The metaverse is the concept of a 3D online digital world with virtual lands and objects. Imagine a world where you could work remotely, visit a virtual museum to see the latest artwork, or catch up with fellow rock band his fans at a virtual concert, all from the comfort of your own home.
The Metaverse will be a virtual world adapted to our IRL life. Digitized regions, parks and clubs can appear in a single virtual world or spread across multiple virtual worlds. 2021 was the year of the Metaverse, but it will be many years before it becomes a reality. With Facebook’s renaming to Meta in October 2021, Metaverse has become the new buzzword. The social media giant has poured resources into a new division called Reality Labs to spend at least $10 billion in 2021 to accommodate its rebranding. CEO Mark Zuckerberg believes it will be as ubiquitous as smartphones in the future, so the idea is to develop Metaverse content, software, and AR and VR headsets.
The COVID-19 pandemic has also accelerated interest in developing the Metaverse. As more people work remotely, there is a growing demand for more interactive ways to connect with others. There are more and more 3D virtual spaces where colleagues can join meetings, share ideas and collaborate. One example is Microsoft Mesh, announced in November 2021. It provides an immersive space for users to meet and collaborate with their avatars, making his meetings with remote teams more engaging and enjoyable.
Some online games also include the metaverse. AR mobile game Pokémon Go was one of his first to utilize this concept, allowing players to hunt virtual Pokémon in the real world using a smartphone app. Another popular game, Fortnite, has expanded its offerings to various activities in the digital world, including hosting branded events and concerts.
In addition to social media and gaming platforms, technology companies such as Nvidia are opening up new possibilities for virtual worlds. Nvidia Omniverse is an open platform designed to connect 3D spaces into a shared universe to facilitate virtual collaboration between engineers, designers and developers. It is now used in various industries. For example, the BMW Group uses his Omniverse to reduce production times and improve product quality through intelligent manufacturing.
Backed with downstream industries, global Metaverse Technology market size in terms of revenue is projected to reach 14,140.88 Million USD by 2028 from 76.11 Million USD in 2022, with a CAGR 138.88% during 2022-2028.