The business consulting firm Grand View Research has published a report on the metaverse. The report points to some optimistic figures until 2030.
Research data published by Grand View Research shows that the metaverse market could be worth $678.8 billion by 2030. In 2021, this figure was estimated at $38.85 billion, with an expected compound annual growth rate (CAGR) of 39.4% over ten years.
Insights from the report are in line with the world's view of the metaverse, and many within the industry believe it will be an important part of the entertainment landscape going forward. The report states that the evolution of the digital world over the Internet, along with the growth of AR, VR and MR, will support the expansion of the metaverse.
Grand View Research points to decentralized projects of Fortnite, Roblox, Minecraft, as well as Decentraland and The Sandbox as specific examples. All of them now have large user bases and collectively over 600 million active monthly users.
The firm also identified growing demand for digital assets and expanding B2B and B2C opportunities as drivers for the metaverse. However, the report also noted that as the world becomes increasingly digital, cyberattacks will be a major concern.
Is the Metaverse on the verge of launch?
It's not surprising to see these projections as many established tech firms like Meta and Microsoft are diverting resources to metaverse development. Analysts have tried to create new ways for companies to interact with big franchise fans. Important companies see this area as an important development tool.
For example, Disney is also entering space and could potentially build an amusement park in the metaverse. Meanwhile, Microsoft has acquired Activision Blizzard and will consider using its extensive IP catalog to increase its offering in the industry. However, it does seem to follow some innovations for NFTs and meta. Google Trends data earlier this month shows interest in the space is falling. But that could very well change if metaverse companies announce new developments.