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Metaverse is rapidly developing, so it is often difficult to predict what is in the near future and what belongs to the more distant one. Yet, in this article, we aim to attempt that by discussing the state of the metaverse in 2024. What will the coming year bring? Discover that below.
The State of Metaverse 2024 in Stats
First, we will focus on the available forecasts for the state of the metaverse in 2024 and the following years. We may start with metaverse advertising.
According to Statista, the overall metaverse ad spending in the US in 2024 should reach 0.6 billion dollars. Considering that it is currently estimated to be at 0.53 billion dollars (Statista via Inside), it may be observed that the advertising market in the metaverse will still be growing. Whether it will develop as in the forecasts for the years 2025-2030 remains to be seen, but the fact that it is constantly growing proves the rising awareness among business owners about advertising in the metaverse.
To add to that, we should also expect rapid growth in the number of users of the metaverse, as, according to International Data Corporation (via Headphones Addict), 2024 should bring an excessive increase in the number of AR and VR headsets purchased worldwide, with the numbers of AR and VR headsets shipped in 2023 being 8 million and 18 million respectively, rising to 15 million and 23 million.
As a result of the abovementioned, and many other tendencies, the state of the whole metaverse market should change in 2024, with its size and value skyrocketing. The forecast prepared by PrecendenceResearch further underlines this, as it predicts the 2023 market size to be 92.46 billion dollars this year and to grow significantly in the following year and reach 128.98 billion dollars, scoring a 33% CAGR.
The State of Metaverse 2024 in Practice
Although statistics may indicate the trends and tendencies in a given market, we must not forget about the more down-to-earth approach. Numbers will not tell us everything about the state of the metaverse in 2024, but they should help us predict other tendencies. Let us discuss them now.
First of all, with the significant increase in the number of users, 2024 should mark the start of a social change, with people finally leaning towards the metaverse. It will no longer be a fun addition, something that everybody knows but hardly anyone uses – exploring the metaverse will become much more popular. This also means that businesses will start expanding and building their visibility on this platform, as it will become an even more efficient channel of communication with customers.
2024 will also be the year of technological development. With the rising numbers of users and the demand for VR and AR headsets, investment in VR technology will become a priority and a basis for many businesses. This will lead to more affordable and accessible headsets, which will drive even more users, which will incentivize more companies to fund new VR and AR technologies, and so on and so forth, until this tech becomes as widely accessible as the internet. We must not forget here the blockchain – another critical element of the metaverse tech stack, which will also benefit in the process.
Finally, in 2024, even more brands should join the metaverse and mold it for their success. Virtual fitting rooms shall stop being used purely by several major brands, becoming more common. More companies will promote their products with VR exhibits, as did Pepsi this year. Brands will start leveraging the platform to their advantage.
The Key Takeaways
According to the statistics, forecasts, and our own predictions, the state of the metaverse in 2024 should be even better than currently. The platform should enter the rapid-growth phase and begin to head towards becoming a gigantic social platform used by people for leisure and leveraged by brands as a communication channel. Thus, it is the final call to become one of the pioneers in the metaverse – miss your chance this year, and you will need to chase the competition.
You may also read: Top 10 Most Popular Brands In The Metaverse Business
What is the projected metaverse advertising spending in the US for the year 2024?
According to Statista, the estimated metaverse ad spending in the US for 2024 is projected to reach $0.6 billion.
How much growth in the number of AR and VR headsets is expected in 2024?
The International Data Corporation anticipates a substantial increase in the number of AR and VR headsets purchased worldwide in 2024, with numbers rising to 15 million for AR and 23 million for VR.
What does the forecast suggest about the metaverse market size in 2024?
The forecast by PrecendenceResearch predicts a significant growth in the metaverse market, projecting it to reach $128.98 billion in 2024 with a 33% CAGR.