The Gaming Industry: A Propelling Force for the Global Metaverse Market
New Entertainment Forms Gain Major Support from Consumers, Driving the Industry
The rising consumer demand for new and better entertainment through augmented and virtual reality devices is driving the worldwide metaverse market at a whopping CAGR of 45.2% through 2030. This driving force is expected to lift the market size from USD 11.47 billion in 2023 to USD 107.49 billion by 2030.
As more people and businesses become aware of the metaverse's enormous potential, it continues to advance technologically. The notion of the metaverse, in fact, is not new, despite its recent surge in popularity.
It had been presented and experimented with up until recently, but it had never been formally developed since earlier attempts had fizzled out. Its current surge in recognition can be largely due to Facebook's October 2021 decision to change its name to "Meta."
The social media network mentioned intentions to devote $10 billion to the metaverse in only one year and complete the shift within the following five. Along with Facebook, well-known companies like Microsoft have started to develop their own vision for the metaverse.
Metaverse Meaning
Technologists, futurists, and enthusiasts all share a fascination with the idea of the metaverse. Now the question is, what is the metaverse? A metaverse is a shared virtual world or area where users may communicate in real time with other users and digital objects.
The Internet of Things, augmented reality (AR), virtual reality (VR), artificial intelligence, and other developing technologies have all come together. It is a virtual setting that combines virtual reality, augmented reality, and 3D avatars.
In essence, the metaverse is a virtual universe where users may engage in social interaction, business transactions, and gaming. With the immense popularity of the metaverse, we often come across popular metaverse hashtags such as #metaverse, #virtualreality, #augmentedreality, #virtual world, and so on.
In the context of the metaverse, there are several key components involved: metaverse equipment, metaverse hardware, metaverse software, and metaverse devices.
How Many People Actually Use the Metaverse?
The metaverse is undoubtedly still a work in progress. Regardless of the fact that it is not fully operational yet, many people are already curious about how many people use the metaverse.
According to statistics, there are 400 million active metaverse users, and by 2026, one in every four individuals is expected to utilize the platform at least once every day.
Metaverse Stock Price Prediction
Based on its success thus far, it is expected that Facebook and the other platforms operated by the parent business will expand and become more valuable. Additionally, Meta Platforms, Inc. is anticipated to have made additional significant advancements that will increase investor interest in its stock.
Naturally, that will increase their cost. By 2030, Meta, a growing business, is anticipated to have expanded significantly.
By then, the Metaverse must have materialized, and businesses like Facebook and others affiliated with the Meta corporation must have reaped substantial benefits. The meta stock price prediction for 2030 should be at least $690 by the middle of the year and $750 by the end.
What is a Meta platform?
A meta platform, in the context of the metaverse, typically refers to a platform or framework that enables users to access and interact with the metaverse. These platforms often provide tools, services, and infrastructure for creating and experiencing the virtual world.
Examples of meta platforms include virtual reality platforms like Oculus and HTC Vive, as well as social media platforms like Facebook, which has expressed its intention to create a metaverse-like environment.
Metaverse vs. Multiverse
Often, people consider the metaverse and multiverse as one and the same thing. Despite apparent similarities, the names "multiverse" and "metaverse" relate to distinct ideas. The multiverse alludes to the presence of several parallel worlds, whereas the metaverse, on the contrary, is a collective virtual space.
The multiverse is a theoretical idea in the world of physics, whereas the metaverse is mostly a notion in the realm of technology & virtual reality.
Potential Applications
The metaverse possess the potential to revolutionize various industries and sectors:
- Social Interaction
Across geographical limits, people can interact socially, communicate, and work together. A completely new level of interaction and immersion may be added to social media, gaming, and virtual events. By combining metaverse gaming and a 3D virtual world, users can enjoy a rich and dynamic gaming experience.
In science fiction, the metaverse is often depicted as a vast and immersive virtual space where users may engage in various activities, such as exploring 3D virtual space or a 3D virtual world, socializing with other users, playing games, conducting business, or even conducting scientific research.
Parallel worlds or parallel universes or multiple universes or alternate universes or the metaverse, megaverse, or multiverse are concepts that have been explored in science fiction and theoretical physics. While these terms are often utilized interchangeably, they may have slightly different connotations depending on the context.
- Media and Entertainment
A border between the physical and virtual worlds can be blurred when watching films, listening to music, watching sports, and engaging in other types of entertainment.
- Training and Education
The metaverse provides dynamic learning settings that promote hands-on learning, the improvement of skills, and training simulations. Virtual avatars or metaverse avatars can be used to simulate real-world scenarios, providing hands-on training for various industries such as healthcare, aviation, and engineering.
- Trade and business
Online marketplaces, e-commerce, & virtual showrooms let companies expand their clientele and offer more individualized service to clients.
- Healthcare and Therapy
The application of virtual reality in therapy, pain management, exposure treatment, and telemedicine can improve access to care and patient outcomes. 3D virtual space has numerous applications in the field of healthcare, offering innovative solutions for education, training, therapy, and patient care.
Bottom Line
As augmented and virtual reality technology becomes more widely used and advanced in the next years, it is anticipated that the metaverse market will have an imperative contribution in the development of the global economy.
In the succeeding years, there will likely be a significant increase in the need for talented individuals who can create, build, & manage virtual worlds & experiences, and those who have the knowledge and abilities to do so will be well-positioned to profit from this expansion.
Regional Analysis
With the growing emphasis on research and development in countries like the USA, the scope for the growth of the metaverse market is likely to increase manifold. North America, subsequently, is expected to lead the global ecosystem.
The emergence of the gaming industry in the Asia-Pacific region is projected to support the metaverse market, helping the region secure a significant position in the global landscape.
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