- Metaverse market will be worth more than $828 billion by 2028.
- JPMorgan is the first bank in the metaverse.
LAGOS (CoinChapter.com) — The popularity of the metaverse is happening at an amazing rate and is poised to change the world, according to experts and data from a new study.
The metaverse which is not a new initiative attracted a wave of attention after Facebook changed its name to Meta. In fact, after Mark Zuckerberg, the CEO of Meta’s rebranding announcement the global interest in virtual reality skyrocketed.
Confirming the growth, a study also indicated that the global metaverse market is expected to surpass $828 billion by 2028. The study indicated that the growing demand from every sector implies that the metaverse is bound to change the world.
Notably, the metaverse market is expected to grow at a compound annual growth rate of 43.3% from 2021 to 2028. The research further pointed out that North America will account for a larger revenue share among other regional markets during the forecast period.
The Asia Pacific, middle east, and Africa market is expected to register significant revenue growth during the forecast period. The growth is expected to be driven by the increasing number of start-ups in these regions.
Currently, the increasing desire for virtual reality is coming from end-use industries. This includes media and entertainment, education, fashion, gaming, aerospace, among others. Virtual Reality is a new frontier for business, hence the growing demand by global institutions to launch their virtual world.
Metaverse To Change Education Sector
Meanwhile, the metaverse is also expected to redefine the educational system, according to a new report. According to the report, the metaverse creates a more effective and interactive way of teaching students virtually.
Teacher will be able to use the virtual space to create more realistic content to deliver lectures. They will be able to build and customize anything like a metaverse school to provide students with the best education.
“Learning how to use virtual reality in schools presents various benefits over traditional models. Allowing children to “visit” places from the past or conduct dangerous experiments in a safe, virtual environment,” the report explained.
Also, the paradigm of content creation is expected to change with the growth of the digital world. According to the report, content creators are becoming opinion leaders, influencers, and necessary commodities in the global scenery. The reason is that they can connect with a larger audience globally. Most of these creators use some best text to speech software to create content in different voices and languages. The metaverses will also allow content creators to visualize in stunning graphical and display their creativity in a more detailed manner.
In fact, it is important to note that the metaverse is here and it is currently going through a critical development stage. This growth will steer the world’s markets, entertainment industry, among others in a new direction.
Global Organizations Exploring Metaverse Launch
The growth in demand for metaverse-related services has pushed many multinational companies to launch their companies in the virtual space.
JPMorgan recently became the first bank to enter the metaverse by opening a “lounge” in Decentraland. The bank indicated that the digital world is a trillion-dollar opportunity and it intends to capitalize on it.
Google CEO Sundar Pichai also described the metaverse as an “evolving computing in an immersive way with augmented reality.” He disclosed that the tech gain was also looking to roll out virtual reality features.
Microsoft’s CEO Satya Nadella in an earnings call this year said the company was working to build an enterprise virtual platform. She said:
“As the digital and physical worlds come together, we are creating an entirely new platform layer, which is the metaverse. We’re bringing people, places and things together with the digital world in both the consumer space, as well as in the enterprise.”
Microsoft, which owns Xbox and the world-building game Minecraft, is also a key player in the gaming world. Xbox boss Phil Spencer has talked about planning for a metaverse or mixed-reality construct.
Amazon which is the world’s largest cloud services provider is also exploring the potential of launching in the virtual space. Just as Chinese tech giant Tencent Holdings also reportedly registered many metaverse-related trademarks for its social site QQ.
