Various players in the technology sector, including those manufacturing semiconductors, components, and application software, are also leveraging metaverse…reports Asian Lite News
The global metaverse market is expected to reach $996 billion in 2030, registering a compound annual growth rate (CAGR) of 39.8 per cent.
The metaverse market size reached a value of $22.79 billion in 2021, according to GlobalData, a leading data and analytics company.
Companies across the globe, including those in non-tech sectors, are now increasingly investing in the technology for better engagement with customers, brand awareness expansion, and identification of new revenue streams.
“As of 2021, the media and entertainment market captured a sizable revenue share of the metaverse market. The entertainment experience we have seen through the metaverse has been through music and concerts,” said Deepak Agarwal, Project Manager at GlobalData.
“In the non-blockchain world, Travis Scott in Fortnite had put on an enormous concert which showed $20 billion, including merchandise, versus the 1.7 billion from the regular show,” Agrawal added.
Various players in the technology sector, including those manufacturing semiconductors, components, and application software, are also leveraging metaverse.
Asia-Pacific and North America together held 50 per cent metaverse market share in 2021.
“The strong presence of big technology giants in the advanced economies of North America and the emerging economies in the Asia-Pacific region are fuelling the metaverse market growth,” said the report.
Companies in these regions are focusing on Blockchain, machine learning, AR and VR, adtech, payment platforms, enterprise applications, gaming, data governance and others.
“The metaverse is still largely conceptual but could transform how people work, shop, communicate, and consume content. Although it is in the early stages of development, it has the potential to be the next mega-theme in digital media,” said Agarwal.
Furthermore, the large-scale adoption of next-gen technologies. including AR and VR will accentuate the adoption of metaverse by most of the stakeholders involved, the report mentioned.
People still unaware
Meanwhile, Apple CEO Tim Cook has said that while many tech companies are bullish on metaverse, he is not sure if the average person can tell you what the metaverse actually is.
In a conversation with Dutch news outlet Bright, Cook who is on a Europe tour said virtual reality has specific uses but the technology shouldn’t make up a person’s entire life.
“I always think it’s important that people understand what something is. And I’m really not sure the average person can tell you what the metaverse is,” Cook was quoted as saying.
“It’s something you can really immerse yourself in. And that can be used in a good way. But I don’t think you want to live your whole life that way,” he emphasised.
Apple is yet to be caught up with metaverse, a technology that is being popularised by the likes of Meta (formerly Facebook) and the rest.
The tech giant is reportedly working on a mixed reality (MR) headset which it can launch soon.
On augmented reality (AR), Cook said it is a profound technology that will affect everything.
“Imagine suddenly being able to teach with AR and demonstrate things that way. Or medically, and so on. Like I said, we are really going to look back and think about how we once lived without AR,” Cook noted.
“VR is for set periods, but not a way to communicate well. So I’m not against it, but that’s how I look at it,” Cook added.
Cook also spoke about the importance of programming.
“I see programming as the only universal language. It’s the most important language you can learn,” Cook said.
“Of course your native language is more important for communication, but a programming language is a way to tap into your creativity. It really puts your critical thinking skills to work, and you can use that in many aspects of your life,” he added.
Apple is helping developers integrate AR into their apps with technologies such as ARKit.
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