A Metaverse Technology Market May Reach Over $300B by 2030: Report

• Technologies like AR and VR play an integral role in accessing the metaverse.
• Metaverse to enhance the productivity of remote workers.

Metaverse is not going to be a single universe but a mesh of interconnected virtual worlds. Accessibility in these digital realms is possible through technologies including virtual reality (VR), augmented reality (AR), extended reality (XR), and more. Any impact of these technologies, notwithstanding negative or positive, will eventually influence the metaverse.

Infinite Possibilities in The Metaverse

Reported by Taiwan news, a study shows that the extended reality market will allegedly reach $357.38 Billion by 2030. Extended reality is an umbrella term covering both virtual reality and augmented reality. Reports show that the global AR market reached $25.33 Billion in 2021, while the virtual reality market was valued at $11.64 Billion.

Last year, Microsoft and Qualcomm collaborated to manufacture chips for augmented reality glasses that would later be used in the metaverse. The Windows maker also announced the Activision Blizzard acquisition in an almost $70 Billion deal. Satya Nadella, the company CEO, said that the move will play a key role in developing the metaverse.

Apple Inc, a multinational technology company, is yet to reveal their VR headsets. However, the big question is if they will replace the flagship series of products like the iPhone or MacBook Pro? Maybe not! Will they break grounds in the metaverse space? They may. The organization now has a clear path to dominate virtual spaces as the counterpart, Meta Inc, shifts their focus to AI full-fledgedly. However, they say that metaverse is still their primary goal in the long run.

The extended reality report also highlights the fact that the business engagement segment is likely to grow up to $100 Billion by 2030. The outlook comes following potentially heavy demand for the product for commercial purposes in future markets. It can be used by corporations to train the employees, especially the ones working overseas.

The metaverse can prove solvent in setting the balance between remote and offsite efficiency with technologies like AR, VR, XR, and more. This would allow employers and workers to interact in real time regardless of their locations. In the metaverse, possibilities regarding any market remain endless. From experiencing a movie in 3-D to entering trial rooms of Gucci, users have the freedom to do anything accordingly.

Metaverse still requires more attention, specifically in terms of its underlying technology. It is still an infant idea that holds a bright potential for the future markets.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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