๐ŸŒMetaverse Market Overview

The Metaverse is the convergence of two ideas that have been around for many years: virtual reality and digital second life. But since the turn of the current decade, the term Metaverse is becoming more and more popular. It is because Metaverse is about moving into what people call ambient computing. It is about being within the computer rather than accessing the computer. It is about being always online rather than always having access to an online world.

The Metaverse is believed to be the futuristic technology platform that will shape the days ahead. That is why the technology giants are extensively working on Metaverse to capture a slice of what is calculated to be a nearly Trillion dollar market opportunity. The global Metaverse revenue was about $500 billion in 2020 and it is estimated to touch the US$ 800 Billion mark by 2024, representing a compound annual growth rate of almost 13.1%.

Moreover, the very high growth potential of Metaverse has attracted the focus of almost every major tech organization around the globe. For instance, Microsoft has acquired game developer Activision Blizzard for $68.7 billion saying the deal would provide โ€œbuilding blocks for the Metaverse. Facebookโ€™s founder, Mark Zuckerberg, has also bet on the Metaverse and renamed his social networking company, Facebook to Meta. Google has worked on Metaverse-related technology for years. And Apple has its own related devices in the works.

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