The potential for a fully-realized metaverse is immense. Many companies are exploring the possibilities of using virtual reality, augmented reality, and other immersive technologies to create these digital spaces.
According to Statista’s Advertising & Media Markets Insights, the worldwide metaverse revenue is estimated to reach $490 billion in 2030. While this may seem like a large number, other analyst companies are predicting even higher market volumes, ranging from $750 billion to $1,700 billion.
The revenue drivers for metaverses are primarily e-commerce and gaming. Metaverse e-commerce sales alone are predicted to grow to more than $200 billion by 2030 from currently just around $20 billion.
Gaming is expected to grow even more, from around just $10 billion to approximately $163 billion in 2030. These numbers reflect the growing trend of online shopping and gaming, which have become increasingly popular over the past few years. Especially with the pandemic pushing more people to stay at home and spend more time online.
But it’s not just about e-commerce and gaming. Metaverses offer new opportunities for revenue creation in various segments, including education, entertainment, health and fitness, and even telecommuting.
For instance, virtual classrooms and remote workspaces could become a standard way of learning and working. This could drive up the revenue in the education and workplace segments. The potential for immersive virtual experiences in health and fitness is also enormous, with virtual reality being used to create interactive fitness experiences that could revolutionize the industry.
However, there are also concerns about the impact of a metaverse on society. Some worry that a fully immersive virtual world could further exacerbate the issues of addiction, social isolation, and mental health problems. Additionally, as with any emerging technology, there are questions about how it will be regulated, who will control it, and what kind of impact it will have on privacy and security.
The metaverse is a rapidly evolving concept that has the potential to revolutionize the way we live, work, and interact with each other. However, as we explore the possibilities of the metaverse, it’s important to consider the ethical and societal implications of this emerging technology. As technology develops and becomes more widely available, we will likely see a significant shift in the way we interact with the digital world.
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by Arooj Ahmed via Digital Information World
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