Metaverse market Trend

By the 2000s, the users were receiving one-sided information from the Internet, which is famously known as Web 1.0. In the 2010s, a rather mutual information communication was emphasized in the Web 2.0, and smart phones became a dominant communicational device. Now with the concepts of Web 3.0, Metaverse, a connection between virtual reality and reality, is expected to become the center of this epoch.

According to the research by Deloitte, a global consulting firm, the investment to metaverse industry amounted up to $122 billion in 2021, and this is a double amount of what we saw last year. Deloitte expects the industry to grow up to $300 billion by 2025.

Bloomberg Intelligence saw metaverse market will grow from $478.7 billion in 2020 to $783.3 billion in 2024, and Morgan Stanley and Goldman Sachs saw metaverse as having a potential to replace traditional social media, streaming or gaming platforms and likely form a market with a maximum value of $8 trillion.

Such burgeoning of metaverse is analyzed to have been affected by the COVID-19 pandemic. This global pandemic has elongated the social distancing and non-contact lifestyle which resulted in the increasing demand for communication and experience on a digital, online setting.

Without actually perusing or purchasing furniture online, the consumers can, for example, use an application from IKEA to digitally install various furniture, confirm their dimensions and maybe place an order. Such approach provides a more intensive and integrative experience for the customers than the traditional commercials or viral marketing on social media.

A mix of gaming and metaverse is noteworthy as well. Generation Z, expected to become the primary consumers in the future, has some close affinities to gaming, and the number of users signed up for the metaverse on major game franchises, Fortnite, Roblox, and Zepetto amount up to 300 million out of which 90% are teenagers (Gen-Z).