The metaverse, which is still in its embryonic stage, is visualized as comprising an expansive network of digital spaces enabled by advanced technologies such as augmented reality (AR), virtual reality (VR), and mixed reality (MR). Several tech companies are investing heavily in this area, given its solid growth prospects.
According to economic experts at Analysis Group, the metaverse could contribute 2.8% to GDP in the 10th year after its adoption begins. And if commenced in 2022, its adoption over the next 10 years could lead to a $3-trillion contribution to global GDP in 2031. Also, it is expected that the metaverse's evolution could increase demand for devices such as VR headsets, MR headsets, HUD, HMD, smart glasses, and smart helmets. The metaverse market size is projected to reach $426.9 billion by 2027, growing at a 47.2% CAGR. However, not all companies working in this space have performed well in the last reported quarter.
