III. Industry Analysis
3.1 Industry Profile
Digital twins, such as the digital and physical worlds, become more powerful and intricate. Realizing their full potential may also make it easier to integrate technologies and data across whole company ecosystems. Users are able to communicate electronically, use sensor data to mimic events, fully understand scenarios, predict outcomes, and make requests to alter the real world, thanks to this. It can represent the technical specifications and coordinates of a new product or all the components and how they are used across the bigger supply chain, from the table to the customer. The interaction of augmented, virtual, and physical worlds takes place in a network of interconnected online domains called the metaverse. Users have access to social networking, shopping, employment, travel, and event attendance. The metaverse will improve daily life in ways that games do not, encouraging brand-new methods to make purchases, communicate with loved ones, and collaborate with coworkers.
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
1.https://earthweb.com/metaverse-market size/?gclid=Cj0KCQiAm5ycBhCXARIsAPldzoXKS0qtKfdLfQuK0cdVlXH-EH21nU6Mk3Vt7HmBk8knrTiwaX0Pob0aAip3EALw_wcB
