Global Metaverse Market Will Unlock $750B by 2030
DDMiers | via PRNewswire | Global Metaverse Market Will Unlock $750B by 2030 | SAN ANTONIO, TX – The metaverse will be a place for people, especially Gen Z, to socialize, consume media, and participate in virtual events and sports. Frost & Sullivan’s new report, Global Metaverse Growth Opportunities, finds that the metaverse will be an interconnected network of virtual worlds that will extend the real-world economy. It will allow companies to participate in economic activity as they do physically. Metaverse will be a $750 billion business potential by 2030 as companies across consumer categories join the trend.
“Big technology companies see huge potential in the metaverse, deeming it the next level of the internet,” said Kiran Kumar, ICT Research Director at Frost & Sullivan. “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.”
Kumar added: “Interoperability is the defining property of the metaverse. The success of the metaverse would rely on the ability to unify systems, platforms, and economies in terms of incentives and benefits tied to the physical world, which remains a critical challenge to be addressed.”
To tap into the endless opportunities of the metaverse, market participants should:
- Decentralize the metaverse experience and create a more open and interoperable ecosystem than the traditional application ecosystem dominated by a few platforms.
- 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.
Global Metaverse Growth Opportunities is the latest addition to Frost & Sullivan’s Information & Communication Technology research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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