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The global Metaverse industry is expected to grow by 44.8% in 2023

The Metaverse industry is expected to grow steadily over the forecast period, recording a CAGR of 33.5% during 2023-2030. The Metaverse Spend Value in the country will increase from US $141.8 billion in 2022 to reach US $1,549.5 billion by 2030.

The global Metaverse industry is expected to grow by 44.8% on an annual basis to reach US $205.3 billion in 2023.

The global metaverse ecosystem has been growing rapidly in Indonesia amid the rising interest in emerging technology. Both government entities, as well as private corporations, have launched several different metaverse projects to support the digital economy. The resulting investment in the sector is driving industry growth and the trend is expected to further continue from the short to medium-term perspective.

Firms are expected to invest billions of dollars toward the development of metaverse infrastructure

Meta (formally Facebook) announced that the firm will continue to invest in the development of metaverse infrastructure, with spending expected to reach approximately US $100 billion over the next five years. The announcement comes at a time when the firm has experienced a dramatic downturn in its revenue. The declining ad revenue, increasing competition, and other macroeconomic factors meant that the firm reported a revenue decline for the second straight quarter, and the trend is expected to further continue in Q4 2022.

Meta is also focusing on strategic acquisition opportunities to further its metaverse ambitions. In November 2022, Meta announced that the firm had acquired a United Kingdom-based Audio Analytic, the firm that builds AI-driven sound recognition software. Furthermore, in September 2022, Meta also acquired Loft, a Berlin-based haptic startup, that develops small and discrete wearable devices. These acquisitions are part of the firm’s strategy to create an ecosystem that can enhance the customer experience in the metaverse.

The publisher expects Meta to enter into more such strategic acquisition deals over the next three to four years, as it continues to make a push into the future of the internet. This will keep driving investment in the sector from the short to medium-term perspective.

Source:

  • https://www.globenewswire.com/news-release/2023/05/02/2659390/0/en/Global-Metaverse-Market-Intelligence-Report-2023-Market-is-Expected-to-Grow-by-44-8-to-Reach-205-3-Billion-in-2023-Forecasts-to-2030.html