Metaverse Market Size to Surpass USD 3409.29 Billion by 2027, exhibiting a CAGR of 69.2%

The global metaverse market size was valued at USD 234.04 billion in 2022 and is projected to reach USD 3,409.29 billion by 2027, exhibiting a CAGR of 69.2% during the forecast period. Fortune Business Insights displays this information in a report titled, “Metaverse Market Forecast, 2023-2027.” Metaverse is a simulated digital environment created with the help of Augmented Reality (AR), Virtual Reality (VR), mixed reality, blockchain, and other advanced technologies. Many e-commerce organizations are availing digital world services to show their offerings in the virtual world and create a real-world experience for their customers. These companies are also increasing their investment in these services, thereby fueling the metaverse market growth. For example, in November 2021, Nike, Inc., a shoe and retail apparel giant, collaborated with Roblox Corporation to create a virtual world named Nikeland. Nikeland enables dressing up with individual avatars in Nike’s branded apparel and sneakers. Roblox Corporation acquired 3D Avatar creator Loom.ai, which supported the capabilities of the metaverse. This acquisition helped Roblox develop a real-time facial simulation that is equipped with advanced computer vision, deep learning, neural networks, and visual effects.