Global market for metaverse is projected to reach $783.3B by 2024

Based on Bloomberg study and statistics from Newzoo, IDC, PWC, Statista, and Two Circles, the worldwide Metaverse revenue opportunity might reach $800 billion in 2024, up from roughly $500 billion in 2020. 

In 2024, the primary market for developers of online games and gaming hardware might reach $400 billion, with the remaining chances coming from live entertainment and social media, Bloomberg reported.

As per analysis and data from Newzoo, IDC, PWC, Statista, and Two Circles, the Metaverse market may reach $783.3 billion in 2024 from $478.7 billion in 2020, suggesting a compound annual growth rate of 13.1%.

The market opportunity for video game developers can grow as they continue to transform popular games into 3D online environments that more closely mimic social networks and compete for a piece of social media advertising money. The scale of the Metaverse market as a whole might be 2.7 times greater than the market for gaming software, services, and advertising revenue alone.

By taking advantage of the expansion of 3D virtual worlds, online game developers such as Roblox, Microsoft, Activision Blizzard, Electronic Arts, Take-Two, Tencent, NetEase, and Nexon may increase player engagement and revenue.

According to Bloomberg, the existing gaming software and services industry as well as the increasing sales of gaming gear make up the majority of the primary Metaverse revenue opportunity for video game developers. About 70% of the overall market size in this primary market opportunity—which may reach $412.9 billion in 2024 from $274.9 billion in 2020—comes from software and services income and in-game advertising revenue.

Although this is the current market for online game developers, those that are successful in increasing users and engagement by transforming current games into virtual worlds can win a larger portion of the sector revenues.

The remaining portion of the major market opportunity is made up of gaming hardware, such as gaming PCs and accessories as well as AR/VR hardware, like Facebook’s Oculus.

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