III. Industry Analysis
3.1 Industry Profile
With the growing power and complexity of digital twins, there is an increased convergence between the digital and physical worlds. This convergence holds the potential for seamless system and data integration across entire business ecosystems. Through this integration, users can engage in virtual interactions, leverage sensor data, simulate scenarios, gain a clear understanding of situations, predict outcomes, and initiate changes in the real environment.Digital twins enable the visualization of technical specifications and coordination of various subparts within a larger supply chain, providing a comprehensive view from production to end-user. The metaverse, comprising interconnected online realms where physical, augmented, and virtual realities interact, plays a crucial role in facilitating these advancements. Within the metaverse, users can connect with friends, make purchases, work, travel, access services, and participate in various functions.The metaverse goes beyond gaming and presents opportunities for enhancing everyday life, introducing novel ways to purchase goods and services, connect with family members, and collaborate with colleagues. It offers a transformative environment that enriches and enhances various aspects of daily existence.
3.2 Market Size
The global metaverse market was valued at $61.8 billion in 2022 and could reach $824.53 billion by 2030. The continuous increase in demand in entertainment, gaming, and media improves the growth of the Metaverse market and the evolving opportunities from digitalization in fashion, art, and retail industries, augmented reality, virtual reality, and mixed reality. Metaverse has more than 400 million monthly active users, and the majority of these users are willing to spend about $1,000 on advanced virtual reality gear.1 The growing adoption of the metaverse, the potential for asset monetization, the benefits of decentralized transactions, and the desire for a unified platform across various metaverse ecosystems are some of the factors driving growth in the metaverse market.
1.https://earthweb.com/metaverse-market-size/
