Gaming will drive the global metaverse market to $28 billion by 2028

The global metaverse market, driven by gaming, is expected to reach $28 billion by 2028, up from $510 million this year, at a compound annual growth rate (CAGR) of 95 percent, according to a new report.

The pandemic has hastened the internet's evolution, resulting in the metaverse, where cyberspace becomes more of an interactive 3D space with business and networking, as well as content that corresponds to the worlds in popular games like Roblox.

Metaverse and gaming

According to Valuates Reports, the expansion of the metaverse on social media platforms will aid in the growth of the metaverse market.

"The game industry is expected to be the most profitable in terms of application." Players are venturing into the real world of metaverse in order to participate in next-generation gaming, according to the report.

Playing in the metaverse allows gamers to meet new people and expand their social circle, as well as have portable game assets associated with players and have value in virtual settings, such as avatars and weapons.

The desktop market is expected to be the most profitable in terms of type.

"The market is expanding as video game revenue rises and the number of people who play video games increases globally." As the number of people who play video games grows, there is a high demand for desktop devices that can be used to play virtual reality games," the findings revealed.

The metaverse will be a social media extension that includes immersion, allowing users to have new experiences.

The metaverse will combine traditional social media features such as collaboration, e-commerce, and live events with immersive virtual reality (VR) and augmented reality (AR) experiences (AR).

This factor will contribute to the continued growth of the metaverse market.

"In addition, metaverse will transform video conferencing by allowing thousands of people to see and hear the presenter at the same time, regardless of the number of computer screens or cameras available," according to the report.

The metaverse is expected to help artists create more interactive and immersive content as VR and AR technology advances.

Using natural language processing and AI-powered translation tools, creators will be able to accurately translate their work, including cultural nuances.

Furthermore, the metaverse platform uses Blockchain technology to record academic records.

"In this manner, transcripts, degrees, and other documentation are all private, secure, and verifiable." It can also assist students and professors in course evaluation by reducing paperwork and providing much-needed data," according to the report.