Will the metaverse be worth $427B in five years?
On Monday, Markets and Markets Research released a report saying that it expects the metaverse market to achieve a compound annual growth rate of 47% for the next five years, taking its market size from $62B now to $427B in 2027.
That’s on a par with the global smartphone market, which is about $484B in 2022, according to Fortune Business Insights.
And McKinsey reported in June that the metaverse could reach a $5T value by 2030, and called the opportunity “too big” for companies to ignore.
Metaverse growth potential is critical to tech investors because the metaverse is supposed to be a driver of near-term innovation. I spoke last week about The Economist magazine’s doubts about big tech’s prospects. The metaverse is one area where big tech might prove them wrong.
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Links to Resources Mentioned
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“Metaverse Market worth $426.9 billion by 2027,” Markets and Markets, August 22, 2022
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“XR Headsets to Look Forward to in 2022” Lucid Reality Labs, July 15, 2022
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“The 4 best VR headsets: For gaming, the metaverse, and beyond” ZDNet, June 26, 2022
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“Understanding Metaverse’s Potential Business Opportunities” InformationWeek, August 22, 2022
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