Metaverse: The Next Revolution of Virtual Reality
Even though the concept of a metaverse is relatively new, there is a lot of ambiguity surrounding it. All definitions, however, presuppose those newer technologies like extended reality (XR), a blend of augmented, virtual, and mixed reality settings that are accessible and interactive in real-time, will serve as the gateway to the metaverse. These cutting-edge technologies have ushered in novel applications in industries including gaming and entertainment, enterprise solutions and simulations, and military and defense.
The metaverse industry is growing in lockstep with the development of cutting-edge technologies. Fortune Business Insights projects that the worldwide metaverse market will increase from $100.27 billion in 2022 to $1,527.55 billion in 2029, with a CAGR of 47.6%. The study also showed that the COVID-19 epidemic increased demand for metaverse experiences across all geographic areas, including Europe, the United States, and Asia Pacific.