Global metaverse to become $750 billion market by 2030

Published On: July 19, 2022Categories: Latest News1.3 min read

It will allow organisations to participate in economic activities as they do in the physical world, according to Frost & Sullivan

The global metaverse will become a nearly $750 billion market opportunity by 2030, according to Frost & Sullivan.

In a statement on Monday (July 18), the firm said the metaverse is anticipated to become a platform where people, especially Gen Z, spend time with social communities, consume media, and participate in virtual events and sports.

In its report titled “Global Metaverse Growth Opportunities”, the firm said that the metaverse will be an interconnected network of virtual worlds that will eventually become an extension of the real-world economy.

It will allow organisations to participate in economic activities as they do in the physical world, said the report.

Frost & Sullivan ICT research director Kiran Kumar said big technology companies see huge potential in the metaverse, deeming it the next level of the Internet.

Gaming, media & entertainment, and retail are the sectors which have witnessed high adoption and promise high growth potential over the next 12 months, based on Frost & Sullivan’s assessment of the application ecosystem, he said.

Interoperability is the defining property of the metaverse, Kumar said.

Kumar said market participants should decentralise the metaverse experience and create a more open and interoperable ecosystem than the traditional application ecosystem dominated by a few platforms.

He said they should expand the services model beyond traditional capabilities and provide clients with unique revenue models in the metaverse as services will play a crucial role in the metaverse ecosystem.

Focus on mitigating the creation of deep fake copies of digital assets and avatars and design virtual worlds with machine learning (ML) to automate user privacy measures in dynamic and diversified contexts within the metaverse, he said.

About the Author: Jonathan Adams

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