Imagine a virtual world where people interact, work, and shop with others – all from the comfort of their homes. This is known as the metaverse. Ever since Facebook renamed itself Meta in October 2021, the nebulous concept that inspired the new name has been a trending topic of discussion.
Although the metaverse for business is still evolving, technology can revolutionize everything from social media to eCommerce and even real estate.
The global metaverse market is expected to reach $1,527.55 billion by 2029 from $100.27 billion in 2022, at a CAGR of 47.6%. This growth is attributed to a surge in online video gaming adoption and rising consumers’ preference for online shopping of products.
Future of the metaverse
Metaverse will continue to turn into something remarkable and will transform the ways humans interact while at the same time increasing efficiency across different sectors.
Many blockchain-based metaverses are working on VR technologies and AR mobile app development to allow users to interact with the environment. According to Statista, the AR and VR market is expected to reach $250 billion by 2028 from $28 billion in 2021.
Top brands like Google, Microsoft, and Facebook Inc. have all invested in cloud computing and VR companies to anticipate the metaverse industry’s expansion.
This is a clear indication that the potential of the metaverse is about to be unleashed in the next few years along with a multitude of opportunities, especially for those who are curious enough to explore the space early.
So, in case, you are also planning to explore the metaverse universe, you can contact a metaverse developer‘s company. They will help you understand all about the metaverse for business and help you enter this domain without any hassle.