According to METAV.RS, the metaverse industry is projected to reach a capitalization of $800 billion in 2024, which translates to a growth of 1,600% from the current $47 billion.
This could be attributed to the average annual growth rate of 44.1%, and the “astronomical” expansion of the market over the next decade.
Analysts estimate the global sector to reach anywhere between $8-30 trillion by 2030, and people spend approximately $54 billion in metaverse products each year.
Moreover, 74% of the American population has shown an active interest in the virtual world, and by 2026, 25% of the US population is expected to use the metaverse for an hour per day.
Data suggests that men make up as much as 59% of the platform’s users, with 38% falling between the age of 10-20. In contrast, Sichuan province has estimated the metaverse market to go up to $34 billion by 2024.