Metaverse statistics show that it has been trending with the ability to attract social networks, online game makers, and other leaders of technology, to take a piece of the pie which is worth almost $800 billion.
The Metaverse is the conversions of the digital and physical realms, using 3D software in real-time.
It shows that there is an opportunity for social media companies, and online entertainment companies to capitalize on new ways of making revenue.
How big is the Metaverse? In this article, we’re going to look at how big it is so that you can get an idea of what we are working with right now.
The Metaverse Could Reach $800 Billion
When thinking about how big is the Metaverse, the revenue opportunity around the world could reach almost $800 billion in 2024, and this is compared to $500 billion in 2020.
The market is primarily aimed at gaming hardware and online game makers, with opportunities to create social media networks, and live entertainment value.
Metaverse Size Could be Double-Digit Growth
The Metaverse market is going to reach almost $800 billion in 2024, which represents a growth rate of 13.1% a year, as video game makers attempt to make the most of this market opportunity.
When comparing Metaverse to gaming services and software, it could grow at a rate of 2.7 times.
There are a lot of online game makers right now that are trying to increase their sales and engagement by growing 3D virtual worlds.
VR, AR, and Gaming Create $413 Billion Market
The revenue opportunity for the Metaverse when it comes to video game makers largely consists of existing gaming software, as well as an increase in sales of gaming hardware.
Revenue from end game marketing accounts for 70% of the total size of the market.
This is the existing market right now when it comes to online game makers, and those that are doing well when it comes to engagement and users can expect to take a higher share of revenue.
Gaming hardware including computers and virtual reality hardware accounts for the rest of the market opportunity.
Social Ads and Live Events Could Double Market
Being able to introduce live events like film showings, concerts, and sports represents another opportunity for game makers, as they attempt to capitalize on the opportunity that the Metaverse represents.
The game makers in the industry have already hosted concerts within their games, and revenue from labor entertainment could surpass $200 billion in 2024.
Social Networks and Game Makers Fight for Leadership
When discussing how big is the Metaverse, existing social platforms, and game makers online are fighting for leadership as far as the economy of the Metaverse goes, and right now Facebook is using virtual reality investments to give itself an edge, as the market continues to develop.
Epic and Roblox Natural Leaders
Roblox seems to be an early leader in the race for leadership in the Metaverse, but there’s plenty of time for other social networking organizations and game makers to adjust existing services or even launch new ones so that they can capitalize on the growth of the market.
Companies like this try to include additional social features, and make the most of user generated content, so that they can keep up with Metaverse demand.
Games that are able to cater to the world of 3D can capture a greater share of user growth engagement, which is going to increase their sales.
How Big is the Metaverse?
The thing about Metaverse is that it isn’t clearly define just yet. It could be encapsulating the entire Internet as we know it today, or it could just be talking about interactive virtual worlds.
However, according to one interpretation, the Metaverse was valued around $400 billion back in 2020. This is roughly the same value as the home services industry in America.
However, the Metaverse seems to be attracting more capital, and growing a lot faster than a lot of traditional sectors when it comes to the economy.
The Metaverse could end up being one of the biggest economies in the world, because based on our predictions, we don’t think it is going to be long before the Metaverse is worth more than a trillion dollars.
Making the Most of the Opportunity
As we’ve already talked a little bit about already, there are a ton of companies out there making the most of this opportunity, with Facebook and Microsoft taking the lead.
Facebook has changed its name to Meta, and Microsoft seems to be putting its focus into enterprise apps.
It has developed a new server named Mesh, that is going to combine AR headsets with enterprise applications, therefore creating a virtual world for professionals.
What’s interesting is that it’s not just corporate giants that are involved in a space like this.
There are a lot of people that believe that for the Metaverse to be successful, it needs to have a grassroots approach to increase in engagement.
The Metaverse is quickly becoming one of the biggest segments when it comes to the digital economy.
Technology giants are already capitalizing on this opportunity, but what’s interesting is that decentralized applications and games that are blockchain-based could be a really important component of this future virtual world.
The bottom line is that the Metaverse is growing rapidly, and there are a lot of companies out there that are making the most of this opportunity.
1 thought on “How Big is the Metaverse in 2023?”
Metaverse is truly a game-changer. Can’t even imagine, how big will it be in the coming years.