jeff Bezos to develop a spacecraft and a space launch system. 

After the Snow Crash, several other science fiction novels have mentioned the possibilities of Metaverse. However, the next notable one came on Ernest Cline’s 2011 novel Ready Player One.

Informative Metaverse Statistics for 2024

1. AI Economy Will Reach $15 Trillion in Gdp Growth by 2030

The AI economy will be adding $15 trillion in GDP once it matures in 2030 compared to the smartphone market, which will add $4.4 trillion to GDP in the current year.

2. 10,000 Jobs Created by Facebook for Metaverse

Oculus Quest 2 VR headset from Facebook allows its users to meet together in a virtual room and use a whiteboard to demonstrate the meeting strategies.

It will enable people to create their own avatars and can literally live inside virtual reality.

Facebook believes that such metaverse space (Horizon Workrooms, according to Facebook) can yield more productivity when compared to the boring  2D meetings in the zoom, skype platforms. 

The latest Metaverse statistics show that Facebook has sold around 8 million Oculus Quest 2 headsets and many VR games to generate over $1 million in sales.

3. Epic Games Raised $1 Billion for Metaverse Plans

According to recent Metaverse statistics, Epic Games on 13th April has announced a $1 billion investment in Metaverse plans. 

Here is what the CEO of Epic Games, Tim Sweeney has to say:

“I think there will be a linear evolution. It’s not going to be a sudden massive disruption. It’s going to be a meeting place for individuals and creators of all sizes, including brands.

Every company will be there at some point. If you are a car manufacturer, your brand presence in the Metaverse isn’t going to be a bunch of ads for your cars.

It’s going to be a place where you can drive the cars around and feel the experience of it. You can use a Corvette in the game. We have an opportunity for much more interesting interactions.”

4. Facebook Is Investing $10 Billion on it’s Metaverse

Even though many companies have started working on the Metaverse concept, the topic got popular when Facebook CEO Mark Zuckerberg announced that they would change the company name to “Meta.” 

Later Zuckerberg announced his vision to change his company from social media to a metaverse company in the next five years.

Facebook has already invested heavily in its Oculus headsets(VR headsets), authenticating that it is serious about the future of Metaverse driven world.

Facebook recently invested $50 million in non-profit funding groups to help develop the Metaverse responsibly.

However, in reality, it agrees that the real Metaverse idea will take another 10 to 15 years to become alive.

5. 10.7 Million Users Participated in Fortnite Concerts Online

Fortnite, released in 2017 from Epic Games, has already conducted two concerts globally, with more than 10 million users actively participating online.

Fortnite is working on the advanced methods to implement Metaverse, where they can recreate their game avatars to do things more than what occurs in a game. 

6. $200 Million Investment from Sony

While the surrounding sound pioneers Sony has mentioned that they have invested $200 million in Metaverse to get the rights of sounds, music that will be part of the Metaverse.

Sony has recorded $198.58 billion in revenue in 2021.

7. Microsoft Won a $22 Billion Contract for Mixed Reality Technology

Microsoft has invented Microsoft Mesh, a possible stepping stone for the enterprise towards Metaverse.  

Microsoft is the only company that makes billions in Mixed Reality technology. People can virtually connect with each other using different devices such as Hololens 2, mobile phones, VR headsets, tablets, PCs, or any Mesh-enabled app. 

HoloLens is used by companies like Lockheed Martin/NASA, Airbus, Medivis, in surgical operating rooms, Case Western Reserve University, etc.

Also, the US Military has come up with a proposal where Microsoft just agreed to a massive $22 billion deal that could span a decade.

In March 2021, Microsoft also made alliances with Niantic, OceanX, and Lune Rouge for its latest Microsoft Mesh technology, including holoportation.

According to Microsoft,  

1. People living in different time zones can meet together in a room to discuss and plan about anything using their virtual reality headsets.

2. Can train together without the time and cost of travel with the help of holoportation, holographic sharing, and visualization.

3. People can seek expert advice in areas such as medical fields; it is easy to evaluate patients living on the other side of the world without physical traveling.

4. Can engage in Real-time 3-D designing methods.

8. 50,000 Individual Creators Have Downloaded Nvidia Omniverse Beta Version

According to Metaverse statistics by NASDAQ, Nvidia is now worth more than Intel. The GPU company has a $251 billion market cap (the total value of its outstanding shares).

The Omniverse technology introduced by Nvidia is used mainly by industries for digitally designing real-world simulations of buildings, vehicles, manufacturing, factories, engineering, media and entertainment, game development, supercomputing, etc.

It helps the industry experts to handle complex visual engineering designs effortlessly. And it helps to connect with various design tools and projects for collaborative iteration in a distributed virtual space simulated in real-time.

Nvidia CEO Jensen Huang said,

“We are thrilled to have launched NVIDIA Omniverse, a simulation platform nearly five years in the making that runs physically realistic virtual worlds and connects to other digital platforms.

We imagine engineers, designers, and even autonomous machines connecting to Omniverse to create digital twins and industrial metaverses.”

Nvidia has associated with several esteemed organizations that use the benefits of Omniverse. Companies such as Volvo, Ericsson, Bentley Systems, BMW, Lockheed Martin.

Recently BMW has started implementing Omniverse technology to collaborate the design department with experts from various locations of the world with the help of different inbuilt apps.

9. Supersocial Raised $5.2 Million to Make Games on The Roblox Platform 

The core idea of Roblox is that it allows users to create games and play games created by other users. It is a free-to-play game with in-game purchases available through a virtual currency called “Robux.”  

Metaverse statistics show that Roblox has been used by more than 164 million users every month since August 2020.

According to the latest stats, Supersocial, a game-making company, has raised $5.2 million to create video games on the Roblox platform that targets Metaverse possibilities. 

The CEO of the emerging game firm Yonatan Raz-Fridman said:

“There is a whole new generation of platforms that are emerging. Roblox is the first large-scale metaverse native platform, and it’s the first real immersive playground for a whole generation of players and users.

And so, it’s no surprise that Roblox has grown as a user-generated content platform. Now it is scaling as a platform for companies like Supersocial with venture backing and a combination of industry veterans.”

Roblox and Gucci, one of the leading fashion companies, worked together on its 100th anniversary to create a virtual space called “Gucci Garden.”

They made themed rooms in which people could enjoy the creative vision of Alessandro Michele (creative director of Gucci).

Some of the potential companies that target the possibilities of Metaverse include Autodesk, Amazon, Unity, Tencent, Snap, etc.

What Are the Applications of the Metaverse?

If the fantasy becomes real, then it can change the current world market itself. Metaverse has several applications that it may take another article to describe its applications.

However, let’s check out some of the most significant advantages of Metaverse.

Real Estate

Suppose you live abroad for job purposes and wish to buy a home in your home town. If you cannot travel to your country to check the details, the realtors will provide you with another option to visit your dream home virtually!

A VR headset or Augment Reality Glass can help you walk through your future bedroom or swimming pool even before building the house.

The best thing about Metaverse is that you will understand your future home’s exact issues and benefits before it is physically created.

Education

Metaverse has got plenty of applications in the education field. Medical students can assist and learn from expert surgeons while performing delicate surgeries from any part of the world.

Learning becomes more convenient when the lessons are alive around you. One of the core issues students face in their primary classes is the lack of talented teachers who can help them understand the basics thoroughly.

Understanding basics is crucial while moving to higher education as colleges will teach its applications. Metaverse offers practical and colourful sessions around the student that makes learning more accessible and fun. 

Virtual Meetings

Meetings are inevitable in various industries, and most business deals are born from productive meetings.

But people engaged with many responsibilities cannot travel for a long time to attend meetings since “time is their money.”

The current virtual conferences are a solution to overcome the time issue according to Metaverse statistics. However, suppose the meeting has to be conducted in a specific place, and people from various parts of the world have to attend the meeting.

In that case, the Metaverse offers a great alternative by virtually creating the surroundings. 

Apart from official business meetings, people can use it as an option to meet others on occasions such as on a date, weekend hangouts, watching a movie together sitting on a hillside with stars blinking in the sky, etc.

Training

There are several applications for Metaverse on Military and combat training according to Metaverse statistics. Creating the exact virtual replica of a terrorist-occupied place can help professionals understand everything related to the area, like where to hide, where to shoot, exit points, etc.

It provides the perfect training for the team to accomplish the task without losing the life of people.

Apart from the military, firefighters, health workers, war sight professionals, civil engineers, architects, underwater workers, mining, etc., can utilize the benefits of Metaverse training.

Gaming

Perhaps Video games are the most beneficial with the establishment of Metaverse.

Metaverse statistics related to gaming show that more than 3 billion people in the world play video games, and it has such a vast audience that any updates made in the field may exponentially affect revenue growth.

Recent stats show that many video games providers are investing in the technologies like Augment Reality, Virtual Reality hoping to reach the Metaverse in the future.

Experts believe that by the invention of the Metaverse, people will be spending more time and money on Video games than before.

It can create the effect of virtual living as the game, and its environment is happening around the person during the whole session.

Metaverse Market Size

Back in 2020, the Metaverse’s market size was $47.69 billion.

This of course is a huge number and just one of many Metaverse statistics that stands out from the crowd.

Metaverse Revenue Forecast

The forecast for the Metaverse market size when it comes to revenue is $828.95 billion in 2028.

While we are still quite a ways off 2028, this shows that the Metaverse is going to grow exponentially in the coming years.

JP Morgan and Goldman Sachs have predicted huge numbers for the metaverse market size of $1-12 trillion – but they have not given time frames.

North America indicated a bigger revenue share than other markets

For the Metaverse market in 2020 and according to Metaverse statistics, North America indicated that it had a bigger revenue share than other markets during the forecast period.

It is also expected to remain this way.

FAQs

What is the Metaverse?

The Metaverse is a virtual reality that comprises both hardware and software.

It is the brainchild of Mark Zuckerberg, the founder of Facebook. Facebook has had its fair share of controversies lately, and Zuckerberg has wanted to distance himself from this.

What was the size of the Metaverse market in 2020?

The size of the Metaverse market in 2020 globally was $47.69 billion in 2020, but it is expected to be much more than this in the future.

What is going to drive growth of the Metaverse?

Converging physical and digital worlds through the internet, as well as the increasing demand for the Metaverse to buy digital assets through cryptocurrency are going to be the key factors that drive the growth of the Metaverse market.

Conclusion

The idea is clear.

But the work needed to achieve the concept is deep.

The Metaverse can create a parallel universe where you can present your agendas before your colleagues in a highly equipped conference room utilizing virtual properties like presentations, boards, pens, etc. 

After the conference, you can go out with your friend to talk in the nearest restaurant and spend time there as much as you prefer.

And in reality, you will be sitting in front of your computer in a room miles away.

These Metaverse statistics for 2024 show that one thing is sure; the Metaverse will be a massive transformation from what we already know in the tech world. 

Sources

Wikipedia	BBC	The Verge
ART Labs	Live Mint	Investopedia
NVIDIA News	Bitcoin	Bitcoin