III. Industry Analysis
3.1 Industry Profile
The metaverse is becoming increasingly popular due to the rising interest in virtual reality, augmented reality, and mixed reality. It provides a bridge between the physical and virtual worlds, enabling users to purchase digital assets like cryptocurrencies and non-fungible tokens (NFTs). The increasing demand for digital assets is anticipated to drive the expansion of the metaverse market. With a value of $61.80 billion in 2022, the global metaverse market is forecasted to grow at a CAGR of 47.2% throughout the projected period.
3.2 Market Size
The metaverse market is poised for substantial revenue growth, driven by several key factors. These factors include the increasing trend of bridging the physical and digital worlds through internet integration, the rising popularity of Mixed Reality (MR), Virtual Reality (VR), and Augmented Reality (AR), and the impact of the COVID-19 pandemic and its subsequent developments. The metaverse, as an emerging technology platform, has attracted attention from social networks, technology giants, and online game developers who are eager to establish their presence in this market. With a growing user base, the metaverse is rapidly expanding as a prominent trend across various applications, such as gaming, content creation, social interaction, education and training, and online virtual shopping.
