- A significant number of users will use Metaverse for different roles by 2026.
- The global virtual reality market is expanding at a yearly compound rate of 31.8%.
As technology progresses, our modes of interaction evolve accordingly. The rising popularity of the 'Metaverse' concept reflects a growing interest in exploring fresh avenues for online communication and engagement among individuals. A seismic shift is poised to reshape the way we live, work, and play.
Data from BanklessTimes.com point toward a captivating Metaverse future. By 2026, the data predicts three in ten users will use the Metaverse for tasks like work and shopping, as well as learning and fun.
Alice Leetham from BanklessTimes shared her view on the data:
Providers are currently developing tools that enable users to recreate their real lives within digital realms. Activities such as participating in virtual classrooms, acquiring digital real estate, and building virtual residences are presently occurring in distinct environments. Ultimately, these activities will converge within a unified environment known as the metaverse, featuring multiple destinations spanning various technologies and experiences.BanklessTimes crypto expert, Alice Leetham
Positive Trend
By 2020, the virtual reality global market was around $10.32 billion. These figures have the potential to grow to $62.1 billion by 2025. This is a 31.8% compound annual growth. Also, the Augmented Reality market was approximately $4.21 billion in 2020. The current growth rate shows that by 2025, it will reach $76.4 billion. Thus, the annual compound growth rate stands at 81.5%.
The current growth pattern shows that people are adopting the Metaverse widely, and it will play a massive role in years to come. From these figures, by 2026, about 30% of the global population will spend an average of an hour a day on the metaverse.
Need for Competitiveness? Metaverse for You
More and more people are integrating the Metaverse into their everyday routines. Companies are also adjusting and setting targets in alignment with this wave of digital progress. In 2021, Facebook underwent a significant transformation, rebranding itself as Meta. This move indicated a shift in focus beyond the confines of social media, aligning the company with other enterprises venturing into the expansive realm of the metaverse.
Following this pivotal announcement, numerous companies have dedicated resources and capital to construct virtual reality environments or engage in metaverse-related projects and endeavours. Examples range from Microsoft enhancing its immersive video conferencing solutions to Adidas delving into the acquisition of NFTs.
Metaverse adoption has a significant impact on society. It redefines the way people go about their daily lives. Right from education to entertainment, Metaverse is a game changer. The rapid projections call actors in the space to take action. They must set out guidelines and procedures to ensure a secure and ethical metaverse experience globally.
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