How fast is the Metaverse growing?
The metaverse industry is growing in lockstep with the development of cutting-edge technologies. Fortune Business Insights projects that the worldwide metaverse market will increase from $100.27 billion in 2022 to $1,527.55 billion in 2029, with a CAGR of 47.6%. The study also showed that the COVID-19 epidemic increased demand for metaverse experiences across all geographic areas, including Europe, the United States, and Asia Pacific.
Also, brands are starting to use gamification and virtual world simulators to promote themselves, which has led to a huge increase in the number of metaverse market vendors offering cutting-edge infrastructure design, 3D environment revamping and improvement, and a technologically-driven ecosystem to give end users the best experience and transactions.