Data and analytics company, GlobalData, forecasts the metaverse market to reach $996 billion by 2030, with a compound annual growth rate (CAGR) of 39.8%, as companies around the world heavily invest in technology to improve customer engagement, expand brand awareness, and identify new revenue streams.

In its report, ‘Metaverse Market Size, Share, Trends, Analysis and Forecasts by Vertical, Component Stack, Region and Segment 2022-2030’, GlobalData reveals that several technology sector market participants are capitalizing on this metaverse megatheme. . This led to the size of the metaverse market reaching $22.79 billion in 2021.

Deepak Agarwal, GlobalData Project Manager, comments: “As of 2021, the media and entertainment market captured a sizable share of revenue…