Metaverse's market will reach 5 trillion by 2030

By 2030, the future of Meta, one of the means of business and communication, will reach 5 trillion.  This is according to a recent report published by Mackenzie & Company.  Khabar The National News.

Metaverse's market will reach 5 trillion by 2030

 E-commerce has expanded exponentially in the last two years due to the Covid-19 epidemic.  Informing about the market creation of Metaverse, the consulting firm said that e-commerce will help to increase the market by 2.6 trillion.  Then the virtual learning sector will contribute 26 trillion, advertising 20,600 crore and the gaming sector 12,500 crore.

 Metaverse is a digital space.  Where users can navigate, communicate through a three-dimensional avatar or digital representation.  This is part of WebThree.  Which analysts and researchers have dubbed the next generation of the World Wide Web.

 Metaverse represents a strategic inflection point for organizations, said Eric Hazan, McKenzie's senior partner.  It presents a significant opportunity to influence the way we live, interact, learn, innovate and collaborate.  According to the report, investor sentiment is at an all-time high.  So far this year, various private equity firms have invested more than 12 trillion in Metaverse, up 110 percent from last year.

According to the report, the current version of Metaverse is based primarily on the gaming sector.  Besides, the new apps focus on socialization, fitness, commerce, virtual learning and other topics.  Currently around 300 crore gamers in the world can enter different versions of Metaverse.

 Efforts to add virtual users have been going on for a long time, said Lareina Ye, another senior partner at Mackenzie.  Currently it is visual.  Ordinary people are spending money on the platform and through this the business scope of the organizations is increasing.  Six out of ten participants in Mackenzie's study expressed interest in experiencing metavars rather than actual locations.  Of these, 69 percent preferred to buy something real or virtual, 6 percent participated in a social event, and 6 percent exercised in virtual reality.

 The United Arab Emirates is watching the launch of Metavers in the Middle East.  One of the objectives of the Dubai Metavers plan is to increase the contribution of the Metavers sector to the country's economy by ৩ 4 billion by 2030.  In May, the Virtual Assets Regulatory Authority of Dubai joined Metavers.  Through this, as the first regulatory body, the country has joined one of the world's digital spaces.  Last month, the United Arab Emirates hosted its first wedding in Metavers.  There the bride and groom determined their ceremony center, cake and costume through technology.

 McKenzie said a number of factors, including technological advances, demographic tailwinds, consumer-led brand marketing and participation, and market readiness, have accelerated investment at the institutional level.  The consulting firm surveyed 3,400 consumers and senior executives in the United States, Europe, China and the Asia-Pacific region.  The company also conducted surveys in the clothing, fashion and luxury goods, consumer goods, financial services, retail and telecom, media and technology sectors.

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