The global market, which is being run through gaming, is predicted to reach $28 billion by 2028. That is a whopping growth rate of 95% from this year’s $510 million at a CAGR (compound annual growth rate).
The internet and gaming industry has witnessed a massive evolution due to the pandemic, which has resulted in the rise of the metaverse. Meanwhile, the metaverse is a virtual world of an interactive 3D space with networking and business.
Valuates Reports established that the metaverse market will experience growth aided by the expansion of the metaverse on social media. Furthermore, the report noted that the gaming industry will likely be the most profitable based on application. Players are entering into the metaverse world to avoid being left out of the next-generation gaming system. Plus, they want to enjoy the benefits the metaverse brings, including helping gamers expand their social circle.
Additionally, the findings from Valuates Reports showed that the desktop market will likely be the most profitable based on type. As the revenue from video games rises and more people around the world play video games, the market expands.
The higher the number of people playing video games, the higher the demand for desktop devices that can play them. Thus, the metaverse will be an extension of social media, incorporating immersion and offering users new experiences.
The reports predict that the metaverse will likely help artists to create more immersive and interactive content thanks to VR and AR advancements. Additionally, content creators will be able to translate their work accurately with AI-powered and natural language processing tools.
Besides, the metaverse is already utilizing blockchain technology to store academic records, which will help the academic sector. For instance, professors and students can evaluate courses with less paperwork and more data, and important documents can be verified.