Lagos According to a new report by Grand View Research, the global metaverse market size is expected to reach $936.6 billion by 2030, growing at a CAGR of 43.9% from 2024 to 2030.
The market is poised to expand due to growing demand in diverse sectors such as media and entertainment, education, aerospace and defense.
The increased adoption of XR technologies helps enrich the user experience across various platforms.
Additionally, the market is benefiting from the growing trend of using cryptocurrencies to purchase digital assets within the metaverse.
Furthermore, the ongoing development and wide availability of virtual reality (VR), augmented reality (AR) and mixed reality (MR) devices are expected to accelerate the market growth in the coming years.
The metaverse serves as a dynamic virtual realm that offers extensive opportunities for brand engagement and connection. It ushers in a new era of digital social experiences, with the platform enabling users to create, own, and exchange autonomous digital assets and virtual realms using blockchain technology and cryptocurrencies such as Bitcoin, Ethereum, and non-fungible tokens (NFTs).
Moreover, the growing demand for blockchain-powered metaverse networks and trading platforms for digital assets is driving the expected growth of the market.
The rapidly growing gaming industry is emerging as a significant catalyst fueling the future expansion of the metaverse sector.
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The metaverse market can be significantly advanced by increasing the efficiency and capabilities of virtual simulations and real-time processing using accelerated computing technologies.
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