Grand View Research has published a report on the metaverse. The report points to some optimistic numbers for the entertainment medium, with a potential market size of $678.8 billion by 2030.
Research data released by Grand View Research shows that the metaverse market including lands could be worth as much as $678.8 billion by 2030. In 2021, that figure was estimated to be $38.85 billion, and the expected compounded annual growth rate (CAGR) over the decade is 39.4%.
The insights from the report are in line with the opinion on the metaverse at the movement, with many industry insiders believing that it will be a key part of the entertainment medium going forward. The report notes that the evolution of the digital world through the Internet, along with the growth of AR, VR, and MR, will support the metaverse’s expansion.
As specific examples, Grand View Research points to Fortnite, Roblox, Minecraft, as well as the decentralized projects of Decentraland and The Sandbox. These have all large user bases and have been engaging, with active monthly users topping 600 million collectively.
The firm marked the growing demand for digital assets and expanded B2B and B2C opportunities as the drives for the metaverse market. However, it does state that cyberattacks will be a major concern as the world becomes increasingly digital.
Metaverse on the verge of taking off?
With so many established tech firms, like Meta and Microsoft, pouring resources into metaverse development, it is not surprising to see these projections. Analysts are touting the space as being a hotbed of development as companies attempt to create new ways to engage with fans of major franchises.
For example, Disney is also entering the space and could potentially build an amusement park in the metaverse. Microsoft, meanwhile, has bought Activision Blizzard and will likely consider using the large catalog of IP to boost its bid in the sector.
However, it does appear that some of the novelty for NFTs and the metaverse are fading. Google Trends data from earlier this month shows that the interest in the space is falling. But that could very well change if metaverse companies announce new developments.