Metaverse is one of the trending technology platforms attracting various social networks and technology leaders, and online game makers to enter and establish its presence within the market.
The metaverse is a fast-growing trend with a considerate penetration rate of users for various applications such as gaming, content creation, social interaction, learning and training, and online virtual shopping.
According to industry experts, the metaverse is expected to infiltrate a multitude of industries in numerous ways in the coming years, with the potential market opportunity or the total addressable market estimated at more than USD 1 trillion in yearly revenues.
The global Metaverse market is expected to grow at a compound annual growth rate of 39.4% from 2022 to 2030 to reach USD 678.81 billion by 2030. To exploit this potential, we must also be willing to deal with the risks.
The threat of cyber-based attacks targeting the metaverse is a primary concern.
Concerns about data security and privacy in metaverse environments, issues about user identity, and challenges of persuading users to use payment services in these settings are some other key factors in this context. There will need to be clear governance as a result of these developments.
Beyond the business-to-consumer (B2C) sector, there are also expanded opportunities for business-to-business (B2B) enterprises.
As one example, the metaverse has the power to drastically modify customer experiences and business-to-business (B2B) marketing, including trade exhibitions, product demos, client meetings, customer service, and commercials.
Because many B2B products are commodities, excellent customer service can make all the difference.
All in all, the digitalization of our world is progressing.
Very exciting!
P.S. Together with talented teams, I build digital businesses worldwide. If you would like to exchange ideas about digital growth, feel free to contact me.
Cover image: julien Tromeur on Unsplash
Source: Grand View Research
