Research suggests that the global metaverse market will continue to grow exponentially over the next few years. This research comes even after a reported dip in market value.
What is meant by ‘the metaverse’?
Though the metaverse has not been shy in its prominence in the media, the concept of what falls under this umbrella has no doubt got people scratching their heads. If this is you, don’t worry – you are by no means alone in this confusion.
Put simply, the metaverse is a digital space that traverses virtual and in-person experiences. In other words, it is the technology, virtual reality (VR), augmented reality (AR) and advanced internet developments that allow users to have experiences online that are lifelike.
Though things like VR headsets will immediately spring to mind when you think about the metaverse, there’s some surprising technology that can also fall into the same category – or, at the very least, follow similar concepts.
One example you might not immediately think of is the technological development of online casinos. Players can join games of live casino roulette that have the instant appeal of the virtual space, whilst providing an immersive experience that boasts personalized interaction like you would find in a land-based casino, bridging the gap between the two.
These games are hosted in real time, by a real croupier, and utilize live streaming technology, high definition cameras, AI-driven optical character recognition (OCR), and audio and chat technologies to allow players to interact with one another and the croupier, as well as viewing results and placing bets in real time.
As this is an immersive experience that bridges the gap between online and lifelike experiences, live casino games may be considered as part of the wider metaverse – or, at least in the same realm of thinking – even more so if these live games can eventually be played in VR some time in the future.
The global metaverse market
According to market analysis by Precedence Research, the global metaverse market is estimated to reach $92.46 billion USD in 2023, rising from a reported $68.49 billion in 2022.
By 2030, the global metaverse market is predicted to reach heights of over $1.3 trillion. That’s a compound annual growth rate (CAGR) of 44.5% for the period of 2022-2030. Looking at the market growth by platform, this can be broken down to 45.1% CAGR for mobile devices and 43.6% CAGR for desktops.
From a user demand perspective, the offering expected to see the most growth by 2030 is asset marketplaces (46.7%), followed by avatars (45.2%), financial services (43.6%), and virtual platforms, such as iGaming (43.2%).
This predicted boom comes after reports that the Metaverse platform with a capital M, spearheaded by Mark Zuckerberg, is on the way out due to the rise in generative AI technology like ChatGPT.
“Mark Zuckerberg F8 2018 Keynote” (CC BY 2.0) by Anthony Quintano
Despite the fact that Zuckerberg is largely credited with popularizing the metaverse, it looks as though it is merely the branded Metaverse platform (by Meta) that is taking a knock, even after predicting that the Metaverse would be a $13 trillion opportunity.
Nevertheless, even if the metaverse does not reach its predicted heights, falling to the same fate as its exclusive platforms, technological trends of the past few years demonstrate a shift towards consumer demand for more immersive virtual experiences, automated offerings, and intuitive platforms.
In other words, even if the metaverse does not thrive, the ingredients that made it will likely provide a lasting legacy.
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