Home
News
- This report says that the metaverse industry will grow exponentially in the upcoming years.
- Virtual reality will play an important role in this growth.
- Meta released their Meta Quest Pro during Meta Connect 2022.
A Light Shines Bright For The Metaverse
Technology is really fascinating and unpredictable in nature. One day folks are sitting in front of a desktop playing Sniper Ghost Warrior. Next day they came across the news that they can immerse themselves in the game through a virtual reality device. Recently, a report suggested that the metaverse market will grow to become a $678.8 Billion industry, meanwhile, AR/VR will play a vital role in this growth.
According to Strategic Market Research, metaverse may mark the aforementioned figure by 2030. It is expected to grow at a Compound Annual Growth Rate (CAGR) of 39.4%. Hardware segment has contributed primarily to the sector in 2021, where desktop and AR/VR headset sales accounts for 42% and 34.9% respectively.
Virtual Reality will become a core element in the majority of sectors including tourism, education, healthcare and more. Remote work will become more interesting as people can connect and immerse themselves in a work environment while sitting on a couch in their homes. Recently, Microsoft joined forces with meta to integrate Office 365 in their digital world, this is just an initial step to increase productivity in digital work environments.
According to the report, North America had the biggest share in the market during 2021. Thanks to the increased adoption of metaverse platforms. Digital spaces are likely to boom following elevated demands in improved viewing experience. Everybody wants to immerse themselves in virtual spaces.
The prediction may prove to be fruitful for the gaming industry as virtual reality allows them to not just immerse, but live the game. Several fan favorite games have already released their VR versions around the globe for gamers. Most interesting VR experience for them remains Resident Evil 4, the most admired horror game to this date.
This opens up the gates to many possibilities including the arrival of games franchises like Battlefield, Medal of Honor, Call of Duty and more in virtual reality. Recently, Activision announced the release date for COD: MW2 and Warzone 2, biggest FPS and military shooter of all time. How exciting it would be to immerse ourselves in a physics-accurate virtual space.
It would become more interesting if these games become a part of an interoperable virtual universe through AR/VR tech. It will enable a Warzone user to bring Kilo 141 to the Battlefield. However, metaverse is still in its developmental phase. Tech giants internationally are working to make this dream a reality. But this takes time and effort. And there are some organizations like Microsoft, Nvidia, Meta and more that can do both.
Meta released their Meta Quest VR headsets recently highlighting that the company has taken another step in their metaverse development. It changed its name from Facebook in November 2021 to focus majorly on the virtual spaces.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
