The global metaverse market, estimated at $110 billion, is projected to reach approximately $760 billion by 2026.
The transition to the metaverse is imminent, the market research company Global Industry Analysts claimed in its recently released report.
“The conversation around metaverse has re-emerged, and with the likes of Meta, Google, and Microsoft joining the bandwagon, the dialogue got stronger and is headed towards actualization in terms of rising interest in funding projects, expanding outreach of technological collaborations, changing paradigms in the marketplace, and an overwhelming response from users,” it said.
In 2020, the global metaverse market was estimated at $107 billion. It is projected to reach $758 billion by 2026. The US is currently in the lead – the country accounts for 41,2% of the global market ($58 billion). China, the world’s second-largest economy, is forecasted to reach a $103 billion metaverse market.
Globally, Japan and Canada will also grow their metaverse landscape significantly. Within Europe, Germany is set out to be the most significant player and reach $59 billion by 2026.
Global Industry Analysts noted that no company exerts major influence at the moment. However, significant players are racing to dominance by investing in multiple metaverse projects and engaging in deep learning and research in the field.
Meta, Microsoft, Google, Roblox, Nvidia, Unity Software, and Fastly are named in the report as companies leading the innovation, technological collaboration, and market expansion to race ahead in building the metaverse.
For example, Meta acquired VR headset maker Oculus and created Horizon workrooms, Microsoft is developing mixed reality glasses dubbed HoloLens, and Alphabet, Google`s holding company, is developing augmented reality enabled video conferencing using smart glasses. The report features 42 competitors that are taking steps towards creating the metaverse.
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