Metaverse could reach up to $900 bn by 2030: Report

Prameyanews English

Published By : Prameya News Bureau | August 10, 2023 IST

New Delhi, Aug 10: Despite reports that the "metaverse-hype" is slowing down, the metaverse could reach up to $900 billion by 2030, a report said on Thursday.

According to new research by Bain & Company, companies that engage in the metaverse's early stages of development, known as the "seed stage", over the next five to 10 years, are more likely to become the market winners.

"As the metaverse quickly evolves, we've already seen these types of technologies take hold within different industries," Chris Johnson, a partner in Bain's Technology practice, said in a statement.

"A good example of this is immersive gaming platforms, which are already boasting hundreds of millions of monthly active users. And while it's not immediately clear how the metaverse landscape will shift, our research shows there are five competitive battlegrounds that executives should be considering if they wish to get ahead and eventually scale," Johnson added.

The report also revealed that it is unlikely that the metaverse will emerge as one singular platform.

"Instead, platforms with large user bases today may take steps to become increasingly immersive and engaging, while smaller, metaverse-like environments will try to attract bigger user bases," it mentioned.

There are five key competitive battlegrounds that executives should consider if they want to gain market share in the metaverse: Virtual experiences -- predicted to be about 65 per cent of the metaverse projected market size in 2030 --, content-creation tools -- about 5 per cent --, app stores and operating systems -- about 10 per cent --, devices -- about 10 per cent --, and computing and infrastructure -- about 10 per cent.

(IANS)

 

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