Top Metaverse Use Cases in 2023 and Beyond
Here should be a short description
The global Metaverse market is expected to reach $800 billion in 2024 and is projected to record a revenue CAGR of 16.96% during the 2020-2024 period, based on Bloomberg Intelligence, Newzoo, IDC, PWC, Statista, and Two Circles data. The total Metaverse market size may reach 2.7x that of just gaming software, services, and advertising revenue.
The primary Metaverse revenue opportunity for videogame makers consists largely of existing gaming software and services markets and rising gaming hardware sales. Software and services and in-game advertising revenue account for about 70% of the total market size, reaching $412.9 billion in 2024.
The ability to bring live events such as concerts, film showings, and sports into 3D irtual worlds represents additional opportunities for game makers as they elevate online experiences into 3D social worlds to capitalize on the Metaverse opportunity. Revenue from live entertainment businesses that can become part of the Metaverse concept – films, live music, and sports – may exceed $200 billion in 2024.
Metaverse Business Opportunity insights
- Focusing on 2D Apps today is tomorrow’s bridge to the Metaverse
- The Metaverse will enhance physical-world experiences
- The Metaverse will be co-created and built responsibly
Industries That Will Be Impacted By The Metaverse First
Promising Industries That Will Soon Arrive To Metaverse
Currently, discussion about the Metaverse mainly revolves around virtual games, entertainment, and social interaction. But the Metaverse can have a much broader impact in the world of business, industries, trade, society, etc. Much of the technology needed to create the Metaverse already exists or is currently in development. The main technologies of the Metaverse include blockchain, Artificial Intelligence, Braincomputer interfaces, Web 3.0, and IoT.
Supporters firmly believe that Metaverse is the general trend of human technological development, and everything can be Metaverse. Technology giants like Apple, Facebook, Google, and Microsoft have, started to enter the Metaverse and create new competitive advantages. Without a doubt, the Metaverse has the potential to shape our society, politics, and culture. It also opens new markets, innovative social networks, advanced gadgets, new consumer behavioral patterns, and new patents